Document:

Exhibit 4.6

 

 

EXECUTION VERSION

 

	 

CCRE
COMMERCIAL MORTGAGE SECURITIES, L.P.,

Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

RIALTO
CAPITAL ADVISORS, LLC,

Special Servicer,

 

U.S.
BANK NATIONAL ASSOCIATION,

Trustee, Certificate Administrator and Paying Agent

 

U.S.
BANK NATIONAL ASSOCIATION,

Custodian,

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Asset Representations Reviewer

 

 

 

 POOLING
AND SERVICING AGREEMENT

Dated as of May 1, 2016

 

 

 

CFCRE
2016-C4 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2016-C4

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE
    I
	 	 	 	 
	DEFINITIONS
	 
	Section 1.01	Defined
    Terms	 	5
	Section 1.02	Certain
    Calculations	 	119
	Section 1.03	Certain
    Constructions	 	123
	Section 1.04	Certain
    Matters Relating to the Non-Serviced Mortgage Loans	 	124
	 	 	 	 
	ARTICLE
    II
	 	 	 	 
	CONVEYANCE
    OF MORTGAGE LOANS;
	ORIGINAL
    ISSUANCE OF CERTIFICATES
	 
	Section 2.01	Conveyance
    of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	 	125
	Section 2.02	Acceptance
    by Custodian and the Trustee	 	133
	Section 2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	 	136
	Section 2.04	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	 	153
	Section 2.05	Execution
    and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	160
	Section 2.06	Miscellaneous
    REMIC and Grantor Trust Provisions	 	161
	 	 	 	 
	ARTICLE
    III
	 	 	 	 
	ADMINISTRATION
    AND SERVICING
	OF
    THE TRUST FUND
	 
	Section 3.01	The
    Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans
    and the Serviced Companion Loans	 	162
	Section 3.02	Liability
    of the Master Servicer and the Special Servicer When Sub-Servicing	 	167
	Section 3.03	Collection
    of Mortgage Loan and Serviced Companion Loan Payments	 	168
	Section 3.04	Collection
    of Taxes, Assessments and Similar Items; Escrow Accounts	 	169
	Section 3.05	Collection
    Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection
    Accounts	 	171

 

    -i- 

     

    

 

	Section 3.06	Permitted
    Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust
    Ledger	 	179
	Section 3.07	Investment
    of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest
    Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	 	199
	Section 3.08	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	201
	Section 3.09	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	 	206
	Section 3.10	Appraisals;
    Realization upon Defaulted Mortgage Loans	 	212
	Section 3.11	Custodian
    to Cooperate; Release of Mortgage Files	 	219
	Section 3.12	Servicing
    Fees, Certificate Administrator/Custodian/Trustee Fees and Special Servicing Compensation	 	220
	Section 3.13	Reports
    to the Certificate Administrator; Collection Account Statements	 	228
	Section 3.14	Access
    to Certain Documentation	 	234
	Section 3.15	Title
    and Management of REO Properties and REO Accounts	 	242
	Section 3.16	Sale
    of Specially Serviced Loans and REO Properties	 	247
	Section 3.17	Additional
    Obligations of the Master Servicer and the Special Servicer; Inspections	 	252
	Section 3.18	Authenticating
    Agent	 	255
	Section 3.19	Appointment
    of Custodians	 	256
	Section 3.20	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	 	256
	Section 3.21	Servicing
    Advances	 	257
	Section 3.22	Appointment
    and Replacement of Special Servicer	 	261
	Section 3.23	Transfer
    of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	 	266
	Section 3.24	Special
    Instructions for the Master Servicer and/or Special Servicer	 	272
	Section 3.25	Certain
    Rights and Obligations of the Master Servicer and/or the Special Servicer	 	273
	Section 3.26	Modification,
    Waiver, Amendment and Consents	 	275
	Section 3.27	Certain
    Intercreditor Matters Relating to the Serviced Whole Loans	 	280
	Section 3.28	Directing
    Certificateholder Contact with the Master Servicer and the Special Servicer	 	284
	Section 3.29	Controlling
    Class Certificateholders and the Controlling Class Representative; Certain Rights and Powers of the Directing Certificateholder	 	284
	Section 3.30	Rating
    Agency Confirmation	 	288
	Section 3.31	Appointment
    and Duties of the Operating Advisor	 	290
	Section 3.32	Delivery
    of Excluded Information to the Certificate Administrator	 	295

 

    -ii- 

     

    

 

	ARTICLE
    IV
	 	 	 	 
	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS
	 
	Section 4.01	Distributions	 	296
	Section 4.02	Statements
    to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	 	305
	Section 4.03	Compliance
    with Withholding Requirements	 	318
	Section 4.04	REMIC
    Compliance	 	318
	Section 4.05	Imposition
    of Tax on the Trust Fund	 	321
	Section 4.06	Remittances	 	322
	Section 4.07	P&I
    Advances	 	322
	Section 4.08	Appraisal
    Reductions	 	329
	Section 4.09	Grantor
    Trust Reporting	 	331
	Section 4.10	Secure
    File System	 	332
	 	 	 	 
	ARTICLE
    V
	 	 	 	 
	THE
    CERTIFICATES
	 
	Section 5.01	The
    Certificates	 	333
	Section 5.02	Registration,
    Transfer and Exchange of Certificates	 	338
	Section 5.03	Mutilated,
    Destroyed, Lost or Stolen Certificates	 	348
	Section 5.04	Appointment
    of Paying Agent	 	348
	Section 5.05	Access
    to Certificateholders’ Names and Addresses; Special Notices	 	349
	Section 5.06	Actions
    of Certificateholders	 	350
	Section 5.07	Rule
    144A Information	 	350
	Section 5.08	Voting
    Procedures	 	351
	 	 	 	 
	ARTICLE
    VI
	 
	THE
    DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	DIRECTING
    CERTIFICATEHOLDER, THE OPERATING ADVISOR AND THE ASSET
	REPRESENTATIONS
    REVIEWER
	 
	Section 6.01	Liability
    of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	352
	Section 6.02	Merger
    or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
    Advisor	 	352
	Section 6.03	Limitation
    on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
    Reviewer and Others	 	353
	Section 6.04	Limitation
    on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer,
    the Special Servicer and the Operating Advisor	 	356

 

    -iii- 

     

    

 

	Section 6.05	Rights
    of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	 	358
	Section 6.06	The
    Master Servicer or Special Servicer as Owners of a Certificate	 	359
	Section 6.07	The
    Directing Certificateholder	 	360
	Section 6.08	Rights
    of Non-Directing Certificateholders	 	363
	 	 	 	 
	ARTICLE
    VII
	 	 	 	 
	SERVICER
    AND OPERATING ADVISOR TERMINATION
	 
	Section 7.01	Servicer
    Termination Events	 	364
	Section 7.02	Trustee
    to Act; Appointment of Successor	 	372
	Section 7.03	Notification
    to Certificateholders and Other Persons	 	373
	Section 7.04	Other
    Remedies of Trustee	 	374
	Section 7.05	Waiver
    of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	 	374
	Section 7.06	Trustee
    as Maker of Advances	 	375
	Section 7.07	Termination
    of the Operating Advisor	 	375
	 	 	 	 
	ARTICLE
    VIII
	 	 	 	 
	CONCERNING
    THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties
    of Trustee and Certificate Administrator	 	378
	Section 8.02	Certain
    Matters Affecting the Trustee and the Certificate Administrator	 	381
	Section 8.03	Trustee
    and Certificate Administrator Not Liable for Certificates or Mortgage Loans	 	384
	Section 8.04	Trustee
    and Certificate Administrator May Own Certificates	 	386
	Section 8.05	Payment
    of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	 	386
	Section 8.06	Eligibility
    Requirements for Trustee and Certificate Administrator	 	389
	Section 8.07	Resignation
    and Removal of Trustee and Certificate Administrator	 	390
	Section 8.08	Successor
    Trustee and Certificate Administrator	 	392
	Section 8.09	Merger
    or Consolidation of Trustee or Certificate Administrator	 	393
	Section 8.10	Appointment
    of Co-Trustee or Separate Trustee	 	393
	 	 	 	 
	ARTICLE
    IX
	 	 	 	 
	TERMINATION
	 
	Section 9.01	Termination	 	394

 

    -iv- 

     

    

 

	ARTICLE
    X
	 	 	 	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 10.01	Intent
    of the Parties; Reasonableness	 	400
	Section 10.02	Notification
    Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	 	401
	Section 10.03	Information
    to be Provided by the Master Servicer and the Special Servicer	 	403
	Section 10.04	Information
    to be Provided by the Trustee	 	404
	Section 10.05	Filing
    Obligations	 	404
	Section 10.06	Form
    10-D Filings	 	406
	Section 10.07	Form
    10-K Filings	 	409
	Section 10.08	Sarbanes-Oxley
    Certification	 	412
	Section 10.09	Form
    8-K Filings	 	413
	Section 10.10	Suspension
    of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	 	415
	Section 10.11	Annual
    Compliance Statements	 	416
	Section 10.12	Annual
    Reports on Assessment of Compliance with Servicing Criteria	 	417
	Section 10.13	Annual
    Independent Public Accountants’ Servicing Report	 	419
	Section 10.14	Exchange
    Act Reporting Indemnification	 	420
	Section 10.15	Amendments	 	423
	Section 10.16	Exchange
    Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods	 	423
	Section 10.17	Termination
    of the Certificate Administrator	 	425
	 	 	 	 
	ARTICLE
    XI
	 	 	 	 
	THE
    ASSET REPRESENTATIONS REVIEWER
	 
	Section 11.01	Asset
    Review	 	425
	Section 11.02	Payment
    of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	 	431
	Section 11.03	Resignation
    of the Asset Representations Reviewer	 	432
	Section 11.04	Restrictions
    of the Asset Representations Reviewer	 	433
	Section 11.05	Termination
    of the Asset Representations Reviewer	 	433
	 	 	 	 
	ARTICLE
    XII
	 	 	 	 
	MISCELLANEOUS
    PROVISIONS
	 
	Section 12.01	Counterparts	 	436
	Section 12.02	Limitation
    on Rights of Certificateholders	 	437
	Section 12.03	Governing
    Law	 	438
	Section 12.04	Waiver
    of Jury Trial; Consent to Jurisdiction	 	438
	Section 12.05	Notices	 	438

 

    -v- 

     

    

 

	Section 12.06	Severability
    of Provisions	 	445
	Section 12.07	Notice
    to the Depositor and Each Rating Agency	 	445
	Section 12.08	Amendment	 	447
	Section 12.09	Confirmation
    of Intent	 	452
	Section 12.10	No
    Intended Third-Party Beneficiaries	 	452
	Section 12.11	Entire
    Agreement	 	452
	Section 12.12	Third
    Party Beneficiaries	 	453

 

    -vi- 

     

    

 

TABLE
OF EXHIBITS 

	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-SB Certificate
	Exhibit A-4	Form of Class A-3 Certificate
	Exhibit A-5	Form of Class A-4 Certificate
	Exhibit A-6	Form of Class A-HR Certificate
	Exhibit A-7	Form of Class A-M Certificate
	Exhibit A-8	Form of Class B Certificate
	Exhibit A-9	Form of Class C Certificate
	Exhibit A-10	Form of Class D Certificate
	Exhibit A-11	Form of Class E Certificate
	Exhibit A-12	Form of Class F Certificate
	Exhibit A-13	Form of Class G Certificate
	Exhibit A-14	Form of Class X-A Certificate
	Exhibit A-15	Form of Class X-HR Certificate
	Exhibit A-16	Form of Class X-B Certificate
	Exhibit A-17	Form of Class X-C Certificate
	Exhibit A-17	Form of Class X-D Certificate
	Exhibit A-19	Form of Class X-E Certificate
	Exhibit A-20	Form of Class X-F Certificate
	Exhibit A-21	Form of Class X-G Certificate
	Exhibit A-22	Form of Class R Certificate
	Exhibit A-23	Form of Class V Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or
    Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during the Restricted Period
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1A	Form of Investor Certification for Non-Borrower
    Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1B	Form of Investor Certification for Non-Borrower
    Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form of Investor Certification for Borrower
    Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

    -vii- 

     

    

 

	Exhibit L-1D	Form of Investor Certification for Borrower
    Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form of Notice of Excluded Controlling Class
    Holder
	Exhibit L-1F	Form of Notice of Excluded Controlling Class
    Holder to Certificate Administrator
	Exhibit L-1G	Form of Certification of the Controlling Class
    Representative
	Exhibit L-2	Form of Financial Market Publisher Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of Trustee Backup Certification
	Exhibit P	Form of Custodian Backup Certification
	Exhibit Q	Form of Certificate Administrator Backup Certification
	Exhibit R	Form of Operating Advisor Backup Certification
	Exhibit S	Form of Asset Representations Reviewer Backup
    Certification
	Exhibit T	Form of Master Servicer Backup Certification
	Exhibit U	Form of Special Servicer Backup Certification
	Exhibit V	Form of Sub-Servicer Backup Certification
	Exhibit W	Form of Sarbanes Oxley Certification
	Exhibit X	Mortgage Loan Seller Sub-Servicers
	Exhibit Y	Mortgage Loans with Earnout/Holdback Provisions
	Exhibit Z	Form of NRSRO Certification
	Exhibit AA-1	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit AA-2	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit BB	Form of Operating Advisor Annual Report
	Exhibit CC	Additional Disclosure Notification
	Exhibit DD	Form of Power of Attorney to the Master Servicer
    and Special Servicer
	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Asset Review Report
	Exhibit II	Asset Review Report Summary
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator
    Requesting Access to Secure File System
	Exhibit LL	[Form of Notice of [Additional Delinquent Loan]
    [Cessation of Delinquent Loan][Cessation of Asset Review Trigger]]
	 	 
	TABLE OF SCHEDULES
	 	 
	Schedule I	Directing Certificateholders
	Schedule II	Servicing Criteria to be Addressed in Assessment
    of Compliance
	Schedule III	Class A-SB Planned Principal Balance Schedule
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII 	Contact Information for the Other 17g-5 Information
    Provider

 

    -viii- 

     

    

 

Pooling
and Servicing Agreement, dated as of May 1, 2016, between CCRE Commercial Mortgage Securities, L.P., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, U.S. Bank National Association,
as Trustee, Certificate Administrator and Paying Agent, U.S. Bank National Association, as Custodian, Park Bridge Lender Services
LLC, as Operating Advisor, and Park Bridge Lender Services LLC, as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

(Terms
used but not defined in this Preliminary Statement shall have

the meanings specified in Article I hereof)

 

The
Depositor intends to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence
the entire beneficial ownership interest in the Trust Fund consisting primarily of the Mortgage Loans.

 

The
Lower-Tier REMIC will hold the Mortgage Loans and certain other related assets subject to this Agreement, and will issue (i) the
Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”), as classes
of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests in the Lower-Tier
REMIC, which will be represented by the Class R Certificates.

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will
issue (i) the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates, which
are designated as classes of regular interests in the Upper-Tier REMIC and (ii) the Class UTR Interest as the sole class of residual
interests in the Upper-Tier REMIC, which will be represented by the Class R Certificates.

 

The
portion of the Trust Fund consisting of the Class V Specific Grantor Trust Assets shall be treated as a grantor trust under subpart
E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income tax purposes. As provided herein,
the Certificate Administrator shall not take any actions that would cause the Grantor Trust to either (i) lose its status as a
“grantor trust” or (ii) be treated as part of either Trust REMIC.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “OZRE Leased
Fee Portfolio Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the OZRE Leased Fee Portfolio Mortgage Loan (the “OZRE Leased Fee Portfolio Companion Loan”).
The OZRE Leased Fee Portfolio Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement, but upon the securitization of the Companion Loan evidenced by Note A-2 is expected to be serviced pursuant to (i)
the Other Pooling and Servicing Agreement related to the Other Securitization to which such OZRE Leased Fee Portfolio Companion
Loan will be contributed and (ii) the related Intercreditor Agreement. The OZRE Leased Fee Portfolio Companion Loan and
all amounts attributable thereto will not be assets of

 

     

     

    

 

the Trust Fund or the Trust REMICs and will be beneficially owned by
the Companion Loan Noteholder.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 2 on the Mortgage Loan Schedule (the “Hyatt Regency
St. Louis at the Arch Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu
in right of payment to the Hyatt Regency St. Louis at the Arch Mortgage Loan (the “Hyatt Regency St. Louis at the Arch
Companion Loan”). The Hyatt Regency St. Louis at the Arch Whole Loan is currently serviced pursuant to (i) the
Other Pooling and Servicing Agreement related to the Other Securitization designated as the COMM 2016-CCRE28 Mortgage Trust and
(ii) the related Intercreditor Agreement. The Hyatt Regency St. Louis at the Arch Companion Loan and all amounts attributable
thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholder.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (the “215 West
34th Street & 218 West 35th Street Mortgage Loan”) also secures two companion loans to the same Borrower, which
are pari passu in right of payment to the 215 West 34th Street & 218 West 35th Street Mortgage Loan (the “215
West 34th Street & 218 West 35th Street & 218 West 35th Street Companion Loans”). The 215 West 34th Street &
218 West 35th Street & 218 West 35th Street Whole Loan is currently serviced pursuant to (i) this Agreement and (ii)
the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street & 218 West 35th Street Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the Companion Loan Noteholders.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 4 on the Mortgage Loan Schedule (the “AG Life
Time Fitness Portfolio Mortgage Loan”) also secures three companion loans to the same Borrower, which are pari passu
in right of payment to the AG Life Time Fitness Portfolio Mortgage Loan (the “AG Life Time Fitness Portfolio Companion
Loan”). The AG Life Time Fitness Portfolio Whole Loan is currently serviced pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization designated as the COMM 2016-CCRE28 Mortgage Trust and (ii) the related
Intercreditor Agreement. The AG Life Time Fitness Portfolio Companion Loans and all amounts attributable thereto will not be assets
of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “Renaissance
Cincinnati Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the Renaissance Cincinnati Mortgage Loan (the “Renaissance Cincinnati Companion Loan”).
The Renaissance Cincinnati Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement. The Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and
will be beneficially owned by the Companion Loan Noteholder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “One Commerce
Plaza Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the One

 

     -2-

     

    

 

Commerce Plaza Mortgage Loan (the “One Commerce Plaza Companion Loan”). The One Commerce Plaza
Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the CFCRE 2016-C3 Mortgage Trust and (ii) the related Intercreditor Agreement. The One Commerce Plaza Companion
Loan and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 8 on the Mortgage Loan Schedule (the “AvidXchange
Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the AvidXchange Mortgage Loan (the “AvidXchange Companion Loan”). The AvidXchange Whole Loan is currently
serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Companion Loans and all amounts attributable
thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 9 on the Mortgage Loan Schedule (the “Madbury
Commons Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of
payment to the Madbury Commons Mortgage Loan (the “Madbury Commons Companion Loan”). The Madbury Commons
Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Companion Loans
and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by
the Companion Loan Noteholder.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 10 on the Mortgage Loan Schedule (the “GFH Brennan
Industrial Portfolio Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu
in right of payment to the GFH Brennan Industrial Portfolio Mortgage Loan (the “GFH Brennan Industrial Portfolio Companion
Loan”). The GFH Brennan Industrial Portfolio Whole Loan is currently serviced pursuant to (i) the Other Pooling and
Servicing Agreement related to the Other Securitization designated as the CGCMT 2016-P3 Mortgage Trust and (ii) the related Intercreditor
Agreement. The GFH Brennan Industrial Portfolio Companion Loan and all amounts attributable thereto will not be assets of the
Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholder.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 12 on the Mortgage Loan Schedule (the “NMS Los
Angeles Portfolio Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu
in right of payment to the NMS Los Angeles Portfolio Mortgage Loan (the “NMS Los Angeles Portfolio Companion Loans”).
The NMS Los Angeles Portfolio Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related
to the Other Securitization designated as the COMM 2015-CCRE27 Mortgage Trust and (ii) the related Intercreditor Agreement. The
NMS Los Angeles Portfolio Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust
REMICs and will be beneficially owned by the related Companion Loan Noteholder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan

 

     -3-

     

    

 

No. 20 on the Mortgage Loan Schedule (the “3 Executive
Campus Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of
payment to the 3 Executive Campus Mortgage Loan (the “3 Executive Campus Companion Loan”). The 3 Executive
Campus Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the Companion Loan Noteholder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 25 on the Mortgage Loan Schedule (the “Home
Depot – Elk Grove Village Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari
passu in right of payment to the Home Depot – Elk Grove Village Mortgage Loan (the “Home Depot – Elk
Grove Village Companion Loan”). The Home Depot – Elk Grove Village Whole Loan is currently serviced pursuant
to (i) this Agreement and (ii) the related Intercreditor Agreement. The Home Depot – Elk Grove Village Companion Loans and
all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the
Companion Loan Noteholder.

 

The
following table sets forth the Class designation and initial Certificate Balance or initial Notional Amount of each Class of Regular
Certificates (collectively, the “Corresponding Certificates”), the corresponding Lower-Tier Regular Interest(s)
(the “Corresponding Lower-Tier Regular Interest”) and the Corresponding Components of the Class X Certificates
(the “Corresponding Components”) for each Class of Corresponding Certificates.

 

	Corresponding

        Certificates
	 	Initial
                    Certificate 

                    Balance or Notional 

                    Amount

	 	Corresponding

Lower-Tier

Regular Interests(1)
	 	Initial
                    Lower-Tier 

                    Principal Balance

	 	Corresponding
        

        Class X 

        Components(1)

	Class
    A-1	 	$	32,507,000	 	 	LA-1	 	$	32,507,000	 	 	XA-1
	Class A-2	 	$	24,787,000	 	 	LA-2	 	$	24,787,000	 	 	XA-2
	Class A-SB	 	$	46,464,000	 	 	LA-SB	 	$	46,464,000	 	 	XA-SB
	Class A-3	 	$	200,000,000	 	 	LA-3	 	$	200,000,000	 	 	XA-3
	Class A-4	 	$	230,220,0003	 	 	LA-4	 	$	 230,220,000	 	 	XA-4
	Class A-HR	 	$	54,000,000	 	 	LA-HR	 	$	54,000,000	 	 	XA-HR
	Class X-A	 	$	596,975,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-HR	 	$	54,000,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-B	 	$	37,799,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-C(3)	 	$	37,799,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-D(4)	 	$	45,148,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-E	 	$	20,999,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-F	 	$	9,450,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-G	 	$	37,798,899	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class A-M	 	$	62,997,000	 	 	LA-M	 	$	62,997,000	 	 	XA-M
	Class B	 	$	37,799,000	 	 	LB	 	$	37,799,000	 	 	XB
	Class C	 	$	37,799,000	 	 	LC	 	$	37,799,000	 	 	XC
	Class D	 	$	45,148,000	 	 	LD	 	$	45,148,000	 	 	XD
	Class E	 	$	20,999,000	 	 	LE	 	$	20,999,000	 	 	XE
	Class F	 	$	9,450,000	 	 	LF	 	$	9,450,000	 	 	XF
	Class G	 	$	37,798,899	 	 	LG	 	$	37,798,899	 	 	XG

 

     -4-

     

    

 

		(1)	The
                                         Lower-Tier Regular Interest and the Component of the Class X-A, Class X-HR, Class X-B,
                                         Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates that correspond
                                         to any particular Class of Regular Certificates also correspond to each other and, accordingly,
                                         constitute the (i) Corresponding Lower-Tier Regular Interests and (ii) Corresponding
                                         Components, respectively, with respect to each other. The Class X Component Notional
                                         Amount for such Corresponding Component of the Class X-A, Class X-HR, Class X-B, Class
                                         X-C, Class X-D, Class X-E , Class X-F or Class X-G Certificates shall at all times equal
                                         the then Lower-Tier Principal Balance of the Corresponding Lower-Tier Regular Interest.

 

		(2)	Notional
                                         Amount.

 

		(3)	The
                                         Class X-C Certificates will not be entitled to receive distributions of principal other
                                         than a payment of $100 on the first Distribution Date which will be deemed a payment
                                         of principal on the principal balance of the REMIC regular interest represented by the
                                         Class X-C Certificates for federal income tax purposes.

 

		(4)	The
                                         Class X-D Certificates will not be entitled to receive distributions of principal other
                                         than a payment of $100 on the first Distribution Date which will be deemed a payment
                                         of principal on the principal balance of the REMIC regular interest represented by the
                                         Class X-D Certificates for federal income tax purposes.

 

The
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class V and the Class R Certificates
do not have Certificate Balances. Additionally, the Class V and Class R Certificates do not have Notional Amounts. The Certificate
Balance of any Class of Sequential Pay Certificates or Regular Interest outstanding at any time represents the maximum amount
which holders thereof are entitled to receive as distributions allocable to principal from the cash flow on the Mortgage Loans
and the other assets in the Trust Fund; provided that if amounts previously allocated as Realized Losses, to a Class of
Certificates in reduction of the Certificate Balance thereof are subsequently recovered (including without limitation after the
reduction of the Certificate Balance of such Class to zero), such Class may receive distributions in respect of such recoveries
in accordance with the priorities set forth in Section 4.01 of this Agreement.

 

As
of the Cut-off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $839,968,889.

 

In
consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and the other parties hereto hereby agree
as follows:

 

Article
I

DEFINITIONS

 

Section
1.01          Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the meanings specified in this Article.

 

“215
West 34th Street & 218 West 35th Street Companion Loans”: As defined in the Preliminary Statement.

 

     -5-

     

    

 

“215
West 34th Street & 218 West 35th Street Mortgage Loan”: As defined in the Preliminary Statement.

 

“215
West 34th Street & 218 West 35th Street Pari Passu Note A-1”: The promissory note designated as Note A-1, which
evidences a portion of the 215 West 34th Street & 218 West 35th Street Whole Loan. The 215 West 34th Street & 218 West
35th Street Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment to the 215 West 34th
Street & 218 West 35th Street Pari Passu Note A-2 and the 215 West 34th Street & 218 West 35th Street Pari Passu Note
A-3, as set forth in the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street Pari Passu Note
A-1 is a Mortgage Loan).

 

“215
West 34th Street & 218 West 35th Street Pari Passu Note A-2”: The promissory note designated as Note A-2, which
evidences a portion of the 215 West 34th Street & 218 West 35th Street Whole Loan. The 215 West 34th Street & 218 West
35th Street Pari Passu Note A-2 is not included in the Trust Fund and is pari passu in right of payment to the 215 West
34th Street & 218 West 35th Street Pari Passu Note A-1 and the 215 West 34th Street & 218 West 35th Street Pari Passu
Note A-3, as set forth in the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street Pari Passu
Note A-2 is currently being held by the CGCMT 2016-GC36 Mortgage Trust (or an affiliate).

 

“215
West 34th Street & 218 West 35th Street Pari Passu Note A-3”: The promissory note designated as Note A-3, which
evidences a portion of the 215 West 34th Street & 218 West 35th Street Whole Loan. The 215 West 34th Street & 218 West
35th Street Pari Passu Note A-3 is not included in the Trust Fund and is pari passu in right of payment to the 215 West
34th Street & 218 West 35th Street Pari Passu Note A-1 and the 215 West 34th Street & 218 West 35th Street Pari Passu
Note A-2, as set forth in the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street Pari Passu
Note A-3 is currently being held by the CFCRE 2016-C3 Mortgage Trust.

 

“215
West 34th Street & 218 West 35th Street Pooling and Servicing Agreement”: (a) The pooling and servicing agreement,
dated as of January 1, 2016 among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, CWCapital Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as
operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and entered into in connection with
the CFCRE 2016-C3 Mortgage Trust and (b) the pooling and servicing agreement, dated as of February 1, 2016 among Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating
advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and entered into in connection with the COMM
2016-CCRE28 Mortgage Trust.

 

“215
West 34th Street & 218 West 35th Street Whole Loan”: The 215 West 34th Street & 218 West 35th Street Companion
Loans, together with the 215 West 34th Street & 218 West 35th Street Mortgage Loan. References herein to the 215 West 34th
Street & 218 West

 

     -6-

     

    

 

35th Street Whole Loan shall be construed to refer to the aggregate indebtedness under the 215 West 34th
Street & 218 West 35th Street Pari Passu Note A-1, the 215 West 34th Street & 218 West 35th Street Pari Passu Note A-2
and the 215 West 34th Street & 218 West 35th Street Pari Passu Note A-3.

 

“3
Executive Campus Companion Loan”: As defined in the Preliminary Statement.

 

“3
Executive Campus Mortgage Loan”: As defined in the Preliminary Statement.

 

“3
Executive Campus Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the
3 Executive Campus Whole Loan. The 3 Executive Campus Pari Passu Note A-1 is included in the Trust Fund and is pari passu
in right of payment to the 3 Executive Campus Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of
the Closing Date, the 3 Executive Campus Pari Passu Note A-1 is a Mortgage Loan.

 

“3
Executive Campus Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the
3 Executive Campus Whole Loan. The 3 Executive Campus Pari Passu Note A-2 is not included in the Trust and is pari passu
in right of payment to the 3 Executive Campus Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of
the Closing Date, the 3 Executive Campus Pari Passu Note A-2 is held by the CCRE or an affiliate.

 

“3
Executive Campus Whole Loan”: The 3 Executive Campus Companion Loan, together with the 3 Executive Campus Mortgage Loan.
References herein to the 3 Executive Campus Whole Loan shall be construed to refer to the aggregate indebtedness under the 3 Executive
Campus Pari Passu Note A-1 and the 3 Executive Campus Pari Passu Note A-2.

 

“8-K
Filing Deadline”: As defined in Section 10.09 of this Agreement.

 

“10-K
Filing Deadline”: As defined in Section 10.07 of this Agreement.

 

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

 

“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at
www.usbank.com/abs, under the “NRSRO” tab or other applicable tab of the respective transaction, access to
which is limited to the Depositor and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any Default arising when the related Loan Documents require that the related Borrower must maintain standard extended coverage
casualty insurance or other insurance that covers acts of terrorism and the Special Servicer has determined, in accordance with
the Servicing Standard and, unless a Control Termination Event has occurred and is continuing, with the consent of the Directing
Certificateholder, that either (i) such insurance is not available at commercially reasonable rates and the subject hazards are
not at the time commonly insured against by properties similar to the Mortgaged Property and

 

     -7-

     

    

 

located in or around the geographic
region in which such Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners
at current market rates), or (ii) such insurance is not available at any rate; provided that the Directing Certificateholder
will not have more than 30 days to respond to the Special Servicer’s request for such consent; provided, further,
that upon the Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not
allow the Special Servicer to consult with the Directing Certificateholder, the Special Servicer will not be required to do so.
In making this determination, the Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion
of an insurance consultant.

 

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

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

“Actual/360
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule and any related Serviced Companion Loan.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.06 of this Agreement.

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage
Loan Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not
an Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss that would result in the Holders of Regular Certificates receiving less than the full amount of principal and/or
the Interest Accrual Amount to which they are entitled on any Distribution Date.

 

“Advance”:
Any P&I Advance or Servicing Advance.

 

“Advance
Interest Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances
for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which
such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of
interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the related Borrower makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the
Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid

 

     -8-

     

    

 

first, from the amount of Default Interest
on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second,
from late payment fees on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related
Borrower, and third, upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not
recoverable from the amounts described in first or second, from other amounts on deposit in the Collection Account
or the Serviced Whole Loan Collection Account, as applicable.

 

“Adverse
REMIC Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause
any Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust Fund
(including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and
the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from
foreclosure property”).

 

“Affected
Reporting Party”: As defined in Section 10.14 of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or the Depositor to determine whether any Person
is an Affiliate of such party.

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Act, of such Person.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.04(a).

 

“AG
Life Time Fitness Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“AG
Life Time Fitness Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“AG
Life Time Fitness Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion
of the AG Life Time Fitness Portfolio Whole Loan. The AG Life Time Fitness Portfolio Pari Passu Note A-1 is not included in the
Trust Fund and is pari passu in right of payment to the AG Life Time Fitness Portfolio Pari Passu Note A-2, the AG Life
Time Fitness Portfolio Pari Passu Note A-3 and the AG Life Time Fitness Portfolio Pari Passu Note A-4, as set forth in the related
Intercreditor Agreement. The AG Life Time Fitness Portfolio Pari Passu Note A-1 is held by the COMM 2016-CCRE28 Mortgage Trust.

 

     -9-

     

    

 

“AG
Life Time Fitness Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion
of the AG Life Time Fitness Portfolio Whole Loan. The AG Life Time Fitness Portfolio Pari Passu Note A-2 is not included in the
Trust Fund and is pari passu in right of payment to the AG Life Time Fitness Portfolio Pari Passu Note A-1, the AG Life
Time Fitness Portfolio Pari Passu Note A-3 and the AG Life Time Fitness Portfolio Pari Passu Note A-4, as set forth in the related
Intercreditor Agreement. The AG Life Time Fitness Portfolio Pari Passu Note A-2 is held by the CFCRE 2016-C3 Mortgage Trust.

 

“AG
Life Time Fitness Portfolio Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion
of the AG Life Time Fitness Portfolio Whole Loan. The AG Life Time Fitness Portfolio Pari Passu Note A-3 is included in the Trust
Fund and is pari passu in right of payment to the AG Life Time Fitness Portfolio Pari Passu Note A-1, the AG Life Time
Fitness Portfolio Pari Passu Note A-2 and the AG Life Time Fitness Portfolio Pari Passu Note A-4, as set forth in the related
Intercreditor Agreement. The AG Life Time Fitness Portfolio Pari Passu Note A-3 is a Mortgage Loan.

 

“AG
Life Time Fitness Portfolio Pari Passu Note A-4”: The promissory note designated as Note A-4, which evidences a portion
of the AG Life Time Fitness Portfolio Whole Loan. The AG Life Time Fitness Portfolio Pari Passu Note A-4 is not included in the
Trust Fund and is pari passu in right of payment to the AG Life Time Fitness Portfolio Pari Passu Note A-1, the AG Life
Time Fitness Portfolio Pari Passu Note A-2 and the AG Life Time Fitness Portfolio Pari Passu Note A-3, as set forth in the related
Intercreditor Agreement. The AG Life Time Fitness Portfolio Pari Passu Note A-4 is held by CCRE.

 

“AG
Life Time Fitness Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of February
1, 2016 among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master
servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Park
Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and
entered into in connection with the COMM 2016-CCRE28 Mortgage Trust.

 

“AG
Life Time Fitness Portfolio Whole Loan”: The AG Life Time Fitness Portfolio Companion Loans, together with the AG Life
Time Fitness Portfolio Mortgage Loan. References herein to the AG Life Time Fitness Portfolio Whole Loan shall be construed to
refer to the aggregate indebtedness under the AG Life Time Fitness Portfolio Pari Passu Note A-1, the AG Life Time Fitness Portfolio
Pari Passu Note A-2, the AG Life Time Fitness Portfolio Pari Passu Note A-3 and the AG Life Time Fitness Portfolio Pari Passu
Note A-4.

 

“Agent
Member”: Members of, or Depository Participants in, the Depository.

 

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

     -10-

     

    

 

“Allocated
Loan Amount”: With respect to each Mortgaged Property, the portion of the principal amount of the related Mortgage Loan
allocated to such Mortgaged Property in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.

 

“A.M.
Best”: A.M. Best Company, or its successor in interest.

 

“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant
to Section 9.01(c) of this Agreement.

 

“Applicable
Law”: As defined in Section 8.02(g) of this Agreement.

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and Illinois and (b) such state or local tax laws whose applicability shall have been brought to the attention
of the Certificate Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate
taxing authority as to the applicability of such state or local tax laws.

 

“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.

 

“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.

 

“Appraisal
Reduction Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or any Serviced Whole Loan as to which an Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer
(and, if no Consultation Termination Event has occurred, in consultation with the Directing Certificateholder, and, if a
Control Termination Event has occurred and is continuing, in consultation with the Operating Advisor to the extent set forth
in Section 3.31(f) of this Agreement) as of the first Determination Date that is at least 10 Business Days following
the date the Master Servicer receives the required Appraisal or the Special Servicer’s Small Loan Appraisal Estimate
(and thereafter by the first Determination Date following any material change in the amounts set forth in the following
equation) equal to the excess, if any, of (a) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan over
(b) the excess of (i) the sum of: (A) 90% of the appraised value of the related Mortgaged Property as determined (1) by one
or more Appraisals obtained by the Special Servicer with respect to that Mortgage Loan or Serviced Whole Loan with an
outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master Servicer as
an Advance), minus such downward adjustments as the Special Servicer may make (without implying any obligation to do so)
based upon its review of the Appraisals and any other information it deems relevant, or (2) by an internal valuation
performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole Loan with an outstanding principal
balance less than $2,000,000, plus (B) all escrows and reserves (other than escrows and reserves for taxes and insurance),
plus (C) all

 

     -11-

     

    

 

insurance and casualty proceeds and condemnation awards that constitute collateral for the
related Mortgage Loan or Serviced Whole Loan (whether paid or then payable by any insurance company or government authority),
over (ii) the sum as of the Due Date occurring in the month of the date of determination of (without duplication) (A) to the extent
not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Mortgage Loan or Serviced Whole Loan
at a per annum rate equal to the Mortgage Rate (or with respect to the applicable Serviced Whole Loan, the weighted average
of the Mortgage Rates for the related Mortgage Loan and related Serviced Companion Loans), (B) all unreimbursed Servicing Advances
and the principal portion of all unreimbursed P&I Advances, and all unpaid interest on Advances at the Reimbursement Rate,
in respect of such Mortgage Loan or Serviced Whole Loan, (C) any other unpaid Additional Trust Fund Expenses in respect of such
Mortgage Loan or Serviced Whole Loan (but subject to the provisions of Section 1.02(e)), (D) all currently due and unpaid
real estate taxes, ground rents and assessments and insurance premiums (net of any escrows or reserves therefor) that have not
been the subject of an Advance by the Master Servicer or the Trustee, as applicable, and (E) all other amounts due and unpaid
with respect to such Mortgage Loan or Serviced Whole Loan that, if not paid by the related Borrower, would result in a shortfall
in distributions to the Certificateholders, except for Prepayment Premiums and Yield Maintenance Charges payable due to an acceleration
of such Mortgage Loan or Serviced Whole Loan following a default thereunder; provided, without limiting the Special Servicer’s
obligation to order and obtain such Appraisal, if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small
Loan Appraisal Estimate, as applicable, referred to above within 60 days of the Appraisal Reduction Event (or in the case of an
Appraisal Reduction Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction
Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of
the related Mortgage Loan or the applicable Serviced Whole Loan until such time as such Updated Appraisal or Small Loan Appraisal
Estimate referred to above is received and the Appraisal Reduction Amount is recalculated.

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or a Serviced Whole Loan or the related REO Property will be reduced to zero as of the date the related Mortgage
Loan or Serviced Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan as to which an Appraisal Reduction
Event has occurred, such Mortgage Loan or Serviced Whole Loan shall no longer be subject to the Appraisal Reduction Amount if
(a) such Mortgage Loan or Serviced Whole Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred
with respect to the related Mortgage Loan) and (b) no other Appraisal Reduction Event has occurred and is continuing.

 

Each
Serviced Whole Loan shall be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with
respect to the mortgage loans that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of a Serviced
Whole Loan shall be allocated pro rata, to the related Mortgage Loan and the related Serviced Pari Passu Companion Loan
that is pari passu in right of payment with such Mortgage Loan, if any.

 

     -12-

     

    

 

For
any Distribution Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal
Reduction Amount shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the
related Other Pooling and Servicing Agreement.

 

“Appraisal
Reduction Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan,
the earliest of (i) the date on which such Mortgage Loan or Serviced Whole Loan becomes a Modified Mortgage Loan, (ii) the 90th
day following the occurrence of any uncured Delinquency in Periodic Payments with respect to such Mortgage Loan or Serviced Whole
Loan, (iii) receipt of notice that the related Borrower has filed a bankruptcy petition or the date on which a receiver is appointed
and continues in such capacity in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan or the 60th
day after the related Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed
in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, (iv) the date on which the Mortgaged Property
securing such Mortgage Loan or Serviced Whole Loan becomes a Serviced REO Property and (v) with respect to a Balloon Loan, a payment
default shall have occurred with respect to the related Balloon Payment; provided, if (a) the related Borrower is diligently
seeking a refinancing commitment (and delivers a statement to that effect to the Master Servicer within 30 days after the default,
who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Certificateholder (but only
if no Consultation Termination Event has occurred and is continuing)), (b) the related Borrower continues to make its Assumed
Scheduled Payment, (c) no other Appraisal Reduction Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan
and (d) for so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder consents,
an Appraisal Reduction Event will not occur until 60 days beyond the related Maturity Date, unless extended by the Special Servicer
in accordance with the Loan Documents or this Agreement; and provided, further, if the related Borrower has delivered
to the Master Servicer, who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Certificateholder
(but only for so long as no Consultation Termination Event has occurred), on or before the 60th day after the related Maturity
Date, a refinancing commitment reasonably acceptable to the Special Servicer, and the Borrower continues to make its Assumed Scheduled
Payments (and no other Appraisal Reduction Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan), an Appraisal
Reduction Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date (or extended maturity date)
and (2) the termination of the refinancing commitment. The Special Servicer shall notify the Master Servicer promptly upon the
occurrence of any of the foregoing events with respect to any Specially Serviced Loan.

 

“Arbitration
Rules”: As defined in Section 2.03(m)(i).

 

“ARD
Loan”: Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower
has not prepaid such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather
than the Initial Rate.

 

“Asset
Representations Reviewer”: Park Bridge Lender Services LLC, or its successor in interest, or any successor Asset Representations
Reviewer appointed as herein provided.

 

     -13-

     

    

 

“Asset
Representations Reviewer Asset Review Fee”: As defined in Section 11.02(b).

 

“Asset
Representations Reviewer Cap”: As defined in Section 11.02(b).

 

“Asset
Representations Reviewer Monitor Fee”: With respect to each Mortgage Loan, a fee payable to the Asset Representations
Reviewer monthly from amounts received with respect to each Mortgage Loan and REO Loan (excluding the Non-Serviced Mortgage Loans)
and will accrue at a rate equal to the applicable Asset Representations Reviewer Monitor Fee Rate with respect to each such loan
on the Stated Principal Balance of the related loan and will be calculated on the same interest accrual basis as the related loan
and prorated for any partial periods.

 

“Asset
Representations Reviewer Monitor Fee Rate”: A per annum rate equal to, with respect to each Mortgage Loan and REO Loan
(excluding the Non-Serviced Mortgage Loans), 0.00030%.

 

“Asset
Representations Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer
who are involved in the performance of the duties of the Asset Representations Reviewer under this Agreement.

 

“Asset
Representations Reviewer Termination Event”: As defined in Section 11.05(a).

 

“Asset
Review”: A review of the compliance of each Delinquent Loan with certain representations and warranties of the applicable
Mortgage Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto.

 

“Asset
Review Notice”: As defined in Section 11.01(b)(i).

 

“Asset
Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section
12.01(a), the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all Certificates.

 

“Asset
Review Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.

 

“Asset
Review Report Summary”: As defined in Section 11.01(a)(ix), a summary reporting setting forth the conclusions
of an Asset Review Report substantially in the form attached hereto as Exhibit II.

 

“Asset
Review Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith
subject to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in
connection with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment
based on the facts and circumstances known to it at the time of such determination or assumptions.

 

     -14-

     

    

 

“Asset
Review Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25% or
more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans) (or a portion of any
REO Loan in the case of a Whole Loan) held by the Trust as of the end of the applicable Collection Period are Delinquent Loans
or (2) at least 15 Mortgage Loans are Delinquent Loans as of the end of the applicable Collection Period and the aggregate outstanding
principal balance of such Delinquent Loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance
of all of the Mortgage Loans (including any REO Loans) (or a portion of any REO Loan in the case of a Whole Loan) held by the
Trust as of the end of the applicable Collection Period.

 

“Asset
Review Vote Election”: As defined in Section 11.01(a).

 

“Asset
Status Report”: As defined in Section 3.23(e) of this Agreement.

 

“Assignment
of Leases, Rents and Profits”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or
similar agreement executed by the Borrower, assigning to the mortgagee all of the income, rents and profits derived from the ownership,
operation, leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged
and delivered, as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of
record the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more
blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law
and acceptable for recording.

 

“Assumed
Scheduled Payment”: For any Collection Period with respect to any Mortgage Loan (including the Non-Serviced Mortgage
Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of any P&I Advances, the
portion allocable to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment
that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the
original amortization schedule of the Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming
such Balloon Payment had not become due, after giving effect to any prior modification, a default or a bankruptcy modification
(or similar proceeding), and (b) interest on the Stated Principal Balance of the Mortgage Loan or REO Loan (excluding, for purposes
of any P&I Advances, the portion allocable to any related Companion Loan) at its Mortgage Rate (net of the applicable Servicing
Fee Rate and the Non-Serviced Mortgage Loan Primary Servicing Fee Rate.

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or related substitution
of a Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the related Loan Documents or under
the provisions of this Agreement).

 

     -15-

     

    

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this
Agreement.

 

“Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)      the
aggregate amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to the extent
received by the Trust pursuant to the related Other Pooling and Servicing Agreement and/or the related Intercreditor Agreement)
(including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(g) of this
Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited
by the Master Servicer pursuant to Section 3.17(a)) on deposit in the Collection Account (in each case, exclusive of any
amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the Companion Loan Noteholders),
as of the Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)          all
Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace periods) after
the end of the related Collection Period (without regard to grace periods);

 

(ii)         all
unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable to
the period following the Due Date for the related Mortgage Loan during the related Collection Period)), unscheduled interest,
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the
related Determination Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring
after the related Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;

 

(iii)        all
amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xv), inclusive, of
Section 3.06(a) of this Agreement;

 

(iv)        with
respect to each Actual/360 Loan and any Distribution Date in (1) each February and (2) any January occurring in a year that is
not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal to one day of
interest on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month
preceding the month in which the subject Distribution Date occurs at the related Net Mortgage Rate, to the extent such amounts
are to be deposited in the Interest Reserve Account and held for future distribution pursuant to Section 3.05(e) of this
Agreement;

 

(v)          all
Yield Maintenance Charges and prepayment premiums;

 

     -16-

     

    

 

(vi)        all
amounts deposited in the Collection Account or the Lower-Tier Distribution Account, as the case may be, in error;

 

(vii)       Excess
Interest, and

 

(viii)      all
Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)          if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account on or before
the applicable Determination Date allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant
to Section 3.15(b);

 

(c)          P&I
Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate
Administrator/Custodian/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made); and

 

(d)          with
respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date
occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement.

 

Notwithstanding
the investment of funds held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07
of this Agreement, for purposes of calculating the Available Funds, the amounts so invested shall be deemed to remain on deposit
in such account.

 

“AvidXchange
Companion Loan”: As defined in the Preliminary Statement.

 

“AvidXchange
Mortgage Loan”: As defined in the Preliminary Statement.

 

“AvidXchange
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the AvidXchange Whole
Loan. The AvidXchange Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment to the AvidXchange
Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing Date, the AvidXchange Pari Passu Note
A-1 is a Mortgage Loan.

 

“AvidXchange
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the AvidXchange Whole
Loan. The AvidXchange Pari Passu Note A-2 is not included in the Trust and is pari passu in right of payment to the AvidXchange
Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of the Closing Date, the AvidXchange Pari Passu Note
A-2 is held by the CCRE or an affiliate.

 

“AvidXchange
Whole Loan”: The AvidXchange Companion Loan, together with the AvidXchange Mortgage Loan. References herein to the AvidXchange
Whole Loan shall be construed to refer to the aggregate indebtedness under the AvidXchange Pari Passu Note A-1 and the AvidXchange
Pari Passu Note A-2.

 

“Balloon
Loan”: Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess
of its constant Periodic Payment.

 

     -17-

     

    

 

“Balloon
Payment”: With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal
included in the applicable amortization schedule or scheduled Periodic Payment).

 

“Base
Interest Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates, a fraction (not greater than
one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates
exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance
Charge, as applicable, with respect to such Principal Prepayment and (b) whose denominator is the amount, if any, by which (i)
the Mortgage Rate on such Mortgage Loan exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the
Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided that
if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction shall
be zero; provided, further, that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage
Loan, but less than the Pass-Through Rate described in clause (a)(i) above, then the Base Interest Fraction shall be one.

 

To
the extent that the “yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer
is not provided in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to
the yield, on the U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date,
as applicable, for the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same
coupon the issue with the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close
to the Maturity Date or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier
maturity date shall be selected.

 

“Bid
Allocation”: With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant
to Section 7.01(a) of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such
bid and the transfer of servicing), multiplied by a fraction equal to (a) the Servicing Fee Amount for the Master Servicer or
such Sub-Servicer therefor, as the case may be, as of such date of determination, over (b) the aggregate of the Servicing Fee
Amounts for the Master Servicer and all Sub-Servicers therefor as of such date of determination.

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.

 

“Borrower
Accounts”: As defined in Section 3.07(a) of this Agreement.

 

     -18-

     

    

 

“Borrower
Party”: A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party
Affiliate.

 

“Borrower
Party Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a Restricted Mezzanine
Holder, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or Restricted
Mezzanine Holder, as applicable, (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests
in such borrower, mortgagor or manager, as applicable, or (c) any other person owning, directly or indirectly, 25% or more of
the beneficial interests in such Restricted Mezzanine Holder. For the purposes of this definition, “control” when
used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Breach”:
As defined in Section 2.03(e) of this Agreement.

 

“BSP”:
Benefit Street Partners CRE Finance LLC, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“BSP
Indemnification Agreement”: The agreement dated as of the Pricing Date, among BSP, the Depositor, the Underwriters and
the Initial Purchasers.

 

“BSP
Mortgage Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the BSP Purchase Agreement.

 

“BSP
Purchase Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, among BSP and
the Depositor.

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities
in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or
the Certificate Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal
Reserve Bank of New York or banking institutions or savings associations in New York, New York, Chicago, Illinois, Charlotte,
North Carolina, Dallas, Texas, Kansas City, Missouri, Minneapolis, Minnesota, Wilmington, Delaware, Bethesda, Maryland, Columbia,
Maryland or Oakland, California, or the principal cities in which the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Trustee or the Certificate Administrator conduct servicing, trust administration or surveillance
operations are authorized or obligated by law or executive order to be closed.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payment on the Mortgage Loan or Serviced Companion Loan or sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined
by the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrowers
on similar non-defaulted debt of the Borrowers as of such date of determination, (2) the applicable Mortgage Rate and (3) the
yield on 10-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property

 

     -19-

     

    

 

cash flow,
the “discount rate” set forth in the most recent related Appraisal (or Updated Appraisal).

 

“Cash
Collateral Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account
or accounts created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document
into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders,
as successor to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax
purposes by the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions
of the related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income
or gain thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master Servicer shall be
permitted to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Collection
Account, as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral
Account shall be an Eligible Account.

 

“Cash
Collateral Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account
agreement, if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account,
if any, may have been established.

 

“CCRE”:
Cantor Commercial Real Estate Lending, L.P., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“CCRE
Indemnification Agreement”: The agreement dated as of the Pricing Date, among CCRE, the Depositor, the Underwriters
and the Initial Purchasers.

 

“CCRE
Mortgage Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the CCRE Purchase Agreement.

 

“CCRE
Purchase Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, between CCRE and
the Depositor.

 

“Certificate”:
Any Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D,
Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V or Class R Certificate
issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: U.S. Bank National Association, a national banking association, in its capacity as Certificate Administrator,
or its successor in interest, or any successor Certificate Administrator appointed as herein provided.

 

“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.

 

     -20-

     

    

 

“Certificate
Administrator/Custodian/Trustee Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per
Interest Accrual Period equal to the product of (i) the Certificate Administrator/Custodian/Trustee Fee Rate (adjusted to a monthly
rate) multiplied by (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan on such Due Date). The Certificate Administrator/Custodian/Trustee
Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Certificate Administrator/Custodian/Trustee Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier REMIC.

 

“Certificate
Administrator/Custodian/Trustee Fee Rate”: A rate equal to 0.0060% per annum.

 

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

 

“Certificate
Balance”: With respect to any Class of Sequential Pay Certificates (a) on or prior to the first Distribution Date, an
amount equal to the aggregate initial Certificate Balance of such Class, as specified in the Preliminary Statement to this Agreement
and (b) as of any date of determination after the first Distribution Date, the Certificate Balance of such Class on the Distribution
Date immediately prior to such date of determination less any distributions allocable to principal and any allocations of Realized
Losses made thereon on such prior Distribution Date.

 

“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the
Depository and selected by the Certificate Administrator.

 

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

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.

 

“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided,
however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement,
any Certificate registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Excluded
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any
of such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding
as to such Excluded Controlling

 

     -21-

     

    

 

Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided,
further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be deemed
to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer Loan),
and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage
of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided,
however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer, any
Excluded Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate
of any of such Persons unless such consent, approval or waiver sought from such party would in any way increase its compensation
or limit its obligations in the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with
respect to a Mortgage Loan; provided, further that so long as there is no Servicer Termination Event with respect
to the Master Servicer or the Special Servicer, the Master Servicer and the Special Servicer or such Affiliate of either shall
be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such
party’s compensation or increase its obligations or liabilities hereunder; and provided, further that such
restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage
Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the
Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor
Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information
between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable,
and any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate Administrator
shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in
determining whether a Certificate is registered in the name of an Affiliate of such Person. All references herein to “Holders”
or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights
through the Depository and the Depository Participants, except as otherwise specified herein; provided, however,
that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person
in whose name a Certificate is registered in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this
Agreement, the holders of Sequential Pay Certificates evidencing at least 75% of the aggregate Voting Rights (other than with
respect to the termination of the Asset Representations Reviewer, taking into account the application of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of
all Sequential Pay Certificates on an aggregate basis.

 

“Certification
Parties”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Certificateholder”: A Certificateholder or Certificate Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.

 

     -22-

     

    

 

“Certifying
Person”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 10.11 of this Agreement.

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation and each Lower-Tier Regular
Interest.

 

“Class
A-1 Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-1 Pass-Through Rate”: A per annum rate equal to 1.501%.

 

“Class
A-2 Certificate”: Any one of the Certificates with a “Class A-2” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-2 Pass-Through Rate”: A per annum rate equal to 2.707%.

 

“Class
A-3 Certificate”: Any one of the Certificates with a “Class A-3” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-3 Pass-Through Rate”: A per annum rate equal to 3.014%.

 

“Class
A-4 Certificate”: Any one of the Certificates with a “Class A-4” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-4 Pass-Through Rate”: A per annum rate equal to 3.283%.

 

“Class
A-HR Certificate”: Any one of the Certificates with a “Class A-HR” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-HR Pass-Through Rate”: A per annum rate equal to 3.121%.

 

“Class
A-M Certificate”: Any one of the Certificates with a “Class A-M” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-M Pass-Through Rate”: A per annum rate equal to 3.691%.

 

     -23-

     

    

 

“Class
A-SB Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-SB Pass-Through Rate”: A per annum rate equal to 3.091%.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.

 

“Class
B Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
B Pass-Through Rate”: A per annum rate equal to 4.147%.

 

“Class
C Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
C Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

“Class
D Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
D Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

“Class
E Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
E Pass-Through Rate”: A per annum rate equal to 3.500%.

 

“Class
F Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
F Pass-Through Rate”: A per annum rate equal to 3.500%.

 

“Class
G Certificate”: Any one of the Certificates with a “Class G” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the

 

     -24-

     

    

 

Authenticating
Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table
of Exhibits of this Agreement.

 

“Class
G Pass-Through Rate”: A per annum rate equal to 3.500%.

 

“Class
LA-1 Interest,” “Class LA-2 Interest,” “Class LA-SB Interest,” “Class
LA-3 Interest,” “Class LA-4 Interest,” “Class LA-HR Interest,” “Class
LA-M Interest,” “Class LB Interest,” “Class LC Interest,” “Class LD Interest,”
“Class LE Interest,” “Class LF Interest” and “Class LG Interest”: Each,
a regular interest in the Lower-Tier REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of
this Agreement.

 

“Class
LTR Interest”: The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented
by the Class R Certificates.

 

“Class
R Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates
have no Pass-Through Rate, Certificate Balance or Notional Amount.

 

“Class
UTR Interest”: The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented
by the Class R Certificate.

 

“Class
V Certificate”: Any one of the Certificates with a “Class V” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-1 to this Agreement. The Class V Certificates represent undivided beneficial interests in the Class V Specific Grantor
Trust Assets.

 

“Class
V Investment Representation Letter”: As defined in Section 5.02(i) of this Agreement.

 

“Class
V Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Excess Interest and (ii) the Excess
Interest Distribution Account.

 

“Class
X Certificates”: The Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates,
collectively.

 

“Class
X Component”: Each of the Class X-A Components, Class X-HR Component, Class X-B Component, Class X-C Component, Class
X-D Component, Class X-E Component, Class X-F Component and Class X-G Component.

 

“Class
X Component Notional Amount”: With respect to each Class X Component and any date of determination, an amount equal
to the then Lower-Tier Principal Balance of its Corresponding Lower-Tier Regular Interest.

 

“Class
X Notional Amount”: The Class X-A Notional Amount, Class X-HR Notional Amount, the Class X-B Notional Amount, the Class
X-C Notional Amount, Class X-D

 

     -25-

     

    

 

Notional Amount, the Class X-E Notional Amount, the Class X-F Notional Amount or the Class X-G
Notional Amount, as applicable and as the context may require.

 

“Class
X-A Certificate”: Any one of the Certificates with a “Class X-A” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-A Components”: Each of Component XA-1, Component XA-2, Component XA-SB, Component XA-3, Component XA-4 and Component
XA-M.

 

“Class
X-A Notional Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all
of the Class X-A Components.

 

“Class
X-A Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for
the respective Class X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional
Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial
Distribution Date is approximately 0.1940% per annum.

 

“Class
X-A Strip Rate”: With respect to any Class of Class X-A Components for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-B Certificate”: Any one of the Certificates with a “Class X-B” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-B Component”: The Component XB.

 

“Class
X-B Notional Amount”: As of any date of determination, the then Class X Component Notional Amounts of the Class X-B
Component.

 

“Class
X-B Pass-Through Rate”: With respect to any Distribution Date, the Class X-B Strip Rate for the Class X-B Component
for such Distribution Date. The Class X-B Pass-Through Rate for the initial Distribution Date is approximately 0.893% per annum.

 

“Class
X-B Strip Rate”: With respect to the Class X-B Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-C Certificate”: Any one of the Certificates with a “Class X-C” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-C Component”: The Component XC.

 

     -26-

     

    

 

“Class
X-C Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-C Component.

 

“Class
X-C Pass-Through Rate”: With respect to any Distribution Date, the Class X-C Strip Rate for the Class X-C Component
for such Distribution Date. The Class X-C Pass-Through Rate for the initial Distribution Date is 0.000% per annum.

 

“Class
X-C Strip Rate”: With respect to the Class X-C Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-D Certificate”: Any one of the Certificates with a “Class X-D” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-D Component”: The Component XD.

 

“Class
X-D Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-D Component.

 

“Class
X-D Pass-Through Rate”: With respect to any Distribution Date, the Class X-D Strip Rate for the Class X-D Component
for such Distribution Date. The Class X-D Pass-Through Rate for the initial Distribution Date is approximately 0.000% per annum.

 

“Class
X-D Strip Rate”: With respect to the Class X-D Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-E Certificate”: Any one of the Certificates with a “Class X-E” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-E Component”: The Component XE.

 

“Class
X-E Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-E Component.

 

“Class
X-E Pass-Through Rate”: With respect to any Distribution Date, the Class X-E Strip Rate for the Class X-E Component
for such Distribution Date. The Class X-E Pass-Through Rate for the initial Distribution Date is approximately 1.54% per annum.

 

“Class
X-E Strip Rate”: With respect to the Class X-E Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-F Certificate”: Any one of the Certificates with a “Class X-F” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such

 

     -27-

     

    

 

Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-F Component”: The Component XF.

 

“Class
X-F Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-F Component.

 

“Class
X-F Pass-Through Rate”: With respect to any Distribution Date, the Class X-F Strip Rate for the Class X-F Component
for such Distribution Date. The Class X-F Pass-Through Rate for the initial Distribution Date is approximately 1.54% per annum.

 

“Class
X-F Strip Rate”: With respect to the Class of Class X-F Component for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-G Certificate”: Any one of the Certificates with a “Class X-G” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-G Component”: The Component XG.

 

“Class
X-G Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-G Component.

 

“Class
X-G Pass-Through Rate”: With respect to any Distribution Date, the Class X-G Strip Rate for the Class X-G Component
for such Distribution Date. The Class X-G Pass-Through Rate for the initial Distribution Date is approximately 1.54% per annum.

 

“Class
X-G Strip Rate”: With respect to the Class of Class X-G Component for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-HR Component”: The Component XA-HR.

 

“Class
X-HR Notional Amount”: As of any date of determination, the then Class X Component Notional Amounts of the Class X-HR
Component.

 

“Class
X-HR Pass-Through Rate”: With respect to any Distribution Date, the Class X-HR Strip Rate for the Class X-HR Component
for such Distribution Date. The Class X-HR Pass-Through Rate for the initial Distribution Date is 1.919% per annum.

 

“Class
X-HR Strip Rate”: With respect to the Class X-HR Component for any Distribution Date, the (i) the WAC Rate for such
Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

     -28-

     

    

 

“Closing
Date”: May 18, 2016.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of
U.S. Bank National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE
2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 Collection Account” and which must
be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any Companion Loan), the period that
begins on the day immediately following the Due Date for such Mortgage Loan (including any Companion Loan) in the month preceding
the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan (including
any Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan (including
any related Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the
event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments received
with respect to Mortgage Loans (including any Companion Loan) relating to such Collection Period on the business day immediately
following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.05(a) of this Agreement.

 

“Companion
Loan”: A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

“Companion
Loan Noteholder”: A holder of a Companion Loan.

 

“Compensating
Interest Payment”: As defined in Section 3.17(c) of this Agreement.

 

“Component
XA-1”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-1 Interest as of any date of determination.

 

“Component
XA-2”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-2 Interest as of any date of determination.

 

     -29-

     

    

 

“Component
XA-3”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component
XA-4”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-4 Interest as of any date of determination.

 

“Component
XA-HR”: The component of the Class X-HR Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-HR Interest as of any date of determination.

 

“Component
XA-SB”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the
then current Lower-Tier Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Component
XA-M”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-M Interest as of any date of determination.

 

“Component
XB”: The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LB Interest as of any date of determination.

 

“Component
XC”: The component of the Class X-C Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LC Interest as of any date of determination.

 

“Component
XD”: The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LD Interest as of any date of determination.

 

“Component
XE”: The component of the Class X-E Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LE Interest as of any date of determination.

 

“Component
XF”: The component of the Class X-F Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LF Interest as of any date of determination.

 

“Component
XG”: The component of the Class X-G Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LG Interest as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the

 

     -30-

     

    

 

restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Consultation
Termination Event”: At any date at which (i) no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the initial Certificate Balance of that Class, in each case, without
regard to the application of any Appraisal Reduction Amounts or (ii) a Holder of the Class F Certificates is the majority Controlling
Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class
Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section
3.29(h); provided that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be
deemed to have existed or be in continuance with respect to a successor Holder of Class F Certificates that has not irrevocably
waived its right to exercise any of the rights of the Controlling Class Certificateholder; provided that a Consultation
Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance
Certificates other than the Control Eligible Certificates have been reduced to zero. With respect to Excluded Loans, a Consultation
Termination Event shall be deemed to exist.

 

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

 

“Control
Termination Event”: The occurrence of (i) the Certificate Balance of the Class F Certificates (taking into account the
application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section
4.08(a) hereof) being reduced to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class
F Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to
exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor
Controlling Class Certificateholder pursuant to Section 3.29(h); provided that a Control Termination Event shall not be
deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the
Control Eligible Certificates have been reduced to zero. With respect to Excluded Loans, a Control Termination Event shall be
deemed to exist.

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class
in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate Balance of that
Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control Eligible
Certificates. The Controlling Class as of the Closing Date will be the Class G Certificates provided that if, at any time,
the Certificate Balance of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts allocable
to such classes, has been reduced to zero, the Controlling Class shall be the most subordinate Class of Control Eligible Certificates
that has a Principal Balance greater than zero.

 

     -31-

     

    

 

“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar to the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more than 50%
of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time;
provided, that (i) absent such selection, or (ii) until a Controlling Class Representative is so selected or (iii) upon
receipt of a written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling
Class Representative is no longer designated, then the Controlling Class Certificateholder that owns the largest aggregate Certificate
Balance of the Controlling Class shall be the Controlling Class Representative; provided, however, that, in the
case of this clause (iii), in the event that no one Certificateholder owns the largest aggregate Certificate Balance of
the Controlling Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of
this Agreement.

 

The
initial Controlling Class Representative on the Closing Date shall be RREF III Debt AIV, LP on behalf of one or more managed funds
or accounts and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume RREF III Debt AIV,
LP, or any successor Controlling Class Representative selected thereby and notified to the Certificate Registrar thereof in writing,
is the Controlling Class Representative appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates,
until the Certificate Registrar receives (a) written notice of a replacement Controlling Class Representative from a majority
of the Controlling Class Certificateholders by Certificate Balance or (b) written notice that the Holder (or Certificate Owner)
of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority
of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest
in those Certificates). In the event of clause (b) above, if no successor Controlling Class Representative is then identified
to the Certificate Registrar and the other parties hereto, then there will be deemed to be no Controlling Class Representative
for purposes of this Agreement until such time as the Certificate Registrar and the other parties to this Agreement receive notice
of a successor Controlling Class Representative.

 

“Corporate
Trust Office”: The offices of the Trustee and the Certificate Administrator located at 190 South LaSalle, 7th Floor,
Mail Code: MK-IL-SL7C Chicago, Illinois 60603, Attention: CFCRE 2016-C4, for certificate transfer services, at 111 Fillmore Avenue,
St. Paul, Minnesota 55107, Attention: Bondholder Services – CFCRE 2016-C4; and with respect to the Custodian, a custodial
office at 1133 Rankin Street, Suite 100, St. Paul, Minnesota 55116, or the principal trust office of any successor trustee, certificate
administrator or custodian qualified and appointed pursuant to this Agreement.

 

“Corrected
Mortgage Loan”: As defined under the definition of Specially Serviced Loan.

 

“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest
or Corresponding Class X Component.

 

     -32-

     

    

 

“Corresponding
Class X Components”: As defined in the Preliminary Statement with respect to any Corresponding Certificates or any Corresponding
Lower-Tier Regular Interest or Class X Component.

 

“Corresponding
Lower-Tier Regular Interests”: As defined in the Preliminary Statement with respect to any Corresponding Certificates
or Corresponding Class X Component.

 

“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and
whose principal purpose is the establishment of industry standards for reporting transaction-specific information relating to
commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed
properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other
association or organization. If an organization or association described in one of the preceding sentences of this definition
does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall
be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee, the Special Servicer
and, if no Control Termination Event has occurred and is continuing, the Directing Certificateholder.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.

 

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

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format
substantially in the form of and containing the information called for therein, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the

 

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information
called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally. In
connection with preparing the CREFC® Comparative Financial Status Report, the Master Servicer shall process (a)
interim financial statements beginning with interim financial statements for the fiscal quarter ending September 30, 2016, and
(b) annual financial statements beginning with annual financial statements for the 2016 fiscal year.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other
form for the presentation of such information as may be approved from time to time by the CREFC® for commercial
mortgage securities transactions generally. The initial data for this report shall be provided by each Mortgage Loan Seller.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and
containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification and Corrected Mortgage Loan Report” format substantially in the form of and containing the information
called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (other than the portion of an REO
loan related to any Serviced Companion Loan) and for any related Interest Accrual Period, the amount of interest accrued during
such Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal
balance, in the same manner, and for the same number of days as any related interest payment with regards to the Mortgage Loan
during which such Interest Accrual Period is computed. Any payments of the CREFC® Intellectual Property Royalty
License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions
(or such other instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least
two Business Days prior to the Master Servicer Remittance Date):

 

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

Bank
Name: JPM Morgan Chase Bank, National Association

Bank
Address: 80 Broadway, New York, NY 10005

Routing
Number: 021000021

Account
Number: 213597397

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.0005% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from
time to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

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

 

(b)          The
following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet,
(ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC®
Reconciliation of Funds Report;

 

(c)          the
following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer Realized
Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and

 

(d)          such
other reports and data files as CREFC® may designate as part of the “CREFC® Investor Reporting
Package (CREFC® IRP)” from time to time generally.

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the
Closing Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the
CREFC® Website.

 

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“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective
from time to time on the CREFC® Website and, provided that each CREFC® Loan Periodic Update
File shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month,
and all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the
downloadable form of the “CREFC® Loan Setup File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for,
in the downloadable form of the “CREFC® Property File” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time
on the CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Servicer Watch List” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report,

 

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the
CREFC® REO Status Report, the CREFC® Servicer Watch List, the CREFC® NOI Adjustment
Worksheet, the CREFC® Comparative Financial Status Report, the CREFC® Operating Statement Analysis
Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC® Advance Recovery Report and the CREFC®
Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

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

 

“Cross-Over
Date”: The Distribution Date, if any, on which the Certificate Balance of each Class of Sequential Pay Certificates
is (or will be) reduced to zero.

 

“Custodial
Agreement”: The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the
Certificate Administrator, in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended
or modified from time to time in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is
the same party as the Certificate Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then U.S. Bank
National Association shall be the Custodian. The Custodian may (but need not) be the Certificate Administrator, the Trustee or
the Master Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the Due Date in May 2016 for that Mortgage Loan (or, in the case of any Mortgage
Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that
Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

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

 

“Debt
Service Coverage Ratio”: With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and
for any period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged
Property or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which
data is available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for such
Mortgaged Property by the Master Servicer or Special Servicer, if

 

     -37-

     

    

 

applicable, pursuant to Section 3.13 of this Agreement,
by the annual debt service required by such Mortgage Loan or Serviced Whole Loan. Annual debt service shall be calculated by multiplying
the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer
number of months for which related information is available).

 

“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time
or the giving of notice, or both, would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole
Loan.

 

“Default
Interest”: With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced
Companion Loan (other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

“Default
Rate”: With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues
on such Mortgage Loan or Serviced Companion Loan following any event of default on such Mortgage Loan or Serviced Companion Loan,
including a default in the payment of a Periodic Payment or a Balloon Payment.

 

“Defaulted
Mortgage Loan”: A Mortgage Loan or Serviced Whole Loan (i) that is delinquent at least 60 days in respect of its Periodic
Payments or that is more than 60 days delinquent in respect of its Balloon Payment, if any, in either case such Delinquency to
be determined without giving effect to any grace period permitted by the related Loan Documents and without regard to any acceleration
of payments under the related Mortgage Loan or Serviced Companion Loan or (ii) as to which the Master Servicer or Special Servicer
has, by written notice to the related borrower, accelerated the maturity of the indebtedness evidenced by the related Mortgage
Note.

 

“Defeasance
Account”: As defined in Section 3.26(j) of this Agreement.

 

“Defect”:
As defined in Section 2.03(e) of this Agreement.

 

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

 

“Delinquency”:
Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.

 

     -38-

     

    

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any grace period.

 

“Denomination”:
As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:
CCRE Commercial Mortgage Securities, L.P., a Delaware limited partnership, and its successors and assigns.

 

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

 

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

 

“Determination
Date”: With respect to any Distribution Date, the 6th day of the calendar month of the related Distribution Date or,
if such 6th day is not a Business Day, then the next Business Day, commencing in June 2016.

 

“Diligence File”:
With respect to each Mortgage Loan or Companion Loan, if applicable, collectively the following documents in electronic format:

 

(a)          A copy
of each of the documents required to be in the related Mortgage File, and without duplication, a copy of each of the following
documents:

 

(i)     any indemnity relating to a Mortgage Loan or a Serviced Whole Loan;

 

(ii)    any related mezzanine
intercreditor agreement;

 

(iii)   all related environmental
insurance policies;

 

(b)         a copy
of any engineering reports or property condition reports;

 

(c)         other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;

 

(d)         for any
office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance agreements
delivered to the related Mortgage Loan Seller;

 

(e)         copies
of all legal opinions (excluding attorney client communications between the related Mortgage Loan Seller, and its counsel that
are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the closing
of the related Mortgage Loan;

 

(f)          copies
of all mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies
(to the extent not

 

     -39-

     

    

 

previously included as part of this definition), if any, delivered in connection with the origination of the
related Mortgage Loan;

 

(g)          a copy
of the appraisal for the related Mortgaged Property(ies);

 

(h)          for any
Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the lease;

 

(i)           a copy
of the applicable Mortgage Loan Seller’s asset summary;

 

(j)           a copy
of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)          a copy
of any zoning reports;

 

(l)           a copy
of financial statements of the related mortgagor;

 

(m)         a copy
of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)          a copy
of all UCC searches;

 

(o)          a copy
of all litigation searches;

 

(p)          a copy
of all bankruptcy searches;

 

(q)          a copy
of origination settlement statement;

 

(r)      
    a copy of insurance consultant report;

 

(s)          a copy
of organizational documents of the related mortgagor and any guarantor;

 

(t)           a copy of escrow statements related to escrow account balances as of the Mortgage Loan origination date, if not
covered by the origination settlement statement;

 

(u)          a copy
of any closure letter (environmental), if not covered by the environmental reports;

 

(v)          a copy
of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties if not covered by the environmental
reports;

 

(w)          a copy
of the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

in each case, to the
extent that the originator received such documents in connection with the origination of such Mortgage Loan. In the event any of
the items identified

 

     -40-

     

    

 

above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall
include a statement to that effect; provided that no information that is proprietary to the related originator or Mortgage
Loan Seller or any draft documents or privileged or internal communications shall constitute part of the Diligence File. The Mortgage
Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that
such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review
on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Diligence File
Certification”: As defined in Section 2.01(f).

 

“Directing Certificateholder”:
With respect to (i) any Mortgage Loan (other than a Non-Serviced Mortgage Loan or Excluded Mortgage Loan) or Serviced Whole Loan,
the Controlling Class Representative, and (ii) each Excluded Mortgage Loan, there will be no Directing Certificateholder.

 

At such time as there
is no Controlling Class in accordance with the definition thereof, the Directing Certificateholder shall have no rights under this
Agreement.

 

The identification and
contact information of each initial Directing Certificateholder as of the Closing Date is set forth on Schedule I to this
Agreement. The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For the avoidance of
doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation Termination
Event shall not affect the rights of a Non-Directing Certificateholder. Whenever the term “Directing Certificateholder”
is used in this Agreement without further clarification, the parties hereto intend for such reference to mean the applicable Directing
Certificateholder under the circumstances.

 

In the event that no
Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and
the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator
and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the
new Directing Certificateholder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to
consult with, provide notice to, or seek the approval or consent of any such Directing Certificateholder as the case may be.

 

“Directly Operate”:
With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations Section
1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property primarily
for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade or business
conducted by the Trust Fund, or the performance of any construction work on the Serviced REO Property other than through an Independent
Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate
a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental

 

     -41-

     

    

 

terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect
to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan
or Serviced REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage
fees, rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its
Affiliates that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor
in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and any purchaser of any Mortgage
Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or Serviced REO Property) in connection with the disposition,
workout or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan, if applicable, the
management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such Affiliate of any
other special servicing duties under this Agreement other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation
to which the Special Servicer is entitled pursuant to Section 3.12 of this Agreement.

 

“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(l)(i).

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (a) a Non-U.S.
Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United States and has
furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor Form promulgated
by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing Date) or (b) a
Non-U.S. Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax
counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements of the Code and
the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded for federal income
tax purposes.

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing,
(c) an organization that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on
unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the
Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and
telephone cooperatives described in

 

     -42-

     

    

 

Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate
Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the
effect that any Transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any
time that the Certificates are outstanding. For the purposes of this definition, the terms “United States,” “State”
and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account, the Lower-Tier Distribution Account and the Excess Interest
Distribution Account, each of which may be sub-accounts of a single Eligible Account.

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in June 2016. The first Distribution Date shall be June 10, 2016.

 

“Distribution
Date Statement”: As defined in Section 4.02(a) of this Agreement.

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified
by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article
X of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting
requirements under any other securitization transaction.

 

“Due Date”:
With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the month set forth in
the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due and (ii) any Mortgage Loan or Serviced
Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth in the related Mortgage Note on which
each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to be first due.

 

“Early Termination
Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust
is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date.

 

“EDGAR Compatible
Format”: Any format compatible with EDGAR, including, without limitation, HTML, word, excel or clean and searchable PDF.

 

“Eligible Account”:
Any of:

 

(i)          an
account or accounts maintained with a depository institution or trust company (A) the short-term unsecured debt obligations or
commercial paper of which are rated at least “P-1” by Moody’s and “F1” by Fitch, in the case of accounts
in which funds are held for 30 days or less or, (B) in the case of accounts in which funds are held for more than 30 days, the
long-term unsecured debt obligations of which are rated at least “A2” by Moody’s and “A” by Fitch,

 

     -43-

     

    

 

(ii)         an
account or accounts maintained with Wells Fargo Bank, National Association so long as such depository’s long-term unsecured
debt rating shall be at least “A2” by Moody’s and “BBB+” by Fitch (if the deposits are to be held
in the account for more than 30 days) or Wells Fargo Bank, National Association’s short-term deposit accounts or short-term
unsecured debt rating is rated at least “P-1” by Moody’s and “F2” by Fitch (if the deposits are to
be held in the account for 30 days or less),

 

(iii)        a
segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution
or trust company acting in its fiduciary capacity which institution or trust company has a combined capital and surplus of at least
$50,000,000 and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds
on deposit similar to Title 12 of the Code of Federal Regulations, Section 9.10(b) and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s,

 

(iv)        such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(iii) above, with respect to which a Rating Agency Confirmation has been obtained from each
Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, or

 

(v)         any
other account as to which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a Rating Agency Confirmation from each Rating Agency, which may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect
to the Class R Certificates) an Institutional Accredited Investor.

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, DBRS, S&P or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which Moody’s, Fitch, KBRA, DBRS, S&P
or Morningstar has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing or other relevant concerns with the special servicer, operating advisor or asset representations reviewer as the
sole or material factor in such rating action, (b) can and will make the representations and warranties set forth in Section 2.04(g),
(c) is not (and is not affiliated with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special
Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective

 

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Affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting,
brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing
Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement or the Directing Certificateholder
of any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection
with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest
in any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any
financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset
Representations Reviewer (or as Operating Advisor, if applicable) and except as otherwise set forth in Section 11.02.

 

“Eligible Operating
Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P (including, in the case of Park Bridge Lender Services
LLC, this transaction) but has not been special servicer on a transaction for which DBRS, Fitch, KBRA, Moody’s, Morningstar
or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing concerns with the special servicer as the sole or material factor in such rating action, (ii) that can and will
make the representations and warranties set forth in Section 2.04(f) of this Agreement, (iii) that is not (and is not affiliated
with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller,
the Controlling Class Representative, the Directing Certificateholder, an Other Depositor, Other Trustee, Other Servicer or Other
Special Servicer, or an Affiliate of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, a Mortgage Loan Seller, the Controlling Class Representative, the Directing Certificateholder or an Other Depositor,
Other Trustee, Other Servicer or Other Special Servicer, and (iv) that has not been paid by any Special Servicer or successor Special
Servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment or
recommendation for replacement of a successor Special Servicer to become the Special Servicer.

 

“Enforcing Party”:
The person obligated to enforce the rights of the Trust against the related Mortgage Loan Seller with respect to the Repurchase
Request.

 

“Enforcing Servicer”:
As defined in Section 2.03(j)(i) of this Agreement.

 

“Environmental
Insurance Policy”: With respect to any Mortgaged Property or Serviced REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or
Serviced REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

 

“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the Mortgage
Loan Sellers in connection with the related Mortgage Loan.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

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“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.

 

“Escrow Payment”:
Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box
Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes,
insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related
to the satisfaction of closing conditions for the related Mortgage Loan.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.

 

“Excess Interest”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, interest accrued on
the related outstanding principal balance at the Revised Rate in respect of such Mortgage Loan in excess of the interest accrued
at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted by applicable law and the
related Mortgage Loan documents.

 

“Excess Interest
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “U.S. Bank National Association, as
Certificate Administrator, for the benefit of the holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4 – Excess Interest Distribution Account,” and which must be an Eligible Account or a sub-account of an
Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but rather shall be an asset
of the Grantor Trust.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment Interest
Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans and Companion Loans during the
related prepayment period exceed the Compensating Interest Payment.

 

“Excess Servicing
Fees”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect thereto),
that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect
thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers identified
on Exhibit X to this Agreement) minus 0.0025%; provided that such rate shall be subject to reduction pursuant to
Section 7.02 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect
thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master
Servicer shall be the owner of such Excess Servicing Fee Right.

 

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“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative or
any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class
Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Controlling Class Representative or Controlling Class Certificateholder, as applicable, shall provide notice in the form of
Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator, which such notice shall be physically delivered in accordance with Section 11.05 of this Agreement and shall specifically
identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Mortgage Loan. Additionally, any Excluded
Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit L-1F
hereto, which such notice shall provide each of the user ID’s for the Certificate Administrator’s website associated
with such Excluded Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such
Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.
As of the Closing Date, there are no Excluded Controlling Class Holders related to the Trust.

 

“Excluded Controlling
Class Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling
Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Controlling Class Mortgage Loans related to the Trust.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating to such Excluded Controlling
Class Mortgage Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate Administrator’s Website,
including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries thereof, or any appraisals, inspection
reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability
officer’s certificates, the Operating Advisor Annual Reports, any determination of the Special Servicer’s net present
value calculation, any appraisal reduction amount calculations, environmental assessments, seismic reports and property condition
reports and such other information and reports designated as Excluded Information (other than such information with respect to
such Excluded Controlling Class Mortgage Loan(s) that is aggregated with information of other Mortgage Loans at a pool level)
by the Master Servicer, the Special Servicer and the Operating Advisor, as the case may be. For the avoidance of doubt, any file
or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC®
Special Servicer Loan File relating to any Excluded Controlling Class Mortgage Loan) shall not be considered “Excluded
Information”. Each of the Master Servicer, the Special Servicer and the Operating Advisor shall deliver any Excluded Information
to the Certificate Administrator in accordance with Section 3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s
obligation to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.32 hereof.

 

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“Excluded Mortgage
Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling Class
Representative or any Majority Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Mortgage Loans related to the Trust.

 

“Excluded Special
Servicer”: With respect any Excluded Special Servicer Mortgage Loan, a special servicer that is not a Borrower Party
and satisfies all of the eligibility requirements applicable to the special servicer set forth in this Agreement.

 

“Excluded Special
Servicer Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the
Special Servicer has obtained knowledge that it is a Borrower Party.

 

“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to the Directing Certificateholder, which shall not include any
communication (other than the related Asset Status Report) between the Special Servicer and the Directing Certificateholder with
respect to such Specially Serviced Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status
Report unless, if no Control Termination Event has occurred and is continuing, the Directing Certificateholder has either finally
approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval
and consent pursuant to this Agreement in respect of such action, or has been deemed to have approved or consented to such action
or the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(k)(iii).

 

“Final Recovery
Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase
by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of a Whole Loan, subject
to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject to purchase pursuant
to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Purchase
Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property) which the Master Servicer
(or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable judgment, and, if no
Consultation Termination Event has occurred and is continuing, in consultation with the Directing Certificateholder, as evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects
to be finally recoverable. If no Control Termination Event has occurred and is continuing, the Directing Certificateholder shall
have ten (10) Business Days to review and approve each such recovery determination; provided that if the Directing Certificateholder
fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery determination,
such consent shall be deemed given. The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final
Recovery Determination until the earlier of (i) its termination as the Master

 

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Servicer hereunder and the transfer of such records
to a successor servicer and (ii) five years following the termination of the Trust Fund.

 

“Financial Market
Publisher”: Blackrock Financial Management, Inc., Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc.,
Interactive Data Corporation, Markit LLC and Thomson Reuters Corporation or any successor entities thereof.

 

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

 

“Form 8-K”:
A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.

 

“Form 8-K Disclosure
Information”: As defined in Section 10.09 of this Agreement.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata
share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion
Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property,
over (ii) the amount that would have been received if a principal payment and all other amounts due in full had been made with
respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds
were received.

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced Companion
Loan, the Serviced Companion Loan Noteholders, which shall be entitled “U.S. Bank National Association, as Certificate Administrator,
for the benefit of U.S. Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-C4 and, if applicable, Serviced Companion Loan Noteholders, Gain-on-Sale Reserve
Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account of an Eligible Account and will be
an asset of the Lower-Tier REMIC.

 

“General Special
Servicer”: As defined in Section 3.22(h) of this Agreement.

 

“GFH Brennan
Industrial Portfolio Companion Loan”: As defined in the Preliminary Statement.

 

“GFH Brennan
Industrial Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

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“GFH Brennan
Industrial Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the
GFH Brennan Industrial Portfolio Whole Loan. The GFH Brennan Industrial Portfolio Pari Passu Note A-1 is not included in the Trust
Fund and is pari passu in right of payment to the GFH Brennan Industrial Portfolio Pari Passu Note A-2, as set forth in
the related Intercreditor Agreement. The GFH Brennan Industrial Portfolio Passu Note A-1 is held by the Citigroup Commercial Mortgage
Trust 2016-P3.

 

“GFH Brennan
Industrial Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the
GFH Brennan Industrial Portfolio Whole Loan. The GFH Brennan Industrial Portfolio Pari Passu Note A-2 is included in the Trust
Fund and is pari passu in right of payment to the GFH Brennan Industrial Portfolio Pari Passu Note A-1, as set forth in
the related Intercreditor Agreement. The GFH Brennan Industrial Portfolio Pari Passu Note A-2 is a Mortgage Loan.

 

“GFH Brennan
Industrial Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of April 1, 2016
among Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as Master Servicer,
as master servicer, C-III Asset Management LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust,
National Association, as trustee, and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-P3.

 

“GFH Brennan
Industrial Portfolio Whole Loan”: The GFH Brennan Industrial Portfolio Companion Loan, together with the GFH Brennan
Industrial Portfolio Mortgage Loan. References herein to the GFH Brennan Industrial Portfolio Whole Loan shall be construed to
refer to the aggregate indebtedness under the GFH Brennan Industrial Portfolio Pari Passu Note A-1 and the GFH Brennan Industrial
Portfolio Pari Passu Note A-2.

 

“Global Certificates”:
Each of the Publicly Offered Global Certificates, Regulation S Global Certificates or Rule 144A Global Certificates if and so long
as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust” under the Grantor
Trust Provisions, consisting of the Class V Specific Grantor Trust Assets, beneficial ownership of which is represented by the
Class V Certificates, in each case as further described in this Agreement.

 

“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.,
or any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing
materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde
and any substances

 

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classified as being “in inventory,” “usable work in process” or similar classification
which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest, the Trustee.

 

“Home Depot-Elk
Grove Village Companion Loan”: As defined in the Preliminary Statement.

 

“Home Depot-Elk
Grove Village Mortgage Loan”: As defined in the Preliminary Statement.

 

“Home Depot-Elk
Grove Village Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Home
Depot-Elk Grove Village Whole Loan. The Home Depot-Elk Grove Village Pari Passu Note A-1 is included in the Trust Fund and is pari
passu in right of payment to the Home Depot-Elk Grove Village Pari Passu Note A-2, as set forth in the related Intercreditor
Agreement. As of the Closing Date, the Home Depot-Elk Grove Village Pari Passu Note A-1 is a Mortgage Loan.

 

“Home Depot-Elk
Grove Village Pari Passu Note A-2”: The promissory note designated as note A-2, which evidences a portion of the Home
Depot-Elk Grove Village Whole Loan. The Home Depot-Elk Grove Village Pari Passu Note A-2 is not included in the Trust and is pari
passu in right of payment to the Home Depot-Elk Grove Village Pari Passu Note A-1, as set forth in the related Intercreditor
Agreement. As of the Closing Date, the Home Depot-Elk Grove Village Pari Passu Note A-2 is held by the Citigroup Commercial Mortgage
Trust 2016-P3.

 

“Home Depot-Elk
Grove Village Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of April 1, 2016 among
Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, C-III
Asset Management LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC,
as asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust, National Association, as
trustee, and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-P3.

 

“Home Depot-Elk
Grove Village Whole Loan”: The Home Depot-Elk Grove Village Companion Loan, together with the Home Depot-Elk Grove Village
Mortgage Loan. References herein to the Home Depot-Elk Grove Village Whole Loan shall be construed to refer to the aggregate indebtedness
under the Home Depot-Elk Grove Village Pari Passu Note A-1 and the Home Depot-Elk Grove Village Pari Passu Note A-2.

 

“Hyatt Regency
St. Louis at the Arch Companion Loan”: As defined in the Preliminary Statement.

 

“Hyatt Regency
St. Louis at the Arch Mortgage Loan”: As defined in the Preliminary Statement.

 

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“Hyatt Regency
St. Louis at the Arch Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of
the Hyatt Regency St. Louis at the Arch Whole Loan. The Hyatt Regency St. Louis at the Arch Pari Passu Note A-1 is not included
in the Trust Fund and is pari passu in right of payment to the Hyatt Regency St. Louis at the Arch Pari Passu Note A-2,
as set forth in the related Intercreditor Agreement. The Hyatt Regency St. Louis at the Arch Pari Passu Note A-1 is held by the
COMM 2016-CCRE28 Mortgage Trust.

 

“Hyatt Regency
St. Louis at the Arch Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of
the Hyatt Regency St. Louis at the Arch Whole Loan. The Hyatt Regency St. Louis at the Arch Pari Passu Note A-2 is included in
the Trust Fund and is pari passu in right of payment to the Hyatt Regency St. Louis at the Arch Pari Passu Note A-1, as
set forth in the related Intercreditor Agreement. The Hyatt Regency St. Louis at the Arch Pari Passu Note A-2 is a Mortgage Loan.

 

“Hyatt Regency
St. Louis at the Arch Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of February 1,
2016 among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master
servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Park
Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and entered
into in connection with the COMM 2016-CCRE28 Mortgage Trust.

 

“Hyatt Regency
St. Louis at the Arch Whole Loan”: The Hyatt Regency St. Louis at the Arch Companion Loan, together with the Hyatt Regency
St. Louis at the Arch Mortgage Loan. References herein to the Hyatt Regency St. Louis at the Arch Whole Loan shall be construed
to refer to the aggregate indebtedness under the Hyatt Regency St. Louis at the Arch Pari Passu Note A-1 and the Hyatt Regency
St. Louis at the Arch Pari Passu Note A-2.

 

“Indemnification
Agreements”: Each of the CCRE Indemnification Agreement, BSP Indemnification Agreement and SG Indemnification Agreement.

 

“Indemnified
Party”: As defined in Section 8.05(d) of this Agreement, as the context requires.

 

“Indemnified
Party A”: As defined in Section 8.05(g) of this Agreement, as the context requires.

 

“Indemnified
Party B”: As defined in Section 8.05(h) of this Agreement, as the context requires.

 

“Indemnifying
Party”: As defined in Section 8.05(d) of this Agreement, as the context requires.

 

“Indemnifying
Party A”: As defined in Section 8.05(g) of this Agreement, as the context requires.

 

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“Indemnifying
Party B”: As defined in Section 8.05(h) of this Agreement, as the context requires.

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, any Directing Certificateholder, the Controlling Class Representative, any Borrower or Manager or any Affiliate thereof,
and (ii) is not connected with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director
or Person performing similar functions.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at
arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor
the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion
of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer or the
Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify as Rents from Real
Property (provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial Purchasers”:
Cantor Fitzgerald & Co., SG Americas Securities LLC, CastleOak Securities, L.P., Citigroup Global Markets Inc. and Goldman,
Sachs & Co. and their respective successors in interest.

 

“Initial Rate”:
The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.

 

“Initial Resolution
Period”: As defined in Section 2.03(e) of this Agreement.

 

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“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner to deliver a Repurchase Request as described in
Section 2.03(j) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than one Initial Requesting
Certificateholder with respect to any Mortgage Loan.

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each of the OZRE Leased Fee Portfolio Whole Loan, the Hyatt Regency St Louis at the Arch Whole
Loan, the 215 West 34th Street and 218 West 35th Street Whole Loan, the AG Life Time Fitness Portfolio Whole
Loan, the Renaissance Cincinnati Whole Loan, the One Commerce Plaza Whole Loan, the AvidXchange Whole Loan, the Madbury Commons
Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan, the NMS Los Angeles Multifamily Whole Loan, the 3 Executive Campus
Whole Loan and the Home Depot – Elk Grove Village Whole Loan, shall each be an Intercreditor Agreement.

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to interest for
the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the related Certificate Balance or Notional
Amount, as applicable, outstanding immediately prior to such Distribution Date. Calculations of interest due in respect of such
Classes of Regular Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“Interest Accrual
Period”: With respect to each Class of Regular Certificates, for each Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs.

 

“Interest Distribution
Amount”: With respect to any Distribution Date and with respect to each Class of Regular Certificates, an amount equal
to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the Interest Shortfall,
if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such
Class on such Distribution Date pursuant to Section 4.01(h).

 

“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “U.S. Bank National Association,
as Certificate Administrator, for the benefit of U.S. Bank National Association, as Trustee, for the benefit of

 

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the Holders of
CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Interest Reserve Account” and
which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of the
Lower-Tier REMIC.

 

“Interest Shortfall”:
On any Distribution Date for any Class of Regular Certificates, the amount of interest required to be distributed to the Holders
of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of interest actually
distributed to such Holders pursuant to such Section, if any.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Excluded Special
Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Directing
Certificateholder, any Companion Loan Holder, any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related
mezzanine loan, any Manager, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.15 of this
Agreement, or any Person known to a Servicing Officer of the Special Servicer to be an Affiliate of any of them.

 

“Inquiries”:
As defined in Section 4.02(c) of this Agreement.

 

“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.

 

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

 

“Investment
Account”: As defined in Section 3.07(a) of this Agreement.

 

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

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit
L-1C or Exhibit L-1D to this

 

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Agreement or in the form of an electronic certification on the Certificate Administrator’s
Website (which may be a “click-through”), representing (i) that such Person executing the certificate is a Certificateholder,
the Directing Certificateholder (to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a
prospective purchaser of a Certificate or a Companion Loan Noteholder (or any investment advisor or manager or other representative
of the foregoing), (ii) that either (a) such Person is not a Borrower Party,
in which case such Person shall have access to all the reports and information made available to Certificateholders via
the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person
is the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall have access to all the reports
and information made available to Certificateholders via the Certificate Administrator’s Website hereunder other than any
Excluded Information as set forth herein, or (2) if such Person is not the Directing Certificateholder or a Controlling Class
Certificateholder, such Person shall only receive access to the Distribution Date Statements prepared by the Certificate Administrator,
(iii) that such Person has received a copy of the final Prospectus and (iv) such Person agrees to keep any Privileged Information
confidential and will not violate any securities laws; provided, however, that any Excluded Controlling Class Holder
(i) shall be permitted to obtain in accordance with Section 4.02(b) of this Agreement any Excluded Information relating
to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if
such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s
Website) and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain
information with respect to any related Excluded Controlling Class Loan. The Master Servicer, the Trustee and the Certificate
Administrator may conclusively rely on the Investor Certification.

 

“Investor Q&A
Forum”: As defined in Section 4.02(c) of this Agreement.

 

“Investor Registry”:
As defined in Section 4.02(d) of this Agreement.

 

“IO Group YM
Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person
reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings
of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Late Collections”:
With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related
grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent
late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard
to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously
recovered. With respect to any REO Loan, all amounts received in connection with

 

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the related REO Property during any Collection
Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest
due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage
Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan
pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan, (ii)
with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph), or (iii)
with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with Section
3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage Loan be sold
by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case as to which
the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan
Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout Fee
has been paid, or will be payable), equal to:

 

(a)           the
lesser of:

 

(i)          the
product of 1.0% and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated
or repurchased Mortgage Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such payoff
or Net Liquidation Proceeds that represents Penalty Charges;

 

(ii)         $1,000,000;
and

 

(iii)        any
applicable cap pursuant to Section 3.12(c) of this Agreement.

 

(b)          with
respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification
Fees received by the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan, Serviced REO
Loan or Mortgage Loan.

 

No Liquidation Fee shall
be payable:

 

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(a) with respect to clause
(v) of the definition of Liquidation Proceeds;

 

(b) with respect to any
existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, in connection with the purchase
of the related Mortgage Loan by a mezzanine lender if the purchase of the Mortgage Loan occurred within 90 days after the first
time that such holder’s option to purchase such Mortgage Loan becomes exercisable; provided, that even if the purchase
occurs before such expiration the Liquidation Fee shall be payable to the extent paid by, and collected from, the related Borrower
or the related mezzanine lender;

 

(c) in the case of a
repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller due to a breach of
a representation or warranty or a document defect in the mortgage file if the applicable Mortgage Loan Seller repurchases or replaces
such Mortgage Loan within the Initial Resolution Period (and giving effect to any applicable Resolution Extension Period);

 

(d) with respect to any
Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in connection
with (A) a repurchase or replacement of such Serviced Companion Loan by the applicable Mortgage Loan Seller due to a breach of
a representation or warranty or a document defect under the related mortgage loan purchase agreement related to the Other Pooling
and Servicing Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth therein
or (B) a purchase of the Serviced Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling
and Servicing Agreement;

 

(e) in connection with
the purchase of any Defaulted Mortgage Loan by the Special Servicer, the Directing Certificateholder or any Companion Loan Holder
or any of their respective Affiliates if such purchase occurred within 90 days after the transfer of the Defaulted Mortgage Loan
to special servicing;

 

(f) in connection with
a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within
the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period
set forth in Section 2.03(e) of this Agreement); and

 

(g) if a Mortgage Loan
or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition
of “Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation Proceeds are
received within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Whole Loan being
refinanced or otherwise repaid in full (provided that the Special Servicer may collect from the related Borrower and retain
(x) a liquidation fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in
connection with such liquidation).

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Mortgage Loan, through trustee’s sale, foreclosure

 

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sale, disposition of REO Property
or otherwise, exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law
and the terms and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained
against a Borrower; (iii) the sale of a Defaulted Mortgage Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) by
the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage
Loans and all property acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority
of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01
of this Agreement; (vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future
date, the purchase of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of a Whole
Loan, the purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant
to the related Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund
to the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that, for the purpose of
determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment,
the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation
Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect
to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only
the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower,
pursuant to which such Mortgage Loan was made.

 

“Loan Documents”:
With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

“Loan Group”:
Either Loan Group 1 or Loan Group 2.

 

“Loan Group
1”: Collectively, all of the Mortgage Loans that are Group 1 Mortgage Loans and any successor REO Loans with respect
thereto.

 

“Loan Group
1 Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (a) the Loan Group
1 Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution Amount for all Group 1 Mortgage Loans
for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for all Group 1 Mortgage Loans for such Distribution
Date; provided that the Loan Group 1 Principal Distribution Amount for any Distribution Date shall be reduced by the amount
of any reimbursements of (i) Nonrecoverable Advances plus interest on such Nonrecoverable Advances that are paid or reimbursed
from principal collections on the Group 1 Mortgage Loans in a period during which such principal collections would have otherwise
been included in the Loan Group 1 Principal Distribution Amount for such Distribution Date, (ii) Workout-Delayed Reimbursement

 

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Amounts that were paid or reimbursed from principal collections on the Group 1 Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Loan Group 1 Principal Distribution Amount for such Distribution Date and
(iii) following the reimbursements provided for in clauses (i) and (ii) above, the excess, if any of (A) the total amount of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts, plus interest on such Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts, that would have been paid or reimbursed from principal collections on the Group 2 Mortgage Loans as provided for in clauses
(i) and (ii) of the definition of “Loan Group 2 Principal Distribution Amount” had the aggregate amount available for
distribution of principal with respect to Loan Group 2 been sufficient to make such reimbursements in full, over (B) the aggregate
amount available for distribution of principal with respect to Loan Group 2 (prior to giving effect to clauses (i), (ii) and (iii)
of the definition of “Loan Group 2 Principal Distribution Amount”) for that Distribution Date (provided,
further, that, with respect to the amounts identified in clauses (i), (ii) and (iii) above, if any of such amounts that
were reimbursed from principal collections on the Group 1 Mortgage Loans are subsequently recovered on the related Mortgage Loan,
such recovery will be applied to increase the Loan Group 1 Principal Distribution Amount for the Distribution Date related to the
period in which such recovery occurs).

 

“Loan Group
1 Principal Shortfall”: With respect to any Distribution Date, the amount, if any, by which (1) the lesser of (a) the
Loan Group 1 Principal Distribution Amount for the prior Distribution Date and (b) the Certificate Principal Amount of the Class
A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates, exceeds (2) the aggregate amount distributed in respect of principal
on the Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates on the prior Distribution Date in respect of such
Loan Group 1 Principal Distribution Amount on the preceding Distribution Date.

 

“Loan Group
2”: Collectively, all of the Mortgage Loans that are Group 2 Mortgage Loans and any successor REO Loans with respect
thereto.

 

“Loan Group
2 Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (a) the Loan Group
2 Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution Amount for all Group 2 Mortgage Loans
for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for all Group 2 Mortgage Loans for such Distribution
Date; provided that the Loan Group 2 Principal Distribution Amount for any Distribution Date shall be reduced by the amount
of any reimbursements of (i) Nonrecoverable Advances plus interest on such Nonrecoverable Advances that are paid or reimbursed
from principal collections on the Group 2 Mortgage Loans in a period during which such principal collections would have otherwise
been included in the Loan Group 2 Principal Distribution Amount for such Distribution Date, (ii) Workout-Delayed Reimbursement
Amounts that were paid or reimbursed from principal collections on the Group 2 Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Loan Group 2 Principal Distribution Amount for such Distribution Date and
(iii) following the reimbursements provided for in clauses (i) and (ii) above, the excess, if any of (A) the total amount of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts, plus interest on such Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts, that would have been paid or reimbursed from principal collections on the Group 1 Mortgage Loans as provided for in clauses
(i) and (ii) of the definition of “Loan Group 1 Principal Distribution

 

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Amount” had the aggregate amount available for
distribution of principal with respect to Loan Group 1 been sufficient to make such reimbursements in full, over (B) the aggregate
amount available for distribution of principal with respect to Loan Group 1 (prior to giving effect to clauses (i), (ii) and (iii)
of the definition of “Loan Group 1 Principal Distribution Amount”) for that Distribution Date (provided,
further, that, with respect to the amounts identified in clauses (i), (ii) and (iii) above, if any of such amounts that
were reimbursed from principal collections on the Group 2 Mortgage Loans are subsequently recovered on the related Mortgage Loan,
such recovery will be applied to increase the Loan Group 2 Principal Distribution Amount for the Distribution Date related to the
period in which such recovery occurs).

 

“Loan Group
2 Principal Shortfall”: With respect to any Distribution Date, the amount, if any, by which (1) the lesser of (a) the
Loan Group 2 Principal Distribution Amount for the prior Distribution Date and (b) the Certificate Principal Amount of the Class
A-HR Certificates, exceeds (2) the aggregate amount distributed in respect of principal on the Class A-HR Certificates on the prior
Distribution Date in respect of such Loan Group 2 Principal Distribution Amount on the preceding Distribution Date.

 

“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any sub-servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues
therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance with
the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the
Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

“Loss of Value
Payment”: As defined in Section 2.03(e) of this Agreement.

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(d) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of the Grantor Trust or either Trust REMIC.

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “U.S. Bank National
Association, as Certificate Administrator, for the benefit of U.S. Bank National Association, as Trustee, for the benefit of the
Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Lower-Tier Distribution
Account” and which must be an Eligible

 

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Account or a sub-account of an Eligible Account. The Lower-Tier Distribution Account
shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses, allocable thereto in all prior periods as described
in Section 4.01(e) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest
shall equal the Certificate Balance of the Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, the Class LA-2 Interest, the Class LA-SB Interest, the Class LA-3 Interest,
the Class LA-4 Interest, the Class LA-HR Interest, the Class LA-M Interest, the Class LB Interest, the Class LC Interest, the Class
LD Interest, the Class LE Interest, the Class LF Interest and the Class LG Interest issued by the Lower-Tier REMIC and held by
the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular Interest (i) is designated as a “regular interest”
in the Lower-Tier REMIC, (ii) relates to its Corresponding Certificates and Corresponding Class X Component, (iii) is uncertificated,
(iv) has an initial Lower-Tier Principal Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate
equal to the WAC Rate, (vi) has a “latest possible maturity date,” within the meaning of Treasury Regulations Section
1.860G-1(a), that is the Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times
specified in Section 4.01(d) of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans, collections thereon, the Trust’s
interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account
and the Lower-Tier Distribution Account, the REO Account (to the extent of the Trust Fund’s interest therein), related amounts
in the Interest Reserve Account, amounts held from time to time and the Gain-on-Sale Reserve Account (to the extent of the Trust
Fund’s interest therein) in respect thereof and all other property included in the Trust Fund (other than the Loss-of-Value
Reserve Fund) that is not in the Upper-Tier REMIC or the Grantor Trust.

 

“Madbury Commons
Companion Loan”: As defined in the Preliminary Statement.

 

“Madbury Commons
Mortgage Loan”: As defined in the Preliminary Statement.

 

“Madbury Commons
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Madbury Commons Whole
Loan. The Madbury Commons Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment to the
Madbury Commons Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing Date, the Madbury Commons
Pari Passu Note A-1 is a Mortgage Loan.

 

     -62-

     

    

 

“Madbury Commons
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Madbury Commons Whole
Loan. The Madbury Commons Pari Passu Note A-2 is not included in the Trust and is pari passu in right of payment to the
Madbury Commons Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of the Closing Date, the Madbury Commons
Pari Passu Note A-2 is held by the CCRE or an affiliate.

 

“Madbury Commons
Whole Loan”: The Madbury Commons Companion Loan, together with the Madbury Commons Mortgage Loan. References herein to
the Madbury Commons Whole Loan shall be construed to refer to the aggregate indebtedness under the Madbury Commons Pari Passu Note
A-1 and the Madbury Commons Pari Passu Note A-2.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Any of the following:

 

(a)          any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing such of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans as come into
and continue in default;

 

(b)          any
modification, consent to a modification or waiver of any monetary term (other than late payment charges or Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs but excluding
late payment charges or Default Interest) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or
any extension of the Maturity Date of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan;

 

(c)          any
sale of a Defaulted Mortgage Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection
with the termination of the Trust Fund) or a Defaulted Mortgage Loan that is a Non-Serviced Mortgage Loan that the Special Servicer
is permitted to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the
applicable Repurchase Price;

 

(d)          any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at an REO Property;

 

(e)          any
release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan, or any consent to either of the foregoing, other than as required pursuant to the specific terms
of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no material
lender discretion;

 

(f)          any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) or Serviced

 

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Whole Loan or any consent to such waiver or consent to a transfer of the Mortgaged Property
or interests in the Borrower or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt
as may be effected without the consent of the lender under the related loan agreement;

 

(g)          any
property management company changes for which the lender is required to consent or approve under the Loan Documents (with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (i) with a Stated Principal Balance greater
than $2,500,000 or (ii) where the successor property manager is affiliated with the borrower) or franchise changes for which the
lender is required to consent or approve under the Loan Documents (with respect to any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan);

 

(h)          releases
of any escrows, reserve accounts or letters of credit held as performance escrows or reserves other than those required pursuant
to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which
there is no material lender discretion;

 

(i)       
   any acceptance of an assumption agreement releasing a Borrower from liability under a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan other than pursuant to the specific terms of such Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no lender discretion;

 

(j)     
     any determination of an Acceptable Insurance Default;

 

(k)          the
determination of the Special Servicer pursuant to clause (c) or clause (g) of the definition of “Specially Serviced Loan”;

 

(l)    
      any acceleration of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan following a default or an event of default or any initiation of judicial, bankruptcy or similar proceedings under
the related Loan Documents or with respect to the related mortgagor or Mortgaged Property; and

 

(m)          any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Companion Loan or other subordinate debt holder related to a Mortgage Loan (including a
Non-Serviced Mortgage Loan, to the extent consent rights with respect to such modification, waiver or amendment are granted to
the holder of the Companion Loan or other subordinate debt under the related agreement) or Serviced Whole Loan, or an action to
enforce rights with respect thereto, in each case, in a manner that materially and adversely affects the holders of the Control
Eligible Certificates.

 

For the avoidance of
doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions
with respect to any Non-Serviced Mortgage Loans and the Controlling Class Representative shall have no consent and/or consultation
rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans and Excluded Mortgage Loans under this Agreement.

 

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With respect to any Serviced
Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing
Certificateholder”, “Directing Lender” or any analogous concept under the related Intercreditor Agreement, then
with respect to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”, “Major
Action” or any analogous concept under the related Intercreditor Agreement.

 

“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

“Manager”:
With respect to any Mortgage Loan or Serviced Whole Loan, any property manager for the related Mortgaged Properties.

 

“Master Servicer”:
Wells Fargo Bank, National Association, or its successor in interest, or any successor master servicer appointed as provided herein.

 

“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

“Master Servicer
Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the
duties of the Master Servicer under this Agreement.

 

“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.

 

“Master Servicer
Website”: The internet website maintained by the Master Servicer; initially located at “www.wellsfargo.com/com/comintro”.

 

“Master Servicing
Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per interest accrual period related
to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate) and (ii)
the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without giving
effect to payments of principal on such Mortgage Loan on such Due Date).

 

“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement
under the column labeled “Master Servicing Fee Rate”.

 

“Material Breach”:
As defined in Section 2.03(e) of this Agreement.

 

“Material Defect”:
As defined in Section 2.03(e) of this Agreement.

 

“Maturity Date”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of

 

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the principal of such Mortgage Loan or Serviced
Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

“Mediation Rules”:
As defined in Section 2.03(l)(i).

 

“Modification
Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, any and
all fees with respect to a modification, restructure, extension, waiver or amendment that modifies, restructures, extends, amends
or waives any term of the related Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special
Servicer (other than all Assumption Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing).
For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection
with a modification, restructure, extension, waiver or amendment shall not be considered Modification Fees. For each modification,
restructure, extension, waiver or amendment in connection with working out of a Specially Serviced Loan, the Modification Fees
collected from the related Borrower shall be subject to a cap of 1.0% of the outstanding principal balance of such Mortgage Loan
or Serviced Companion Loan on the closing date of the related modification, restructure, extension, waiver or amendment (prior
to giving effect to such modification, restructure, extension, waiver or amendment); provided that no aggregate cap shall
exist in connection with the amount of Modification Fees which may be collected from the related Borrower with respect to any Specially
Serviced Loan or REO Loan.

 

“Modified Mortgage
Loan”: Any Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 of
this Agreement in a manner that:

 

(a)          reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

(b)          except
as expressly contemplated by the related Mortgage, results in a release of the lien of the Mortgage on any material portion of
the related Mortgaged Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as
is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related Borrower and upon which the
Special Servicer may conclusively rely), of the property to be released; or

 

(c)          in
the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Mortgage
Loan or Serviced Companion Loan or reduces the likelihood of timely payment of amounts due thereon.

 

“Moody’s”:
Moody’s Investors Service, Inc., or its successor in interest. If neither such rating agency nor any successor remains in
existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

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“Morningstar”:
Morningstar Credit Ratings, LLC, or any successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing a Mortgage Note.

 

“Mortgage File”:
With respect to any Mortgage Loan or Serviced Companion Loan, collectively, the mortgage documents listed in Section 2.01(a)(i)
through Section 2.01(a)(xxi) of this Agreement pertaining to such particular Mortgage Loan or Serviced Companion Loan and
any additional documents required to be added to such Mortgage File pursuant to the express provisions of this Agreement; provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor, Trustee, or
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received.

 

“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from time
to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage
Loan Schedule as of the Closing Date. Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage Loan that has
been defeased in whole or in part. Such term shall not include Serviced Companion Loans or Non-Serviced Companion Loans but shall
include Non-Serviced Mortgage Loans.

 

“Mortgage Loan
Purchase Agreements”: Each of the CCRE Purchase Agreement, the BSP Purchase Agreement and the SG Purchase Agreement.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached as Exhibit
B to this Agreement, which list shall set forth the following information with respect to each Mortgage Loan:

 

(a)          the
Loan Number;

 

(b)          the
Mortgage Loan name;

 

(c)          the
street address (including city, state and zip code) of the related Mortgaged Property;

 

(d)          the
Mortgage Rate in effect as of the Cut-off Date;

 

(e)          the
original principal balance;

 

(f)     
     the Stated Principal Balance as of the Cut-off Date;

 

(g)          the
Maturity Date or Anticipated Repayment Date for each Mortgage Loan;

 

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(h)          the
Due Date;

 

(i)       
   the amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

(j)      
    the Servicing Fee Rate;

 

(k)          whether
the Mortgage Loan is an Actual/360 Loan;

 

(l)          whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;

 

(m)          the
Revised Rate of such Mortgage Loan, if any;

 

(n)          whether
the Mortgage Loan is part of a Whole Loan;

 

(o)          whether
the Mortgage Loan is secured in any part by a leasehold interest; and

 

(p)          whether
the Mortgage Loan has any related mezzanine debt or other subordinate debt.

 

Such list may be in the form of more than
one list, collectively setting forth all of the information required. A comparable list shall be prepared with respect to each
Serviced Companion Loan.

 

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

 

“Mortgage Loan
Sellers”: Each of CCRE, BSP and SG.

 

“Mortgage Note”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Serviced Companion Loan including any amendments
or modifications, or any renewal or substitution notes, as of such date.

 

“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Loans, collectively. The Mortgage Pool does not include the Companion Loans or
any related REO Loans.

 

“Mortgaged Property”:
The underlying property securing a Mortgage Loan including any REO Property, consisting of a fee simple estate, and, with respect
to certain Mortgage Loans, a leasehold estate or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion
of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial or multifamily property,
together with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

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“Mortgage Rate”:
With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period, the per annum
rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as applicable, during such period (in the
absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any Default Rate or
any Revised Rate.

 

“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net Default
Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of the aggregate collected
Default Interest allocable to the Mortgage Loans received during the preceding Collection Period, minus (ii) any portions thereof
withdrawn from (A) the Collection Account pursuant to Section 3.06(a)(ix) of this Agreement for Advance Interest Amounts
and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred
on the related Mortgage Loan during or prior to such Collection Period and (B) each Serviced Whole Loan Collection Account pursuant
to Section 3.06(b)(ix) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses incurred on the related
Serviced Whole Loan during or prior to such Collection Period.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net of the amount
of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with the taking
of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required to be applied to
the restoration or repair of the related Mortgaged Property.

 

“Net Mortgage
Rate”: With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage
Rate for such Mortgage Loan for the related Interest Accrual Period minus, for any such Mortgage Loan, the aggregate of the applicable
Servicing Fee Rate, Certificate Administrator/Custodian/Trustee Fee Rate, Operating Advisor Fee Rate, CREFC® Intellectual
Property Royalty License Fee Rate, and with respect to any Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan
Primary Servicing Fee Rate. The “Net Mortgage Rate” for purposes of calculating Pass-Through Rates and Withheld Amounts
shall be the Net Mortgage Rate of such Mortgage Loan without taking into account any modification, waiver or amendment of the
terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy,
insolvency or similar proceeding involving the related Borrower. The Net Mortgage Rate shall not be reduced by any Operating Advisor
Fee Rate following the Operating Advisor’s resignation pursuant to Section 6.04(e) or the termination of the Operating
Advisor pursuant to Section 7.07(e).

 

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Notwithstanding the foregoing,
if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely
for purposes of calculating the Pass-Through Rate on the Regular Certificates, the Net Mortgage Rate of such Mortgage Loan for
any Interest Accrual Period will be the annualized rate at which interest would have to accrue in respect of such Mortgage Loan
or Serviced Companion Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate
amount of interest actually accrued in respect of such Mortgage Loan at the related Net Mortgage Rate during such Interest Accrual
Period; provided, however, that with respect to each such Mortgage Loan, the Net Mortgage Rate for the one-month
period (i) prior to the Due Dates in (a) January and February in each year that is not a leap year or (b) February only in each
year that is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) shall be determined
net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if the related Distribution Date
is the final Distribution Date) (commencing in 2016), shall be determined inclusive of the Withheld Amounts, if applicable, from
the immediately preceding February, and, if applicable, January.

 

“Net Prepayment
Interest Excess”: The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all Mortgage Loans
(other than the Non-Serviced Mortgage Loans) or Serviced Companion Loans that the Master Servicer is servicing exceeds the aggregate
of all Compensating Interest Payments for such Mortgage Loans (other than the Non-Serviced Mortgage Loans) or Serviced Companion
Loans as of any related Distribution Date.

 

“Net Prepayment
Interest Shortfall”: With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer is servicing,
the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan or Serviced
Companion Loan.

 

“Net REO Proceeds”:
With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes,
assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.

 

“New Lease”:
Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC if such Trust REMIC has the right to
renegotiate the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

“NMS Los Angeles
Multifamily Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“NMS Los Angeles
Multifamily Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“NMS Los Angeles
Multifamily Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of
the NMS Los Angeles Multifamily Portfolio Whole Loan. The NMS Los Angeles Multifamily Portfolio Pari Passu Note A-1 is not included
in the Trust Fund and is pari passu in right of payment to the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-2
and the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-3, as set forth in the related Intercreditor Agreement. As of the
Closing Date, the

 

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NMS Los Angeles Multifamily Portfolio Pari Passu Note A-1 is held by the COMM 2015-CCRE27 Commercial Mortgage
Trust.

 

“NMS Los Angeles
Multifamily Portfolio Pari Passu Note A-2”: The promissory note designated as note A-2, which evidences a portion of
the NMS Los Angeles Multifamily Portfolio Whole Loan. The NMS Los Angeles Multifamily Portfolio Pari Passu Note A-2 is included
in the Trust and is pari passu in right of payment to the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-1 and
the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-3, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-2 is held by the CFCRE 2016-C3 Commercial Mortgage Trust.

 

“NMS Los Angeles
Multifamily Portfolio Pari Passu Note A-3”: The promissory note designated as note A-3, which evidences a portion of
the NMS Los Angeles Multifamily Portfolio Whole Loan. The NMS Los Angeles Multifamily Portfolio Pari Passu Note A-3 is included
in the Trust and is pari passu in right of payment to the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-1 and
the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-3 is a Mortgage Loan.

 

“NMS Los Angeles
Multifamily Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2015
among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank National
Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, certificate administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor, and
entered into in connection with the COMM 2015-CCRE27 Mortgage Trust.

 

“NMS Los Angeles
Multifamily Portfolio Service Providers”: With respect to each NMS Los Angeles Multifamily Portfolio Companion Loan,
the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person
that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing
Agreement.

 

“NMS Los Angeles
Multifamily Portfolio Whole Loan”: The NMS Los Angeles Multifamily Portfolio Companion Loans, together with the NMS Los
Angeles Multifamily Portfolio Mortgage Loan. References herein to the NMS Los Angeles Multifamily Portfolio Whole Loan shall be
construed to refer to the aggregate indebtedness under the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-1, NMS Los Angeles
Multifamily Portfolio Pari Passu Note A-2 and the NMS Los Angeles Multifamily Portfolio Pari Passu Note A-3.

 

“Non-Directing
Certificateholder”: With respect to any Companion Loan, the “Non-Directing Certificateholder”, “Non-Controlling
Note Holder” or any analogous concept under the related Intercreditor Agreement.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Sequential Pay Certificates then outstanding for which (a)(1)
the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate payments

 

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of principal (whether as principal prepayments or otherwise) distributed to the Holders of such Class of Certificates as of such
date of determination, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination
and (z) any Realized Losses previously allocated to such Class of Certificates as of such date of determination, is equal to or
greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates less (ii) any payments
of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Certificates
as of such date of determination.

 

“Non-Serviced
Companion Loan”: With respect to any Non-Serviced Whole Loan, any related mortgage loan not included in the Trust that
is serviced under another agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to
the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The OZRE Leased
Fee Portfolio Companion Loan (after the OZRE Leased Fee Portfolio Companion Loan Securitization Date), the Hyatt Regency St. Louis
at the Arch Companion Loan, the AG Life Time Fitness Portfolio Companion Loans, the One Commerce Plaza Companion Loan, the GFH
Brennan Industrial Portfolio Companion Loan and the NMS Los Angeles Multifamily Portfolio Companion Loans are the only Non-Serviced
Companion Loans related to the Trust.

 

“Non-Serviced
Mortgage Loans”: With respect to any Non-Serviced Whole Loan, a Mortgage Loan included in the Trust but serviced under
another agreement. The OZRE Leased Fee Portfolio Mortgage Loan (after the OZRE Leased Fee Portfolio Companion Loan Securitization
Date), the Hyatt Regency St. Louis at the Arch Mortgage Loan, the AG Life Time Fitness Portfolio Mortgage Loan, the One Commerce
Plaza Mortgage Loan, the GFH Brennan Industrial Portfolio Mortgage Loan and the NMS Los Angeles Multifamily Portfolio Mortgage
Loan are the only Non-Serviced Mortgage Loans related to the Trust.

 

“Non-Serviced
Mortgage Loan Service Providers”: With respect to each of the OZRE Leased Fee Portfolio Whole Loan (after the OZRE Leased
Fee Portfolio Companion Loan Securitization Date), the Hyatt Regency St. Louis at the Arch Whole Loan, the AG Life Time Fitness
Portfolio Whole Loan, the One Commerce Plaza Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan and the NMS Los Angeles
Multifamily Portfolio Whole Loan, the OZRE Leased Fee Portfolio Service Providers, the Hyatt Regency St. Louis at the Arch Service
Providers, the AG Life Time Fitness Portfolio Service Providers, the One Commerce Plaza Service Providers, the GFH Brennan Industrial
Portfolio Service Providers and the NMS Los Angeles Multifamily Portfolio Service Providers.

 

“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing
fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The
Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) after the OZRE Leased Fee Portfolio Companion Loan Securitization
Date, the OZRE Leased Fee Portfolio Mortgage Loan will be 0.0225%, (B) the Hyatt Regency St. Louis at the Arch Mortgage Loan will
be 0.0225%, (C) the AG Life Time Fitness Portfolio Mortgage Loan will be 0.0225%, (D) the One Commerce Plaza Mortgage Loan will
be 0.0225%, (E) the GFH Brennan Industrial

 

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Portfolio Mortgage Loan will be 0.0025% and (F) the NMS Los Angeles Multifamily Portfolio
Mortgage Loan will be 0.0025%.

 

“Non-Serviced
Whole Loans”: Any mortgage loan that is not serviced under this Agreement that is divided into two or more notes, which
includes a Mortgage Loan included in the Trust but serviced under another agreement and one or more mortgage notes not included
in the Trust and serviced under another agreement. References herein to a Non-Serviced Whole Loan shall be construed to refer to
the aggregate indebtedness under the related notes. The OZRE Leased Fee Portfolio Whole Loan (after the OZRE Leased Fee Portfolio
Companion Loan Securitization Date), the Hyatt Regency St. Louis at the Arch Whole Loan, the AG Life Time Fitness Portfolio Whole
Loan, the One Commerce Plaza Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan and the NMS Los Angeles Multifamily Portfolio
Whole Loan are the only Non-Serviced Whole Loans related to the Trust.

 

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

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Loan
which the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Sections 4.07(c),
or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with
any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and
other collections on or in respect of the related Mortgage Loan or REO Loan, which shall be evidenced by an Officer’s Certificate
as provided by Section 4.07(c) of this Agreement.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any Serviced REO Property that the Master Servicer, the Special
Servicer, in each case in accordance with the Servicing Standard and Section 3.21(d) of this Agreement, or the Trustee,
in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and
unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections
on or in respect of the related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer
certificate as provided by Section 3.21(d) of this Agreement. The determination as to the recoverability of any Servicing
Advance previously made or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made
by the applicable servicer under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement. Any such
determination made by any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively
relied upon by the Master Servicer, the Special Servicer and the Trustee, as applicable.

 

“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I

 

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Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately
be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion
of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection
Account.

 

“Notice of Termination”:
Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the Certificateholder owning
a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section
9.01(c) of this Agreement.

 

“Notional Amount”:
As of any date of determination: (i) with respect to each of the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class
X-E, Class X-F and Class X-G Certificates as a Class, the related Class X Notional Amount as of such date of determination and
(ii) with respect to any Class X Certificate, the product of the Percentage Interest evidenced by such Certificate and the related
Class X Notional Amount as of such date of determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

“NRSRO Certification”:
A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as
Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through” confirmation
on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such
NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed, in whole or in
part, by a Serviced Pari Passu Companion Loan, or that such NRSRO has provided the Depositor with the appropriate certifications
pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5 website and such
NRSRO will keep such information confidential, except to the extent such information has been made available to the general public.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations
Reviewer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer
and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or an authorized officer of the Depositor, and delivered to the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.

 

“Offsetting
Modification Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
or Serviced REO Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees

 

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collected by the Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees
were earned and collected by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation)
of a Specially Serviced Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B)
in connection with any workout of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing
day of the workout or liquidation as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification
Fees were earned in connection with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced
Loan.

 

“One Commerce
Plaza Companion Loan”: As defined in the Preliminary Statement.

 

“One Commerce
Plaza Mortgage Loan”: As defined in the Preliminary Statement.

 

“One Commerce
Plaza Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the One Commerce
Plaza Whole Loan. The One Commerce Plaza Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in right
of payment to the One Commerce Plaza Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the One Commerce Plaza Pari Passu Note A-1 is held by the CFCRE 2016-C3 Mortgage Trust.

 

“One Commerce
Plaza Pari Passu Note A-2”: The promissory note designated as note A-2, which evidences a portion of the One Commerce
Plaza Whole Loan. The One Commerce Plaza Pari Passu Note A-2 is included in the Trust and is pari passu in right of payment
to the One Commerce Plaza Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of the Closing Date, the
One Commerce Plaza Pari Passu Note A-2 is a Mortgage Loan.

 

“One Commerce
Plaza Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of January 1, 2016 among CCRE Commercial
Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management
LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services
LLC, as asset representations reviewer, and entered into in connection with the CFCRE 2016-C3 Mortgage Trust.

 

“One Commerce
Plaza Whole Loan”: The One Commerce Plaza Companion Loan, together with the One Commerce Plaza Mortgage Loan. References
herein to the One Commerce Plaza Whole Loan shall be construed to refer to the aggregate indebtedness under the One Commerce Plaza
Pari Passu Note A-1 and the One Commerce Plaza Pari Passu Note A-2.

 

“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any successor Operating
Advisor appointed as herein provided.

 

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“Operating Advisor
Annual Report”: As defined in Section 3.31(d)(iv) of this Agreement.

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000
with respect to any Mortgage Loan or such lesser amount as the related Borrower agrees to pay, payable pursuant to Section 3.06
of this Agreement; provided, no such fee shall be payable unless paid by the related Borrower. The Operating Advisor may
in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special
Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Borrower
if it determines that such full or partial waiver is in accordance with the Servicing Standard; provided, that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.
No Operating Advisor Consulting Fee shall be payable with respect to any Subordinate Companion Loan or any Non-Serviced Whole Loan.

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan and the OZRE Leased Fee Portfolio
Mortgage Loan) and any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the applicable Operating
Advisor Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan on such Due Date). Such fee shall be in addition to,
and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. The Operating Advisor Fee
shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance of doubt, no Operating Advisor Fee shall
accrue on the principal balance of, or be payable with respect to, any Subordinate Companion Loan, Serviced Pari Passu Companion
Loan or any Non-Serviced Whole Loan. No Operating Advisor Fee shall accrue following the Operating Advisor’s resignation
pursuant to Section 6.04(e) or the termination of the Operating Advisor pursuant to Section 7.07(e).

 

“Operating Advisor
Fee Rate”: For each Interest Accrual Period, a per annum rate equal to 0.00309% with respect to each Mortgage
Loan. At any time there is no Operating Advisor hereunder, the applicable per annum rate shall be 0.0%.

 

“Operating Advisor
Standard”: As defined in Section 3.31(b) of this Agreement.

 

“Operating Advisor
Surveillance Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of
the duties of the Operating Advisor under this Agreement.

 

“Operating Advisor
Termination Event”: As defined in Section 7.07(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of either Trust REMIC as a REMIC or the imposition of tax

 

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under the REMIC Provisions on
any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition
of “Independent Contractor”), (c) qualification of the Grantor Trust as a grantor trust or (d) a resignation
of the Master Servicer or the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be an opinion of counsel
who is Independent of the Depositor, the Master Servicer and the Special Servicer.

 

“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and Servicing
Agreement relating to a Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and contact information
for any Other 17g-5 Information Provider existing as of the Closing Date. The name and contact information of any such Other 17g-5
Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall be entitled to conclusively
rely upon the information set forth on Schedule VIII until such party receives notice of any change thereto.

 

“Other Asset
Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Depositor”:
The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan
or a Non-Serviced Companion Loan, as applicable.

 

“Other Indemnified
Parties”: As defined in Section 1.04 of this Agreement.

 

“Other Operating
Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other Pooling
and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Pooling
and Servicing Agreement”: A pooling and servicing agreement or other applicable servicing agreement relating to a Serviced
Companion Loan or a Non-Serviced Whole Loan, as applicable. The Other Pooling and Servicing Agreements related to the Trust as
of the Closing Date are (i) with respect to the Hyatt Regency St. Louis at the Arch Whole Loan, the Hyatt Regency St. Louis at
the Arch Pooling and Servicing Agreement, (ii) with respect to the AG Life Time Fitness Portfolio Whole Loan, the AG Life Time
Fitness Portfolio Pooling and Servicing Agreement, (iii) with respect to the One Commerce Plaza Whole Loan, the One Commerce Plaza
Pooling and Servicing Agreement, (iv) with respect to the GFH Brennan Industrial Portfolio Whole Loan, the GFH Brennan Industrial
Portfolio Pooling and Servicing Agreement, (v) with respect to the NMS Los Angeles Multifamily Portfolio Whole Loan, the NMS Los
Angeles Multifamily Portfolio Pooling and Servicing Agreement, (vi) with respect to the 215 West 34th Street & 218 West 35th
Street Whole Loan, the 215 West 34th Street & 218 West 35th Street Pooling and Servicing Agreement and (vii) with respect to
the Home Depot–Elk Grove Village Whole Loan, the Home Depot–Elk Grove Village Pooling and Servicing Agreement. The
OZRE Leased Fee Portfolio Companion Loans, the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury
Commons Companion Loan

 

     -77-

     

    

 

and the 3 Executive Campus Companion Loan are each expected to be included in future securitizations, for
which each related pooling and servicing agreement shall also be an Other Pooling and Servicing Agreement.

 

“Other Securitization”:
Any commercial mortgage securitization trust that holds a Serviced Companion Loan or Non-Serviced Companion Loan or any successor
REO Loan with respect thereto. The initial Other Securitizations related to the Trust as of the Closing Date are (i) with respect
to the Hyatt Regency St. Louis at the Arch Companion Loans, the COMM 2016-CCRE28 Mortgage Trust securitization; (ii) with respect
to the 215 West 34th Street & 218 West 35th Street Companion Loans, the CFCRE 2016-C3 Mortgage Trust securitization and the
CGCMT 2016-GC36 Mortgage Trust securitization; (iii) with respect to the AG Life Time Fitness Portfolio Companion Loans, the COMM
2016-CCRE28 Mortgage Trust securitization and the CFCRE 2016-C3 Mortgage Trust securitization; (iv) with respect to the One Commerce
Plaza Companion Loan, the CFCRE 2016-C3 Mortgage Trust securitization; (v) with respect to the GFH Brennan Industrial Portfolio
Companion Loan, the CGCMT 2016-P3 Mortgage Trust securitization; (vi) with respect to the NMS Los Angeles Multifamily Portfolio
Companion Loans, the COMM 2015-CCRE27 Mortgage Trust securitization and the CFCRE 2016-C3 Mortgage Trust securitization and (vii)
with respect to the Home Depot–Elk Grove Village Companion Loan, the CGCMT 2016-P3 Mortgage Trust securitization. The OZRE
Leased Fee Portfolio Companion Loans, the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury Commons
Companion Loan and the 3 Executive Campus Companion Loan are each expected to be included in future securitizations, each of which
shall also be an Other Securitization.

 

“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced
Companion Loan, as applicable.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“OZRE Leased
Fee Portfolio Companion Loan”: As defined in the Preliminary Statement.

 

“OZRE Leased
Fee Portfolio Companion Loan Securitization Date”: The date on which the OZRE Leased Fee Portfolio Controlling Companion
Loan is included in a securitization trust.

 

“OZRE Leased
Fee Portfolio Controlling Companion Loan”: The OZRE Leased Fee Portfolio Pari Passu Note A-1.

 

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“OZRE Leased
Fee Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“OZRE Leased
Fee Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the OZRE
Leased Fee Portfolio Whole Loan. The OZRE Leased Fee Portfolio Pari Passu Note A-1 is not included in the Trust Fund and is pari
passu in right of payment to the OZRE Leased Fee Portfolio Pari Passu Note A-2 as set forth in the related Intercreditor Agreement.
The OZRE Leased Fee Portfolio Pari Passu Note A-1 is currently being held by CCRE (or an affiliate).

 

“OZRE Leased
Fee Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the OZRE
Leased Fee Portfolio Whole Loan. The OZRE Leased Fee Portfolio Pari Passu Note A-2 is included in the Trust Fund and is pari
passu in right of payment to the OZRE Leased Fee Portfolio Pari Passu Note A-1 and the OZRE Leased Fee Portfolio Pari Passu
Note A-3, as set forth in the related Intercreditor Agreement. The OZRE Leased Fee Portfolio Pari Passu Note A-2 is a Mortgage
Loan.

 

“OZRE Leased
Fee Portfolio Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets
include the OZRE Leased Fee Portfolio Controlling Companion Loan.

 

“OZRE Leased
Fee Portfolio Whole Loan”: The 2 OZRE Leased Fee Portfolio Companion Loan, together with the OZRE Leased Fee Portfolio
Mortgage Loan. References herein to the OZRE Leased Fee Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the OZRE Leased Fee Portfolio Pari Passu Note A-1 and the OZRE Leased Fee Portfolio Pari Passu Note A-2.

 

“P&I Advance”:
As to any Mortgage Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.
Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred
to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate. Neither the Master Servicer
nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on any Companion Loan.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the second Business Day prior to such Distribution Date.

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates set forth below, the following rates:

 

	
        Class
	
        Pass-Through
Rate

	Class A-1	Class A-1 Pass-Through Rate
	Class A-2	Class A-2 Pass-Through Rate
	Class A-SB	Class A-SB Pass-Through Rate
	Class A-3	Class A-3 Pass-Through Rate
	Class A-4	Class A-4 Pass-Through Rate
	Class A-HR	Class A-HR Pass-Through Rate
	Class X-A	Class X-A Pass-Through Rate

 

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        Class
	
        Pass-Through
Rate

	Class X-HR	Class X-HR Pass-Through Rate
	Class X-B	Class X-B Pass-Through Rate
	Class X-C	Class X-C Pass-Through Rate
	Class X-D	Class X-D Pass-Through Rate
	Class X-E	Class X-E Pass-Through Rate
	Class X-F	Class X-F Pass-Through Rate
	Class X-G	Class X-G Pass-Through Rate
	Class A-M	Class A-M Pass-Through Rate
	Class B	Class B Pass-Through Rate
	Class C	Class C Pass-Through Rate
	Class D	Class D Pass-Through Rate
	Class E	Class E Pass-Through Rate
	Class F	Class F Pass-Through Rate
	Class G	Class G Pass-Through Rate

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected thereon from the Borrower
that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge.

 

“Percentage
Interest”: As to any Certificate (except the Class R Certificates), the percentage interest evidenced thereby in distributions
required to be made with respect to the related Class. With respect to any Certificate (except the Class R Certificates), the percentage
interest is equal to the initial denomination of such Certificate divided by the initial Certificate Balance or Notional Amount,
as applicable, of such Class of Certificates. With respect to the Class R Certificate, the percentage interest is set forth on
the face thereof.

 

“Performance
Certification”: As defined in Section 10.08 of this Agreement.

 

“Performing
Loan”: A Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan or REO Loan.

 

“Performing
Party”: As defined in Section 10.14 of this Agreement.

 

“Periodic Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the scheduled monthly
payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding any constant
Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related Mortgage Note.
The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the related Due
Date had the related Mortgage Note not been discharged, determined as set forth

 

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in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due.

 

“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn, regardless of whether issued by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and having at
all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall have provided a Rating
Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities:

 

(A)
direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States
or any agency or instrumentality thereof, provided that each such obligation is backed by the full faith and credit of the
United States;

 

(B) repurchase
agreements on obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations (a)(1)
in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “F1”
by Fitch and in the highest short term rating category by Moody’s, and the long term obligations of which are rated at least
“A” by Fitch and “A2” by Moody’s, (2) in the case of such investments with maturities of three months
or less, but more than 30 days, the short term obligations of which are rated at least “F1+” by Fitch and in the highest
short term rating category by Moody’s, or the long term obligations of which are rated at least “AA-” by Fitch
and “A2” by Moody’s, (3) in the case of such investments with maturities of six months or less, but more than
three months, the short term obligations of which are rated at least “F1+” by Fitch and in the highest short term rating
category by Moody’s and the long term obligations of which are rated at least “AA-” by Fitch and “Aa3”
by Moody’s, and (4) in the case of such investments with maturities of more than six months, the short term obligations of
which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s and the long
term obligations of which are rated “AA-” by Fitch and “Aaa” by Moody’s, and (b) the short-term obligations
of the applicable repurchase agreement counterparty are rated in the highest short-term debt rating category of KBRA (or, if not
rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) and, if it
has a term in excess of six months, the long-term debt obligations of which are rated “AAA” (or the equivalent) by
KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch))
(or, in the case of any such Rating Agency as set forth in subclauses (a) – (b) above, such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Companion Loan Securities);

 

(C)
federal funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’
acceptances of any bank or trust company organized under the laws of the United States or any state thereof, (a)(1) in
the

 

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case of such investments with
maturities of 30 days or less, the short term obligations of which are rated at least “F1” by Fitch and in the highest
short term rating category by Moody’s or the long term obligations of which are rated at least A” by Fitch and “A2”
by Moody’s, (2) in the case of such investments with maturities of three months or less, but more than 30 days, the short
term obligations of which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s
or the long term obligations of which are rated at least “AA-” by Fitch and “A2” by Moody’s, (3)
in the case of such investments with maturities of six months or less, but more than three months, the short term obligations of
which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s and the long
term obligations of which are rated at least “AA-” by Fitch and “Aa3” by Moody’s, and (4) in the
case of such investments with maturities of more than six months, the short term obligations of which are rated “F1+”
by Fitch and in the highest short term rating category by Moody’s and the long term obligations of which are rated “AA-”
by Fitch and “Aaa” by Moody’s, and (b) the short term obligations of which bank or trust company are rated in
the highest short term debt rating category of KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s and Fitch)) and, if it has a term in excess of six months, the long term debt obligations
of which are rated “AAA” (or the equivalent) by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by
any two other NRSROs (which may include Moody’s and Fitch)) (or, in the case of any such Rating Agency as set forth in subclauses
(a) – (b) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating
to the Certificates and any Serviced Companion Loan Securities);

 

(D)
commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any
corporation not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts
payable thereunder are not subject to any withholding imposed by any non United States jurisdiction) (a)(1) in the case of
such investments with maturities of 30 days or less, the short term obligations of which corporation are rated at least in
the highest short-term debt rating category of Moody’s and “F1” by Fitch, or the long term obligations of
which corporation are rated at least “A2” by Moody’s and “A” by Fitch, (2) in the case of such
investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated at
least in the highest short-term debt rating category of Moody’s and “F1+” by Fitch, or the long term
obligations of which are rated at least “AA-” by Fitch and “A2” by Moody’s, (3) (A) in the case
of such investments with maturities of six months or less, but more than three months, the short term obligations of which
are rated at least “P1” by Moody’s, and the long term obligations of which corporation are rated at least
“Aa3” by Moody’s, and (B) in the case of such investments with maturities of six months or less, but
more than three months, the short term obligations of which are rated at least “F1+” by Fitch, or the long term
obligations of which corporation are rated at least “AA-” by Fitch (with a short-term rating of “F1”
by Fitch), (4) (a) (A) in the case of such investments with maturities of more than six months, the short

 

     -82-

     

    

 

term obligations of
which are rated at least “P1” by Moody’s, and the long term obligations of which are rated at least
“Aaa” by Moody’s, and (B) in the case of such investments with maturities of more than six months, the
short term obligations of which are rated at least “F1+” by Fitch, or the long term obligations of which are
rated at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch), and (b) the short term
obligations of which corporation are rated in the highest short term debt rating category of KBRA (or, if not rated by KBRA,
an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) and, if it has a term
in excess of six months, the long term debt obligations of which are rated “AAA” (or the equivalent) by KBRA (or,
if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch))
(or, in the case of any such Rating Agency as set forth in subclauses (a) – (b) above, such lower rating
as is the subject of a Rating Agency Confirmation by such the Rating Agency relating to the Certificates and any Serviced
Companion Loan Securities);

 

(E)        (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the U.S. Bank Long Term Eurodollar Sweep or the Wells Fargo Advantage Heritage Money Market Fund) so
long as any such fund is rated “Aaa-mf” by Moody’s and in the highest short term unsecured debt ratings category
by each of Fitch and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include
any of the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation)
relating to the Certificates and any Serviced Companion Loan Securities, or (2) units of money market funds that (a) have substantially
all of its assets invested continuously in the types of investments referred to in clause (A) above, (b) has net assets
of not less than $5,000,000,000, and (c) has a rating of “Aaa-mf” by Moody’s and has the highest rating obtainable
for money market funds from Fitch;

 

(F) an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation relating to the Certificates
and any Serviced Companion Loan Securities from each Rating Agency for which the minimum rating(s) set forth in the applicable
clause is not satisfied with respect to such obligation or security; or

 

(G)
any other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a
Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan Securities from each and every Rating
Agency;

 

provided that
each investment described hereunder shall not (A) evidence either the right to receive (1) only interest with respect to such investment
or (2) a yield to maturity greater than 120% of the yield to maturity at par of the underlying obligations, (B) be purchased at
a price greater than par if such investment may be prepaid or called at a price less than its purchase price prior to stated maturity,
(C) be sold prior to stated maturity if such sale would

 

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result in a loss of principal on the instrument or a tax on “prohibited
transactions” under Section 860F of the Code or (D) have an “r” highlighter or other comparable qualifier attached
to its rating; and provided, further, that each investment described hereunder must have (X) a predetermined fixed
amount of principal due at maturity (that cannot vary or change), (Y) an original maturity of not more than 365 days and a remaining
maturity of not more than thirty (30) days and (Z) except in the case of a Permitted Investment described in clause (E)
of this definition, a fixed interest rate or an interest rate that is tied to a single interest rate index plus a single
fixed spread and moves proportionately with that index; and provided, further, that each investment described hereunder
must be a “cash flow investment” (within the meaning of the REMIC Provisions).

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title agent fees
and insurance commissions or fees and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case,
in accordance with Article III of this Agreement.

 

“Permitted Transferee”:
With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer, other than (a) a Disqualified
Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided
at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in
any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, (c) a Person that is a Disqualified Non-U.S. Person, (d) a Plan or any Person investing the assets of a Plan,
(e) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or more of the direct or indirect beneficial
owners (other than through a U.S. corporation) of which is (or is permitted under the applicable partnership agreement to be) a
Disqualified Non-U.S. Person or (f) a U.S. Person with respect to whom income on the Class R Certificate is attributable to a fixed
base or foreign permanent establishment, within the meaning of an applicable income tax treaty, of such transferee or any other
U.S. Person.

 

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

 

“Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Platform-Level
Basis”: Only as used in connection with the Operating Advisor Annual Report, the term “platform-level basis”
refers to the Special Servicer’s performance of its duties as they relate to the resolution and/or liquidation of Specially
Serviced Mortgage Loans, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent
to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating
Advisor of any annual compliance statement, assessment of compliance report, attestation report, Asset Status Report and other
information delivered to the Operating Advisor by the Special Servicer (other than any communications between the Controlling Class
Representative or any related Directing Certificateholder, as

 

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applicable, and the Special Servicer that would be Privileged Information)
pursuant to the provisions of this Agreement.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(k)(i).

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth in
the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard
to any Prepayment Premium , Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were
applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the day immediately
preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:
May 4, 2016.

 

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“Primary Servicing
Fee Rate”: With respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans), the sum of the per annum
rates set forth on Exhibit B to this Agreement under the columns labeled “Primary Servicing Fee Rate” and “Sub
Servicer Fee Rate”. With respect to Non-Serviced Mortgage Loans, except as provided for on Exhibit B to this Agreement,
no Primary Servicing Fee Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee
Rate is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement. For the avoidance
of doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern
edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer with regard
to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Distribution
Amount”: For any Distribution Date, an amount equal to the sum of the following amounts (without duplication):

 

(a)          the
Principal Shortfall for such Distribution Date;

 

(b)          the
Scheduled Principal Distribution Amount for that Distribution Date;

 

(c)          the
Unscheduled Principal Distribution Amount for that Distribution Date;

 

provided, that
the Principal Distribution Amount for any Distribution Date will be reduced, to not less than zero, by the amount of any reimbursements
of:

 

(A)          Nonrecoverable
Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related Other Pooling and Servicing
Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement
Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections
would have otherwise been included in the Principal Distribution Amount for such Distribution Date; and

 

(B)          Workout-Delayed
Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date;

 

provided that,
in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on
the Mortgage Loans are subsequently recovered on the related Mortgage Loan, such recovery will increase the Principal Distribution
Amount for the Distribution Date related to the period in which such recovery occurs.

 

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The principal component of the
amounts set forth above shall be determined in accordance with Section 1.02 of this Agreement.

 

“Principal Prepayment”:
Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received in advance of its scheduled
due date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due on any date
or dates in any month or months subsequent to the month of prepayment.

 

“Principal Shortfall”:
For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution Date
exceeds (ii) the aggregate amount actually distributed with respect to principal on the Certificates on such preceding Distribution
Date in respect of such Principal Distribution Amount.

 

“Private Certificate”:
Each of the Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates.

 

“Private Global
Certificate”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates with respect to the Private
Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Private Placement
Memorandum”: The Private Placement Memorandum, dated May 6, 2016, pursuant to which the Private Certificates will be
offered for sale.

 

“Privileged
Information”: Any (i) correspondence or other communications between a Directing Certificateholder and the Special Servicer
related to any Specially Serviced Loan or the exercise of the consent or consultation rights of a Directing Certificateholder under
this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably
determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or
other interested party, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset
Status Report.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to
a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as evidenced by an opinion
of counsel (which will be an additional expense of the Trust) delivered to each of the Master Servicer, the Special Servicer, the
Directing Certificateholder with respect to such Mortgage Loan, the Operating Advisor, the Asset Representations Reviewer, Certificate
Administrator and the Trustee), required by rule, regulation, order, judgment or decree to disclose such information.

 

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“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Directing Certificateholder
(but only prior to the occurrence of a Consultation Termination Event), the Operating Advisor, any Affiliate of the Operating Advisor
designated by the Operating Advisor, the Asset Representations Reviewer, any Companion Loan Noteholder who provides an Investor
Certification, any Person who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any
Rating Agency) that provides the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification
may be submitted electronically via the Certificate Administrator’s Website;
provided, however, that in no event may a Borrower Party (other than a Borrower Party that is the Special
Servicer) be entitled to receive (i) if such party is the Directing Certificateholder or any Controlling Class Certificateholder,
any Excluded Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed
by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling
Class Loan(s)), and (ii) if such party is not the Directing Certificateholder or any Controlling Class Certificateholder, any information
other than the Distribution Date Statement.

 

Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer becomes a Borrower Party, the Special Servicer shall nevertheless be
a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide any information solely
related to the related Excluded Special Servicer Mortgage Loan to (A) the related Borrower Party, (B) any of the Special Servicer’s
employees or personnel or any of its Affiliate involved in the management of any investment in the related Borrower Party or the
related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in
place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in this
Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special Servicer’s
access to any information on the Master Servicer’s website or the Certificate Administrator’s Website and in no case
shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any of the items listed
in the definition of Excluded Information relating to the Excluded Special Servicer Mortgage Loans.

 

In determining whether
any person is an Additional Servicer or an Affiliate of the Operating Advisor, the Certificate Administrator may rely on a certification
by the Master Servicer, the Special Servicer, a Mortgage Loan Seller or the Operating Advisor, as the case may be.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Property Protection
Expenses”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any costs
and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section
3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), Section 3.16(c) or

 

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Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of
the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions
of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(k)(i).

 

“Prospectus”:
The Depositor’s Prospectus dated May 6, 2016, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Publicly Offered
Certificates”: Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR,
Class X-B, Class X-C, Class A-M, Class B and Class C Certificates.

 

“Publicly Offered
Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly Offered
Certificates is registered in the name of the Depository.

 

“Purchase Price”:
With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) or Section 9.01
of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this
Agreement or (iii) any Defaulted Mortgage Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance
with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, equal to:

 

(a)          the
outstanding principal balance of such Mortgage Loan (or related REO Loan) as of the date of purchase; plus

 

(b)          all
accrued and unpaid interest on such Mortgage Loan (or related REO Loan) at the related Mortgage Rate in effect from time to time
to but not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of
purchase, but excluding any Default Interest or Excess Interest; plus

 

(c)          all
related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all
Special Servicing Fees and Workout Fees allocable to such Mortgage Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid
fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee allocable to such Mortgage
Loan); plus

 

(d)          any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan or Specially Serviced Loan;
plus

 

(e)          all
Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)       
   if such Mortgage Loan (or related REO Loan) is being purchased or substituted by a Mortgage Loan Seller
pursuant to the related Mortgage Loan Purchase

 

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Agreement, to the extent not otherwise included in the amount described in
clause (c) of this definition, any unpaid Asset Representations Reviewer Asset Review Fee related to such Mortgage Loan and
all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the
Depositor, the Certificate Administrator and the Trustee in respect of the Breach or Defect giving rise to the repurchase
obligation, including any such expenses arising out of the enforcement of the repurchase obligation, including, without
duplication, any such expenses previously reimbursed from the Collection Account or the applicable Serviced Whole Loan
Collection Account, as applicable, plus accrued and unpaid interest thereon at the Reimbursement Rate, to the extent payable
to the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset Representations Reviewer or the
Trustee; provided, however, that such out-of-pocket expenses shall not include expenses incurred by
Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking part in an Asset Review
vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights under the dispute
resolution mechanics pursuant to Section 2.03(k) hereof.

 

For purposes of this Agreement,
(i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller
shall be the purchase price paid by the related Mortgage Loan Seller under the related Other Pooling and Servicing Agreement or
the applicable servicing agreement and (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term
Mortgage Loan or REO Loan shall be construed to include any related Companion Loans.

 

“Qualified Affiliate”:
Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia,
(b) that is in the business of performing the duties of a servicer of mortgage loans (or, in the case of the Operating Advisor,
that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or greater of its outstanding
voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Section 3.08 of this Agreement,

 

(i) in the
case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified to
write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A3”
by Moody’s (or, if not rated by Moody’s, an equivalent rating by (x) at least two NRSROs (which may include S&P,
KBRA and/or Fitch) or (y) one NRSRO (which may include S&P, KBRA and/or Fitch) and A.M. Best), and (b) at least “A-”
by Fitch (or, if not rated by Fitch, an equivalent (or higher) rating by (x) at least two NRSROs (which may include S&P, KBRA
and/or Moody’s) or (y) one NRSRO (which may include S&P, KBRA and/or Moody’s) and AM Best) and

 

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(ii) in the
case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of this
Agreement, a company that shall have a claim paying ability rated at least equal to any one of the following: (1) “A-”
or better by S&P, (2) “A3” or better by Moody’s, (3) “A-“ or better by Fitch, (4) “A (low)”
or better by DBRS, (5) “A-” or better by KBRA (to the extent rated by KBRA) or (6) “A-:X” or better by
A.M. Best,

 

or, in the
case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related Serviced
Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan
Securities (subject to the foregoing exceptions).

 

“Qualified Mortgage”:
A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard
to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any
substantially similar successor provision.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution shall
be permitted) replacing a Mortgage Loan with respect to which a Material Defect exists that must, on the date of substitution:
(i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or interest due
during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the Removed
Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not
less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver or amendment
of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of the Removed
Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a 360-day year
and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more than five years
less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to value ratio equal
to or less than the lesser of (i) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date and (ii) 75%, in
each case using the “value for the Mortgaged Property as determined using an Appraisal prepared in accordance with the requirements
of the FIRREA; (vii) comply as of the date of substitution in all material respects with all of the representations and warranties
set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates no material adverse
environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related Servicing
File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of (i) the original Debt Service Coverage
Ratio of the Removed Mortgage Loan as of the Closing Date and (ii) 1.25x; (x) be determined by an Opinion of Counsel (at the applicable
Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within the meaning of Section 860G(a)(4)
of the Code; (xi) not have a maturity date or an amortization period that extends to a date that is after the date that is two
years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those of the Replaced Mortgage
Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator and the Trustee have received
a Rating Agency Confirmation from

 

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each
of the Rating Agencies (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan
Seller; (xiv) have been approved, so long as no Control Termination Event has occurred and is not continuing, by the Directing
Certificateholder; (xv) prohibit defeasance within two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage
Loan if it would result in the termination of the REMIC status of either Trust REMIC or the imposition of tax on either Trust
REMIC other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined
by an Opinion of Counsel; (xvii) have an engineering report that indicates no material adverse property condition or deferred
maintenance with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and
(xviii) be current in the payment of all scheduled payments of principal and interest then due. In the event that one or more
mortgage loans are substituted for one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined
on the basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually
satisfy each of the requirements specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii)
above and the remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis;
provided that no individual Mortgage Rate shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject
to a cap equal to the WAC Rate) of any Class of Sequential Pay Certificates having an outstanding Certificate Balance. When a
Qualified Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify
that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trustee and, for so long as no Consultation Termination
Event has occurred, the Directing Certificateholder.

 

“RAC No-Response
Scenario”: As defined in Section 3.30(a).

 

“Rated Final
Distribution Date”: The Distribution Date in May 2058. The Class R Certificates will not have a Rated Final Distribution
Date.

 

“Rating Agency”:
Any of Moody’s, Fitch or KBRA; provided, that with respect to any matter affecting a Non-Serviced Mortgage Loan or
any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced Companion
Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable
Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by the Rating Agency;
provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision not to review the
matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation
from such Rating Agency with respect to such matter. At any time during which no Certificates are rated by a Rating Agency, no
Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting any Serviced Pari Passu
Companion Loan, any Rating Agency Confirmation shall also refer to the nationally recognized

 

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statistical
rating organizations then rating the securities representing an interest in such loan and such rating organizations’ respective
ratings of such securities.

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:
Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural
components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which the aggregate Certificate Balance of the Sequential Pay Certificates,
after giving effect to distributions of principal on such Distribution Date, exceeds the aggregate Stated Principal Balance of
the Mortgage Loans in the Mortgage Pool (for purposes of this calculation only, not giving effect to any reductions of the Stated
Principal Balance for principal payments received on the Mortgage Loans in the Mortgage Pool that were used to reimburse the Master
Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts,
to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) immediately
following the Determination Date preceding such Distribution Date.

 

“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in Section 2.01(a)(viii) of this Agreement.

 

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

 

“Regular Certificates”:
The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D,
Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F and Class G
Certificates issued as such on the Closing Date.

 

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“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate.
Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the related
expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage Loan as
to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination
of non-recoverability, as the case may be, is made, provided that such interest at the Reimbursement Rate will continue
to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; and provided,
further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related
Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination
Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement). For clarification
purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing
Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria”
refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant
based on the functions it has been engaged to perform.

 

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

 

“REMIC Provisions”:
Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A through
860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations)
and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Removed Mortgage
Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more
Qualified Substitute Mortgage Loans are substituted.

 

“Renaissance
Cincinnati Companion Loan”: As defined in the Preliminary Statement.

 

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“Renaissance
Cincinnati Mortgage Loan”: As defined in the Preliminary Statement.

 

“Renaissance
Cincinnati Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Renaissance
Cincinnati Whole Loan. The Renaissance Cincinnati Pari Passu Note A-1 is included in the Trust Fund and is pari passu in
right of payment to the Renaissance Cincinnati Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of
the Closing Date, the Renaissance Cincinnati Pari Passu Note A-1 is a Mortgage Loan.

 

“Renaissance
Cincinnati Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Renaissance
Cincinnati Whole Loan. The Renaissance Cincinnati Pari Passu Note A-2 is not included in the Trust and is pari passu in
right of payment to the Renaissance Cincinnati Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of
the Closing Date, the Renaissance Cincinnati Pari Passu Note A-2 is held by the CCRE or an affiliate.

 

“Renaissance
Cincinnati Whole Loan”: The Renaissance Cincinnati Companion Loan, together with the Renaissance Cincinnati Mortgage
Loan. References herein to the Renaissance Cincinnati Whole Loan shall be construed to refer to the aggregate indebtedness under
the Renaissance Cincinnati Pari Passu Note A-1 and the Renaissance Cincinnati Pari Passu Note A-2.

 

“Rents from
Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)     except
as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with
respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits
derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise
constitutes Rents from Real Property);

 

(b)     any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5)
of the Code;

 

(c)     any
amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;

 

(d)     any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section
1.856-4(b)(1); and

 

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(e)     rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.

 

“REO Account”:
As defined in Section 3.15(b) of this Agreement.

 

“REO Loan”:
Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged Property
has become an REO Property.

 

“REO Proceeds”:
With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with
respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:
A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure,
deed in lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest
in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:
As defined in Section 10.12 of this Agreement.

 

“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.

 

“Repurchase”:
As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Recipient”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Rejection”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(d) of this Agreement.

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

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“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:
With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established
pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash
Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled
to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or
Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced
Whole Loan.

 

“Resolution
Extension Period”:

 

(a)     for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is not a Specially Serviced Loan at the commencement
of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the
end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end
of such Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written
notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such
Mortgage Loan subsequent to the end of such Initial Resolution Period;

 

(c)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a not a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during
such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

     -97-

     

    

 

“Resolution
Failure”: As defined in Section 2.03(j).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Special Servicer, on behalf
of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the
related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a
sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee, the Certificate
Registrar or the Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject, in each case, with direct responsibility for the administration of this Agreement
and, in the case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature
appears on a list of corporate trust officers furnished to the Master Servicer by the Trustee, the Certificate Registrar and the
Certificate Administrator, as such list may from time to time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated (unless (i) acceleration was automatic
under such mezzanine loan, (ii) the event directly giving rise to the automatic acceleration under such mezzanine loan was not
initiated by such mezzanine lender or an affiliate of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising
and has not commenced the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan)
or as to which the mezzanine lender has initiated foreclosure or enforcement proceedings against the equity collateral pledged
to secure such mezzanine loan.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.

 

“Revised Rate”:
With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate
after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set
forth in the related Mortgage Loan.

 

“Rule 144A”:
Rule 144A under the Act.

 

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“Rule 144A Global
Certificate”: Each of the Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F and Class G Certificates
issued as such on the Closing Date.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(d) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(d) of this Agreement.

 

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

 

“Sarbanes Oxley
Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley
Certification”: As defined in Section 10.08 of this Agreement.

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and
to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and
not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments
with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower
as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending after the
related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the
Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or
the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments
with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each
Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or
last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the
Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Secure File
System”: A file system maintained by the Certificate Administrator for secure storage and maintenance of the Diligence
Files delivered to it by the Depositor pursuant to Section 4.10(a) hereof.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

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“Sequential
Pay Certificate”: The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C,
Class D, Class E, Class F and Class G Certificates.

 

“Serviced Companion
Loan”: With respect to any Serviced Whole Loan, any related mortgage loan not included in the Trust that is serviced
under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan included in
the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to the related
Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The 215 West 34th Street &
218 West 35th Street Companion Loans, the OZRE Leased Fee Portfolio Companion Loan (prior to the OZRE Leased Fee Portfolio Companion
Loan Securitization Date), the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury Commons Companion
Loan, the 3 Executive Campus Companion Loan and the Home Depot – Elk Grove Village Companion Loan are the Serviced Companion
Loans.

 

“Serviced Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may
be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating
assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency);
provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating
its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is
sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable
Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion
Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan
is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.

 

“Serviced Companion
Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

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

 

“Serviced Companion
Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced
REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan.

 

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Any
reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one
or more of the Serviced Companion Loans.

 

“Serviced Companion
Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into a securitization
trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Pari
Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that
is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan included
in the Trust to the extent set forth in the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street
Companion Loans, the OZRE Leased Fee Portfolio Companion Loan (prior to the OZRE Leased Fee Portfolio Companion Loan Securitization
Date), the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury Commons Companion Loan, the 3 Executive
Campus Companion Loan and the Home Depot – Elk Grove Village Companion Loan are the Serviced Pari Passu Companion Loans.

 

“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes. The
215 West 34th Street & 218 West 35th Street Whole Loan, the OZRE Leased Fee Portfolio Whole Loan (prior to the OZRE Leased
Fee Portfolio Companion Loan Securitization Date), the Renaissance Cincinnati Whole Loan, the AvidXchange Whole Loan, the Madbury
Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot – Elk Grove Village Whole Loan are the only Serviced
Pari Passu Whole Loans.

 

“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan included in the
Trust to the extent set forth in the related Intercreditor Agreement. There are no Serviced Subordinate Companion Loans related
to the Trust.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one or
more

 

     -101-

     

    

 

pari
passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed to refer to
the aggregate indebtedness under the related notes. The 215 West 34th Street & 218 West 35th Street Whole Loan, the OZRE Leased
Fee Portfolio Whole Loan (prior to the OZRE Leased Fee Portfolio Companion Loan Securitization Date), the Renaissance Cincinnati
Whole Loan, the AvidXchange Whole Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot –
Elk Grove Village Whole Loan are the only Serviced Whole Loans.

 

“Serviced Whole
Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S.
Bank National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Serviced Whole Loan Collection Account.” Amounts
in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall not be assets of the Trust
Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom)
and, the related Serviced Companion Loan Noteholders. Any such account or sub-account shall be an Eligible Account or a sub-account
of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Serviced
Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged
Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO
Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the
Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the
earliest of (A) Master Servicer Remittance Date, (B) the Business Day immediately succeeding the “determination date”
set forth in the related Other Pooling and Servicing Agreement or (C) the date required under the related Intercreditor Agreement;
provided, however, that in no event may any such “determination date” occur prior to (and any such otherwise
earlier “determination date” shall, for purposes of this definition, be deemed to occur on) the sixth day of each month
or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

“Serviced Whole
Loan REO Account”: As defined in Section 3.15(b) of this Agreement.

 

“Serviced Whole
Loan Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to
a Serviced Whole Loan or any related Serviced REO Property.

 

     -102-

     

    

 

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

 

“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency
or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property, including, in the case of each of such clause
(a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations
set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any
Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi)
of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged
Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and
(y) any amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding anything to the
contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer,
such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar
internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan
or REO Property. None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection
with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor
Agreement or this Agreement.

 

“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges
or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal
Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due
Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this

 

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Agreement.
For the avoidance of doubt, with respect to any Subordinate Companion Loan, unless otherwise agreed upon with the holder of the
related Subordinate Companion Loan, no Servicing Fee shall accrue or be payable on the principal balance thereof, and with respect
to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by
multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan
or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between
the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable
to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage
Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the aggregate of the
products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a)
the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding
Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the
Serviced Pari Passu Whole Loan.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement and (B) with respect to each
Serviced Companion Loan, the primary servicing fee rate, which is 0.0025% with respect to the 215 West 34th Street &
218 West 35th Street Companion Loans, 0.02% with respect to the Renaissance Cincinnati Companion Loan, 0.0225% with
respect to the AvidXchange Companion Loan, 0.0225% with respect to the Madbury Commons Companion Loan, 0.0225% with respect to
the 3 Executive Campus Companion Loan, 0.0025% with respect to the Home Depot – Elk Grove Village Companion Loan and 0.0225%
with respect to the OZRE Leased Fee Portfolio Companion Loans (until the OZRE Leased Fee Portfolio Companion Loan Securitization
Date).

 

“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

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“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Mortgage Loans
(other than any Non-Serviced Mortgage Loans) or Serviced Whole Loans, Specially Serviced Loans (other than any Non-Serviced Mortgage
Loans) and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in
accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement,
and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)     the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)     the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of Defaulted Mortgage Loans, the maximization of timely recovery of principal and interest on a net present value
basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable
Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders and, in the case of any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and
Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any potential

 

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conflict
of interest arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate
of the Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage Loan Seller, any other party
to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in any Non-Serviced
Companion Loan, Serviced Companion Loan or any mezzanine loan related to a Mortgage Loan by the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation to make Advances; (d) the Master
Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation for its services hereunder
or with respect to any particular transaction; (e) the ownership, servicing or management for others of any other mortgage loans
or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer
or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation,
any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special
Servicer, as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer, the Special Servicer
or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master
Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing Transfer
Event”: An event specified in the definition of Specially Serviced Loan.

 

“SG”:
Société Générale, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“SG Indemnification
Agreement”: The agreement dated as of the Pricing Date, among SG, the Depositor, the Underwriters and the Initial Purchasers.

 

“SG Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the SG Purchase Agreement.

 

“SG Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, among SG and the Depositor.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross collateralized and/or cross defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal balance as of the Cut-off Date). As of the Closing Date, no Mortgaged Property constitutes a Significant Obligor
related to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the Distribution Date (or, in the case of a Serviced Companion Loan, the
“distribution date” under the related Other Pooling and Servicing Agreement) occurring on or immediately

 

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following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the
related Loan Documents. The parties to this Agreement acknowledge that in the event the Mortgaged Property securing the related
Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect
to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information,
for (A) the 215 West 34th Street & 218 West 35th Street Companion Loans, 45 days following the end of
each fiscal quarter, in each case, subject to the terms of the related loan agreement, (B) the Home Depot - Elk Grove Village
Companion Loan, 30 days following the end of each fiscal quarter, (C) the OZRE Leased Fee Portfolio Companion Loans (prior to
the OZRE Leased Fee Portfolio Companion Loan Securitization Date), 30 days following the end of each fiscal quarter, (D) the Renaissance
Cincinnati Companion Loan, 30 days following the end of each fiscal quarter, (E) the AvidXchange Companion Loan, 30 days following
the end of each fiscal quarter, (F) the Madbury Commons Companion Loan, 30 days following the end of each fiscal quarter and (G)
the 3 Executive Campus Companion Loan, 30 days following the end of each fiscal quarter.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.02(k) of this Agreement.

 

“Small Loan
Appraisal Estimate”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of
the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or Appraisal Reduction Amounts,
but excluding the Class R and Class V Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional
Balances of the Class X-A, Class X-B, Class X-C and Class X-D Certificates and the Certificate Balances of the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class A-M, Class B, Class C and Class D Certificates
have been reduced to zero; provided, further, that if the Holders of the Class X-E, Class X-F and Class X-G Certificates
have assigned all of the Voting Rights of the Class X-E, Class X-F and Class X-G Certificates to the Holder of 100% of the then
outstanding Class E, Class F and Class G Certificates, then “Sole Certificateholder” shall mean the Holder of 100%
of the Class E, Class F and Class G Certificates.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request
by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d)
of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace
the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant
to Section 3.22(c) of this Agreement.

 

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“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Mortgage
Loan) and any Serviced Companion Loans, Rialto Capital Advisors, LLC, or its successor in interest, or any successor special servicer
appointed as provided herein and (ii) with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded
Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require.

 

“Special Servicer
Decision”: Any of the following:

 

(a)     approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements, for leases
in excess of the lesser of (A) 30,000 square feet and (B) 30% of the net rentable area at the related Mortgaged Property;

 

(b)     approving
any waiver regarding the receipt of financial statements (other than any waiver affecting the timing of receipt thereof; provided
that such waiver does not involve permitting delivery of financial statements less than quarterly and more than 60 days after the
end of the calendar quarter);

 

(c)     approving
annual budgets for the related Mortgaged Property that provide for (i) increases in operating expenses in an amount equal to more
than 110% of the amounts budgeted therefor for the prior year or (ii), payments to affiliates of the related borrower (excluding
affiliated managers paid at fee rates agreed to at the origination of the related Mortgage Loan);

 

(d)     approving
material rights-of-way and material easements, and consent to subordination of the related Mortgage Loan or Whole Loan to such
material rights-of-way or easements;

 

(e)     agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Whole Loan in connection with a defeasance if
such proposed modification, waiver, consent or amendment is with respect to a (i) a waiver of a mortgage loan event of default
(but excluding non-monetary events of default other than defaults relating to transfers of interest in the Borrower or the existing
collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance collateral required
under the Mortgage Loan or Whole Loan documents other than direct, non-callable obligations of the United States would be permitted
or (iii) a modification that would permit a principal prepayment instead of defeasance if the applicable Loan Documents do not
otherwise permit such principal prepayment; provided that the foregoing is not otherwise a Major Decision;

 

(f)     in
circumstances where no lender discretion is permitted other than confirming that the conditions in the applicable Loan Documents
have been satisfied, any requests to incur additional debt in accordance with the terms of the Loan Documents;

 

(g)     any
requests for the disbursement of earnouts or holdback amounts with respect to (i) any Specially Serviced Loan that is not otherwise
a Major Decision and (ii) the Mortgage Loans set forth on Exhibit Y of this Agreement;

 

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(h)     approving
any proposed modification or waiver of any material provision in the related loan documents governing the type, nature or amount
of insurance coverage required to be obtained and maintained by the related borrower;

 

(i)     approving
any casualty insurance settlements or condemnation settlements, and determining whether to apply casualty proceeds or condemnation
awards to the reduction of the debt rather than to the restoration of the Mortgaged Property; and

 

(j)     agreeing
to any modification or amendment to any ground lease or any subordination, non-disturbance and attornment agreement relating to
any ground lease or any entry into a new ground lease with respect to a Mortgaged Property or determining whether to cure any default
by a Borrower under a ground lease.

 

provided, however,
with respect to clause (e) of this definition (1) the Master Servicer shall evaluate and process requests for any modifications
described in sub-clauses (i) and (ii) of such clause (e) and obtain the consent or deemed consent of the Special Servicer as provided
in the this Agreement and (2) the Special Servicer shall evaluate and process and/or consent to requests for any modifications
described in sub-clause (iii) of such clause (e).

 

Notwithstanding the foregoing,
the Master Servicer and Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process
any of the foregoing matters (as well as any Major Decision) with respect to any non-Specially Serviced Loan (other than a Non-Serviced
Mortgage Loan). If the Master Servicer and Special Servicer mutually agree that the Master Servicer shall process a Special Servicer
Decision, the Master Servicer shall obtain the Special Servicer’s prior consent to such Special Servicer Decision.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of any Special Servicer who are involved in the performance of the
duties of such Special Servicer under this Agreement.

 

“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing
Compensation”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due
to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied by the
Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation
Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not a Due Date, on
the

 

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basis
of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date
of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the avoidance of doubt, the
Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage Loans.

 

“Special Servicing
Fee Rate”: A rate equal to 0.25% per annum.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan with respect to which:

 

(a)     either
(i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred
on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced
Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan
at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the
related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing commitment (and
delivers a statement to that effect to the Master Servicer, who shall promptly deliver a copy to the Special Servicer, the Operating
Advisor and the Directing Certificateholder (but only if no Consultation Termination Event has occurred and is continuing) within
30 days after such default), (B) the related Borrower continues to make its Assumed Scheduled Payment, (C) no other Servicing Transfer
Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan and (D) for so long as no Control Termination
Event has occurred and is continuing, the Directing Certificateholder consents, a Servicing Transfer Event will not occur until
60 days beyond the related Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents, this Agreement
and any related Intercreditor Agreement; and provided, further, if the related Borrower delivers to the Master Servicer,
who shall have promptly delivered a copy to the Special Servicer, the Operating Advisor and the Directing Certificateholder (but
only if no Consultation Termination Event has occurred and is continuing), on or before the 60th day after the related Maturity
Date, a refinancing commitment reasonably acceptable to the Special Servicer, and such Borrower continues to make its Assumed Scheduled
Payments (and no other Servicing Transfer Event shall have occurred with respect to that Mortgage Loan or Serviced Companion Loan),
a Servicing Transfer Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity
Date and (2) the termination of the refinancing commitment;

 

(b)     any
Periodic Payment (other than a Balloon Payment), or any amount due on a monthly basis as an Escrow Payment or reserve funds, is
60 days or more delinquent;

 

(c)     the
Master Servicer or Special Servicer (and, in the case of a determination by the Special Servicer, for so long as no Control Termination
Event has occurred and is continuing, with the consent of the Directing Certificateholder and, with respect to any Serviced Whole
Loan, in consultation with the related Serviced

 

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Companion Loan Noteholders to the extent provided for in the related Intercreditor
Agreement) determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a default
consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of
such default or (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property or the
value of the Mortgaged Property as security for the Mortgage Loan or Serviced Companion Loan is reasonably foreseeable or there
is a significant risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond
the applicable grace period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the
related Borrower within 60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment, for at least
30 days;

 

(d)     the
related Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in
the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the
appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)     the
related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;

 

(f)     the
related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)     a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer or Special Servicer (in the case of the Special Servicer, for so long
as no Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder and, with respect
to any Serviced Whole Loan, in consultation with the related Serviced Companion Loan Noteholders to the extent provided for in
the related Intercreditor Agreement) materially and adversely affects the interests of the Certificateholders or any holder of
a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan Documents
for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable of cure,
60 days); or

 

(h)     the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged
Property;

 

provided, that such Mortgage
Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage Loan”)
(i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower

 

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thereunder has brought
such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely Periodic Payments,
including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect to the circumstances described
in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer,
or (iii) with respect to the circumstances described in clause (g) above, when such default is cured (as determined by the Special
Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided, in each case, that at that
time no circumstance exists (as described above) that would cause such Mortgage Loan or Serviced Companion Loan to continue to
be characterized as a Specially Serviced Loan.

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

“Startup Day”:
In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of
this Agreement.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, on any
date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of
substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I
Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal
of or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed
to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the
same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor
Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a
Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized
in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with
respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the
related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any
related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been) distributed
to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole Loan with respect to which the Master
Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any

 

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primary
servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this
Agreement.

 

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

 

“Subject Loans”:
As defined in Section 11.02(b).

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. There are no Subordinate
Companion Loans related to the Trust.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its
classification as a REMIC under the REMIC Provisions, and the federal income tax return to be filed by the Certificate Administrator
on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code,
together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders
or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State
and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Test”:
As defined in Section 11.01(b)(iii).

 

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“Third Party
Appraiser”: A Person performing an Appraisal.

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the
Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor
into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited
by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and
(xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans
or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b)
of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the
Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

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“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
U.S. Bank National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed as
herein provided.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Underwriters”:
Cantor Fitzgerald & Co., SG Americas Securities LLC, CastleOak Securities, L.P., Citigroup Global Markets Inc. and Goldman,
Sachs & Co. and their respective successors in interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount
with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments under or with respect
to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer (but excluding
Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Updated Appraisal”:
An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed
on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing
Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion
of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior
to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net
income, rents, and

 

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profits
from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of previously unadvanced
principal of the related Mortgage Loan; provided, that all such Liquidation Proceeds and Insurance Proceeds and Condemnation
Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments
to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest
on Advances and other additional trust fund expenses incurred in connection with the related Mortgage Loan, thus reducing the
Unscheduled Principal Distribution Amount.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “U.S. Bank National
Association, as Certificate Administrator, for the benefit of U.S. Bank National Association, as Trustee, for the benefit of the
Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Upper-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution Account
shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account, $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
with respect to each of the Class X-C Certificates and the Class X-D Certificates and amounts held therein from time to time.

 

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

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or
Class of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each
Class shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes of Sequential Pay Certificates
in proportion to the Certificate Balances (and solely in connection with any vote for purposes of determining whether to
remove the Special Servicer pursuant to Section 7.01(a), the Operating Advisor pursuant to Section 7.07(a) and
the Asset Representations Reviewer pursuant to Section 11.05(a), taking into account any notional reduction in the
Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof)
of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class X-A, Class X-HR, Class X-B, Class
X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates (allocated to the Class X-A, Class X-HR, Class X-B, Class
X-C, Class X-D, Class X-E, Class X-F and Class

 

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X-G
Certificates on a pro rata basis based on their respective outstanding Notional Amounts at the time of determination) and
(c) 0%, in the case of the Class V and Class R Certificates.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator
of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first
day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the
related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of
the first day of the related Collection Period (after giving effect to any payments received during any applicable grace period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22)
or successor provisions.

 

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole Loan”:
Each of the OZRE Leased Fee Portfolio Whole Loan, the NMS Los Angeles Portfolio Whole Loan, the One Commerce Plaza Whole Loan,
the AG Life Time Fitness Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan, the Hyatt Regency St. Louis at the Arch Whole
Loan, the 215 West 34th Street & 218 West 35th Street Whole Loan, the Renaissance Cincinnati Whole Loan, the AvidXchange Whole
Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot – Elk Grove Village Whole Loan.

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution
Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated
Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs, to the extent that
a Periodic Payment or a P&I Advance is made in respect thereof.

 

The Withheld Amount for
each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31
of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is
made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such
Advance is not reimbursed to the Person who made such Advance on or before the date,

 

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if
any, on which such Mortgage Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance
becomes an obligation of the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material
Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding
late payment charges, Excess Interest and Default Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage
Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(b) of this Agreement and (2) $1,000,000,
in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided that the Workout Fee with
respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(b) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent
that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced
Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced
Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided, further
that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause
(a) of the definition of “Specially Serviced Loan” and the related collection of principal and interest is received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan
being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds
received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders,
but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided
for in the related Loan Documents and (z) other appropriate fees in connection with such workout. The total amount of Workout Fees
payable by the Trust with respect to any Corrected Mortgage Loan and with respect to any particular workout (assuming, for the
purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its term in accordance with the
terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification Fees received by the
Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided that the Special
Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.
For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution
to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution
or was previously paid by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution.
In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall
provide the Master Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect
to such Corrected Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and
the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

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“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02     Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)          All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect
to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Custodian/Trustee Fee, the CREFC®
Intellectual Property Royalty License Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced Whole Loan, as
applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)          Any Mortgage Loan
or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or
the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates, Principal Prepayments
with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied in accordance with
Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan on
which interest accrues.

 

(c)          Except as otherwise
provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan or Serviced
Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to Default Interest
and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)          Allocations of
payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the
related Intercreditor Agreement.

 

(e)          If an expense
under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, either Trust REMIC or the Grantor
Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment
of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is solely “an expense
of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted or reimbursed from,
or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder shall not suffer
any adverse consequences as a result of the payment of such expense.

 

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(f)          All amounts collected
by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments from the related
Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable, in the case of a Mortgage
Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan, pursuant
to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including
for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and, with
respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided, absent
such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that is part of a
Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor
Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order
of priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution
Amount);

 

(iii)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts
(to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below
on earlier dates);

 

(iv)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and
owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)          as
a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of
this Agreement in connection with related Appraisal Reduction Amounts (to the extent

 

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that collections have not been allocated as
recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)         as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)        as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)       as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)         as
a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)          as
a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)         as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees);

 

(xii)        as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)        in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Loan Seller’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with
a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced
Whole Loan) in the manner permitted by the REMIC Provisions.

 

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(g)          Collections by
or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating,
managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property related to
a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related
Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the
following order of priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to
principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution Amount);

 

(iii)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts
(to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below
on earlier dates);

 

(iv)         to
the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan
to the extent of its entire unpaid principal balance;

 

(v)         as
a recovery of accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not theretofore been
allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)        as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)       as
a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

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(viii)      as
a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)         as
a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

(x)          in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)          The applications
of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be determined by
the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage
Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special Servicer in
accordance with the Servicing Standard.

 

(i)          All net present
value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or REO Property
(including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan
Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)          For purposes of
calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage Loans notwithstanding
that the related loan documents may provide otherwise.

 

Section 1.03     Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding
at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.
For purposes of this Agreement, each Class of Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class V and Class R Certificates) shall be deemed to be outstanding only to the extent its
respective Certificate Balance has not been reduced to zero. For purposes of this Agreement, the Class V Certificates shall be
outstanding so long as any of the ARD Loans are outstanding. For purposes of this Agreement, the Class R Certificates shall be
outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class
of Certificates remains outstanding. For purposes of this Agreement, each of the Class X-A, Class X-HR, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F and Class X-G Certificates shall be deemed to be outstanding until their respective Notional Amounts
have been reduced to zero.

 

Notwithstanding anything
to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special
Servicer that is subject to the consent or approval of the Directing Certificateholder shall in each case be further subject to
the determination by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the
Directing Certificateholder, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing
Certificateholder fails to

 

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grant
its consent or approval to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is consistent
with the Servicing Standard. In each case, (a) if the response by the Directing Certificateholder hereunder is inconsistent with
the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing
Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests
of the Certificateholder and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective
whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan)) and has made a reasonable effort to contact the Directing Certificateholder, it may take such action
without waiting for a response from the Directing Certificateholder; provided that the Special Servicer or Master Servicer,
as applicable, shall provide the Directing Certificateholder (or the Operating Advisor, if applicable) with prompt written notice
following such action including a reasonably detailed explanation of the basis for such action.

 

Section 1.04     Certain
Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor, Other Operating
Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees or
agents (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless
against the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating
to the related Non-Serviced Mortgage Loan under the related Other Pooling and Servicing Agreement, this Agreement or the related
Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided that such indemnification
will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such party, without right
of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred in connection with
any legal action or claim against such party resulting from any breach of a representation or warranty made by such person under
the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or claim against such
party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and
duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from negligent
disregard of such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

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Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and
delivery hereof on the Closing Date, does hereby establish a trust designated as “CFCRE 2016-C4 Mortgage Trust,” appoint
the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans, including
all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or
personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts,
Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for
the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect
to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject to the related
Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced Mortgage
Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under the Mortgage
Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations,
warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of each Mortgage Loan Purchase Agreement
and the Depositor’s rights and remedies with respect to a breach thereof, and excluding the Depositor’s rights and
remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan. The Depositor shall cause the Reserve
Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans to be transferred to and held in the name
of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage
Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a)
serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust,
as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this
Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of
the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts
(subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of
the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges
that any such Mortgage Loan that is a Serviced Mortgage Loan shall be serviced pursuant to the terms of this Agreement.

 

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In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion
Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided,
the original of documents specified in items (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)           (A)
the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee
prior to the Trustee or, if none, by the Originator, without recourse, either in blank, and further showing a complete, unbroken
chain of endorsement from the originator or to the order of the Trustee in the following form: “Pay to the order of U.S.
Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4, without recourse”; and (B) in the case of each related Serviced Companion Loan, a copy of the
executed Mortgage Note for such Serviced Companion Loan;

 

(ii)          the
original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the originals (or
copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon;

 

(iii)        
(A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the
related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original
assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed by the most
recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the
following form: “U.S. Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4” (in such capacity and, with respect to any Serviced Whole
Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding
Assignment of Mortgage referred to in clause (v) above;

 

(iv)         (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each
assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with
evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at
the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements showing
a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record
thereof prior to the Trustee, if any, and (B) if any such security

 

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interest is perfected and the earlier UCC financing statements
and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing statement
by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security
interest, either in blank or in favor of the Trustee in the following form: “U.S. Bank National Association, as Trustee,
for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4”
(in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC Financing Statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized
agents thereof;

 

(v)         an
original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an assignment of the Mortgage, in recordable form (except for missing recording information and,
if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “U.S. Bank National
Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4” (and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);

 

(vi)         the
original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

(vii)        the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Mortgage Loan,
together with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy,
insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the applicable
Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding and countersigned by the related
insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or
approved as binding in writing by the related title insurance company), or, subject to Section 2(d) of the applicable Mortgage
Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title company;

 

(viii)       (A)
the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its

 

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designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related
Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such
item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “U.S. Bank National Association,
as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (v) above;

 

(ix)         the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports;

 

(x)          copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)          if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest that is a space lease or an air rights lease, the original of such space lease or air rights lease), and
any related lessor estoppel or similar agreement or a copy thereof; if any;

 

(xii)        if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee;

 

(xiii)        if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the
UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the
Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing
statements assigning such UCC-1 financing statements to the Trustee in the following form: “U.S. Bank National Association,
as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders));

 

(xiv)       originals
or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon
if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document
have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

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(xv)        the
original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together with,
as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none,
by the Originator;

 

(xvi)       the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;

 

(xvii)      with
respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling
and Servicing Agreement;

 

(xviii)     with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent
required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the
Mortgage File following receipt thereof by the Master Servicer;

 

(xix)        the
original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section 2.01(c))
of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan;

 

(xx)         the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such
Mortgage Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section
2.01(c)) which entitles the Master Servicer on behalf of the Trust to draw thereon; and

 

(xxi)        with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement.

 

The original assignments
referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form of one or more instruments in recordable form
in any applicable filing or recording offices.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the preceding paragraph, only a single original set of
the Loan Documents specified above is required to be delivered. With respect to a Non-Serviced Mortgage Loan, the preceding document
delivery requirements will be met by the delivery by the applicable

 

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Mortgage
Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening endorsements
evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage
securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes and any assignments or other transfer documents
referred to in clause (i)(B) of the second preceding paragraph as being in favor of the Trustee shall instead be in favor of the
applicable Other Trustee; unless U.S. Bank National Association is also the Custodian on the Other Securitization, in which case
only the original note, allonge and intercreditor agreement shall be delivered; provided that with respect to such Non-Serviced
Mortgage Loan, if U.S. Bank National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall,
upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other
Loan Documents specified above to the successor Custodian.

 

With respect to the Mortgage
Loans, within 45 days after the Closing Date, or without limiting the requirement of the second paragraph of Section 2.01(b),
after such later date on which the Mortgage Loan Seller has received all missing filing/recording information, each Mortgage Loan
Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage
Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee
in the following form: “U.S. Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4” (and with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred to in
Section 2.01(a)(v) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents
and Profits referred to in Section 2.01(a)(viii)(B) (if not otherwise included in the related Assignment of Mortgage) which
has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing
office each UCC assignment of financing statement referred to in Section 2.01(a)(iv)(B) and (xiii) which has not yet been
submitted for filing or recording. Each such document shall reflect that the recorded original should be returned by the public
recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following
recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee
(or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances where
the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits,
the Mortgage Loan Seller shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded original,
at the expense of the Mortgage Loan Seller. In the event that any such document or instrument in respect of any Mortgage Loan is
lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller shall
promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may be,
and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or such other third party
vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s expense
(as set forth in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original
recorded or filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no
event later than five Business Days following such receipt) deliver such original to the

 

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Custodian,
with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained in this Section 2.01,
in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases,
Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the
obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have
been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment
of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have
been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the
title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the receipt thereof, the original
related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments
of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third
preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall
be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of
the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion
Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to
effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)          In connection
with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents and warrants
that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement to deliver
to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for each
Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing each related Serviced Companion Loan), the
original or a copy of the related Mortgage, the original or a copy of the title policy for each Mortgage Loan (subject to the second-to-last
paragraph under Section 2.01(a)), a copy of the related ground lease (or, with respect to a leasehold interest with respect
to a space lease or air rights, a copy of the related space lease or air rights lease), if applicable, for each Mortgage Loan and
an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letters of credit
held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following
paragraph, within 30 days following the Closing Date, the

 

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remaining
applicable documents referred to in Section 2.01(a) for each such Mortgage Loan or Serviced Companion Loan, in each case,
with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that
are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as
to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate original of such
Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and an indemnification
in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage
Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of
the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iv), Section 2.01(a)(v),
Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the UCC financing statements and
UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence of recording or filing thereon,
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, or because such original recorded or filed document has been lost or returned from the recording or
filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have
been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File,
provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which
certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable
title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for
recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either
the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be,
thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date
so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or filing, as the case may
be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified
to the Custodian no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder’s
or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)          Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan
will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any
Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original
of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)
who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with
respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment
of such letter

 

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of
credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with respect to any
Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced
Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced
Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xx) of this Agreement are missing with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loans) because the related assignment or amendment documents have not
been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer to draw on the
related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its own name pursuant
to written instructions from the Master Servicer and immediately remitting such funds (or causing such funds to be remitted) to
the Master Servicer.

 

(d)          With respect to
the Mortgage Loans (other than a Non-Serviced Mortgage Loan) secured by the Mortgaged Properties identified as Loan Nos. 17, 24
and 34 on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related comfort letter in favor of
the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related
comfort letter to the Trust or otherwise deliver a new comfort letter issued in the name of the Trust, the related Mortgage Loan
Seller or its designee will be required to provide any such required notice or make any such required request to the related franchisor,
with a copy of such notice or request to the Master Servicer, or take any such required action within 45 days of the Closing Date
(or any shorter period if required by the applicable comfort letter), notify the related franchisor that such Mortgage Loan has
been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard
to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated
under the existing comfort letter).

 

(e)          Each Mortgage
Loan Purchase Agreement shall provide that within 60 days of the Closing Date, each Mortgage Loan Seller shall deliver or cause
to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence Files to the Intralinks
Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than 60 days after the Closing Date),
the applicable Mortgage Loan Seller shall provide to the Depositor (with a copy to the Master Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations Reviewer and
the Operating Advisor) an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that the electronic
copies of the documents and information uploaded to the Intralinks Site constitute all documents and information required under
the definition of “Diligence File” (the “Diligence File Certification”).

 

Section 2.02     Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such
documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for

 

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any
Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all
present and future Certificateholders and Serviced Companion Loan Noteholders.

 

The Custodian hereby
certifies to each of the Directing Certificateholder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer,
the Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan)
is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate)
and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(ii), Section
2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation
to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any
exceptions noted therein, on the Closing Date.

 

On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and
monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions
have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected
Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Controlling Class Representative,
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that
all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of this Agreement, which shall
be delivered to the Master Servicer and the documents referred to in clauses (iv)(B), (v) and (viii)(B) of
Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiii) of Section
2.01(a) of this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller as provided
herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iii), Section
2.01(a)(v), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xii)
through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx) of this Agreement, as
identified to it in writing by the related Mortgage Loan Seller) and any original recorded documents included in the delivery of
a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as
applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents
relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In so doing, the Custodian may rely on the purported due
execution and genuineness of any such document and on the purported genuineness of any signature thereon. Notwithstanding the

 

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foregoing,
with respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each of the Controlling Class
Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in Section 2.01(a)(i)(A)
has been received.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Certificateholder (but
only if no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller
by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or
missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed,
recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material
Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan
in the manner provided in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting
from any failure to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by
the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage
File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

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The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Section 2.03     Representations,
Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents
and warrants that:

 

(i)           The
Depositor is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)          The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)         This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(iv)         The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its partnership agreement or Certificate of Limited Partnership, or any law or regulation to which the Depositor
is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time
or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the
Depositor is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation
or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability
of the Depositor to carry out the transactions contemplated by this Agreement;

 

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(v)          The
limited partnership agreement of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)         to acquire, own, hold, sell,
originate, transfer, convey, safekeep, dispose of, assign, issue, pledge, borrow money against, finance, refinance, administer
and otherwise deal with the Mortgage Assets.(a) commercial real estate loans and other related assets, (b) mortgage-backed securities,
mortgage participation certificates, or any other certificate or security, and the beneficial ownership interest evidenced by such
certificate or security, backed by or evidencing an interest in a pool of single family or multifamily commercial or residential
mortgage loans; (c) mortgage loans secured by mortgages, deeds of trust or similar first or junior liens on single family or multifamily
residential properties, commercial properties or real estate projects under construction, whether or not guaranteed or insured,
in whole or in part, by any governmental agency; and (d) related insurance policies, cash, marketable securities and any other
assets designed to assure the servicing or timely distribution of proceeds of such mortgage loans and any proceeds or further rights
associated with any of the foregoing (collectively, the “Mortgage Assets”);

 

(B)          to establish one or more
trusts (each, a “Trust”) to engage in any one or more of the activities described in this Subsection, each of
which Trusts will deliver to the Depositor (or its designee) (“Trust Certificates”) representing the ownership
interest in the assets of such Trust, and to acquire, own, hold, sell, transfer, assign, pledge, finance, and otherwise deal with
any or all of the Trust Certificates in any Trust that it establishes;

 

(C)          to issue, acquire, own, and
hold one or more series of debt obligations (“Bonds”), each issued pursuant to an indenture (“Indenture”)
and collateralized by Mortgage Assets (provided that, unless such Bonds are non-recourse obligations payable solely from the Mortgage
Assets pledged to secure such Bonds, the Bonds of any series other than the initial series issued by the Depositor or any Trust
established by the Depositor have been rated in the same or a higher rating category by the nationally recognized statistical rating
agency or agencies that rated the initial series of Bonds issued by the Depositor or such Trust)

 

(D)          to issue, acquire, assume,
own, hold, sell, transfer, assign, pledge and finance indebtedness that (i) is subordinated to the Bonds; (ii) is nonrecourse to
the Depositor other than to cash flow on the Mortgage Assets securing a series of Bonds issued by the Depositor in excess of amounts
necessary to pay bondholders of such series; and (iii) does not constitute a claim against the Depositor to the extent that funds
are insufficient to pay such indebtedness; and

 

(E)          to engage
in any other lawful act or activity and to exercise any other powers permitted to limited partnerships organized under the laws
of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the
foregoing.

 

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Capitalized terms defined in
this clause (v) shall apply only to such clause;

 

(vi)         There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)        No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

(viii)       The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.

 

(b)          The Depositor
hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)           Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer
and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;
provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the
Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection
with the related Other Securitization, as applicable;

 

(ii)          The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;

 

(iii)         The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee,
and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from
the Depositor to the Trustee; and

 

(iv)         No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)          It is understood
and agreed that the representations and warranties set forth in this Section 2.03(b) shall survive delivery of the respective
Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special
Servicer. Upon discovery by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset

 

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Representations
Reviewer or a Responsible Officer of the Trustee or Certificate Administrator obtaining actual knowledge (or upon written notice
thereof from any Certificateholder) of a breach of any of the representations and warranties set forth in this Section which materially
and adversely affects the interests of the Certificateholders, the Certificate Administrator, the Master Servicer, Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion Loan Noteholders or the Trustee in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, the Serviced Companion Loan
Noteholders and the Mortgage Loan Sellers.

 

(d)          If the Master
Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement of
a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase Request”,
and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase
Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication of a withdrawal of
a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), (iii)
receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased or replaced
(a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase
Request Rejection”), then such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor, the
Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten Business Days from such party’s
receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer, as applicable, receives
notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or the Master Servicer, as
applicable, the Master Servicer or the Special Servicer, as applicable, shall have no obligation to deliver such notice to any
other party.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of
a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.03(d) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its 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 Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d)
by a Rule 15Ga-1 Notice Provider,

 

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shall
be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect
to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule
15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating
to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(d)
of the Pooling and Servicing Agreement relating to the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer
or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian,
by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement
in connection with its review of the Mortgage File.

 

(e)          A “Defect”
shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage File has not been delivered
within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly executed, is missing,
does not appear to be regular on its face or contains information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation or warranty
of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan. If
any party hereto discovers or receives notice of a Defect or a Breach, or in the case of the Trustee of the Certificate Administrator,
to the actual knowledge of a Responsible Officer or if the Trustee or Certificate Administrator has received written notice, and
if such Defect is a Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust
Fund, shall give prompt written notice thereof to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred and is continuing, the Directing Certificateholder. If any such Defect or Breach materially and adversely affects
the value of any Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee in any Mortgage Loan
or Mortgaged Property, or causes the related Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute
a “Material Defect” or such Breach shall constitute a “Material Breach,” as the case may be; provided,
that if any of the documents specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section
2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement are not delivered as required in

 

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the
related Mortgage Loan Purchase Agreement, it shall be deemed a Material Defect. The Custodian, the Certificate Administrator and
the Trustee shall not be required to make any such determination. Promptly upon receiving written notice of any such Material
Defect or Material Breach with respect to a Mortgage Loan, accompanied by a written demand to take the actions contemplated by
this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller
shall, not later than 90 days from the applicable Mortgage Loan Seller’s receipt of such notice of such Material Defect
or Material Breach, as the case may be (or, in the case of a Material Defect or Material Breach relating to a Mortgage Loan not
being a Qualified Mortgage, not later than 90 days after the Mortgage Loan Seller or any party hereto discovering such Material
Defect or Material Breach, provided that the related Mortgage Loan Seller has received notice in accordance with the terms of
the related Mortgage Loan Purchase Agreement) (any such 90-day period, the “Initial Resolution Period”), (i)
cure the same in all material respects, (ii) repurchase the affected Mortgage Loan at the applicable Purchase Price in conformity
with the applicable Mortgage Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with
respect to the Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided
that, in no event shall such substitution occur later than the second anniversary of the Closing Date) and pay to the Master
Servicer for deposit into the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan
Collection Account) any Substitution Shortfall Amount in connection therewith; provided that if (i) such Material Defect
or Material Breach is capable of being cured but not within the Initial Resolution Period or, with respect to the immediately
preceding proviso, the time period set forth therein, (ii) such Material Defect or Material Breach is not related to any Mortgage
Loan’s not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the
cure of such Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered
to the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly
deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor, and,
prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, an officer’s certificate that
describes the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have an additional
period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase the Mortgage
Loan or substitute a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a
Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home,
assisted living facility, self-storage facility, theatre or fitness center (operated by a Borrower), then the failure to deliver
to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect. With
respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is defined in
the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related Companion
Loan) will constitute a Defect under this Agreement.

 

Notwithstanding the foregoing,
if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan,
the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan if (i) the

 

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affected
Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Loan Documents (and
such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set
forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would
not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Directing Certificateholder if no Control Termination
Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage
Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance
with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any Non-Specially Serviced
Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in the manner
set forth in Section 3.23, with the Servicing File and such other information, documents and records reasonably requested
by the Special Servicer pursuant to Section 3.23(a) in order to permit the Special Servicer to calculate the Loss of Value
Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders
and the Trust on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan
Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan based
on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement
or settlement between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior to any such agreement
or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights
related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan Purchase Agreement
or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage
Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a
Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a
Loss of Value Payment.

 

If any Breach pertains
to a representation or warranty that the related Mortgage Loan documents or any particular Mortgage Loan document requires the
related Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage Loan document(s),
then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may be extended) by reimbursing
the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses incurred
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as
a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the event
any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute
for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately
preceding sentence, the related Mortgage Loan Seller

 

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shall
remit the amount of such costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed
to have cured such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage
Loan Seller are subsequently obtained from the related Borrower, the portion of the cure payment made by the related Mortgage
Loan Seller equal to such fees or expenses obtained from the related Borrower shall promptly be returned to the related Mortgage
Loan Seller.

 

(f)          In connection
with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian, the Master
Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan) shall each
tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the Servicing
File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such Mortgage
Loan possessed by it, upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt
and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement
by the Master Servicer or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount
from the applicable Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned
to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian
by the applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest
in the applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was
transferred to the Trustee (provided, that the Master Servicer or Special Servicer, as applicable, shall use reasonable
efforts to cooperate in furnishing necessary information to the extent in its possession to the Mortgage Loan Seller in connection
with such Mortgage Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by
the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s,
the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in
respect of such Mortgage Loan to the applicable Mortgage Loan Seller.

 

(g)          The Master Servicer
(with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall, for the benefit of
the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the applicable Mortgage Loan Seller
under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement:
first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage Loan), out of the related
Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are a specific component thereof;
and second, if at the conclusion of such enforcement action it is determined that the amounts described in clause first
are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections on the Mortgage Loans on deposit
in the Collection Account in each case with interest thereon at the Reimbursement Rate from the time such expense was incurred
to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan

 

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Seller
prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary and
reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees. For the
avoidance of doubt, neither the Trustee nor the Certificate Administrator shall be obligated to enforce the obligations of the
applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator) and the applicable Mortgage
Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining
to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute
Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required
by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the
month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master
Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution,
distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the
extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect
of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof.
Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the
Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate
Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and
agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders and
the Trust on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

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(h)         In the event that
any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach of any of the
Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the right to conduct
the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer, the Special
Servicer or the Directing Certificateholder, unless such defense results in any liability of the Master Servicer, the Special Servicer
or the Directing Certificateholder, as applicable.

 

(i)          If for any reason
a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with respect to any
Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced
Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller to cure, repurchase or substitute
for such Mortgage Loan under the terms of the related Mortgage Loan Purchase Agreement all at the expense of such Mortgage Loan
Seller.

 

(j)          (i) In the event
an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that a Mortgage
Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Special Servicer, and the Special Servicer shall promptly
forward that Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement and take the actions
required under Section 2.03(e). Subject to Section 2.03(k), the Special Servicer (the “Enforcing Servicer”)
shall be the Enforcing Party with respect to the Certificateholder Repurchase Request.

 

(ii)         In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder has actual knowledge of a Material Defect
with respect to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that
party shall deliver prompt written notice of such Material Defect to each other party to this Agreement and the related Mortgage
Loan Seller, identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase
Request” and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase
Request”). The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related
Mortgage Loan Seller with respect to a PSA Party Repurchase Request.

 

(iii)        In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described below shall apply. Receipt of the Repurchase Request
shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage Loan Seller. A Resolved
Repurchase Request shall not preclude the Special Servicer from exercising any of its rights related to a Material Defect in the
manner and

 

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timing
otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement or as provided by law.

 

(k)         (i) After a Resolution
Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was initiated by
an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer will be required to send a notice
(a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address specified
in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator, who shall make such
notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). Such notice shall include (a) a request to Certificateholders to indicate to the Enforcing Servicer
their agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or “disagree”
to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received
after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder disagrees
with the Proposed Course of Action, the Enforcing Servicer shall be compelled to follow (either as the Enforcing Party or as the
Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action agreed to
and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration,
as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection
with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such
Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their
responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall within fifteen
(15) Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders
and share the results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and
clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language
shall not be taken into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with
the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders
regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection
with this Section 2.03(k) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the majority of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or
Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration,
or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable
Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other
Certificateholder or Certificate Owner

 

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does not agree with the dispute resolution method selected by the Enforcing Servicer, then
the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing
Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date
the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution
Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration. In
the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action for purposes of determining the Proposed Course of Action proposed by a majority of Certificateholders.

 

(ii)         If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against the related
Mortgage Loan Seller, subject only to the consent or consultation rights of the Directing Certificateholder pursuant to Section
6.08.

 

(iii)        Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a
“Requesting Certificateholder”), the Enforcing Servicer will be required to consult with each Requesting Certificateholder
regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or
arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 Business Days following
the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems
to be in good faith to be appropriate relating to the timing and extent of such consultations. No later than 5 Business Days after
completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing
Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final
Dispute Resolution Election Notice”).

 

(iv)        If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

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(v)         If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer,
and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause
(ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce
the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)        Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)       In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein

 

(viii)      For
the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates shall not be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)         The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the
Requesting Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(x)           If
(i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Defect, (ii) a Resolution
Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation or

 

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arbitration
is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease to have a right
to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions of this Agreement,
then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such Mortgage Loan based
on the same alleged Material Defect unless there is a material change in the facts and circumstances known to such party and that
could not have been known to such party with the exercise of reasonable diligence at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website.

 

(l)          If the Enforcing
Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)          The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Meditation Services Provider”) in accordance with published mediation procedures (the
“Mediation Rules”) promulgated by the Meditation Services Provider.

 

(ii)         The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and, if possible, commercial real estate finance or commercial mortgage-backed securitization matters
or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services
Provider. Upon being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party
will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order
of preference. The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the
preference choices of the parties to the extent possible.

 

(iii)         Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)         The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)        Out
of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the
Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case
of arbitration) shall be reimbursable as a Servicing Advance.

 

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(m)         If the Enforcing
Party selects third-party arbitration, the following provisions will apply:

 

(i)           The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)         The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list
of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)         Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of
Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post
hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)         Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided, that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)        The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those

 

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agreements
in any way or award remedies not consistent with those agreements. The arbitrator will not have the power to award punitive damages
or consequential damages in any arbitration conducted by them. Interest on any monetary award shall bear interest from the date
of the Final Dispute Resolution Election Notice at the Prime Rate. In its final determination, the arbitrator shall determine
and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration,
and administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration as determined by the
arbitrator in its reasonable discretion. The determination of the arbitrator shall be by a reasoned decision in writing and counterpart
copies will be promptly delivered to the parties. The final determination of the arbitrator shall be final and non-appealable,
except for actions to confirm or vacate the determination permitted under federal or state law, and may be enforced in any court
of competent jurisdiction.

 

(vii)       By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)      No
person may bring a putative or certificated class action to arbitration.

 

(n)         The following
provisions will apply to both mediation and third-party arbitration:

 

(i)          Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)         If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then it the Supreme Court of the State of New
York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)        The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other

 

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party
with a reasonable opportunity to object to the production of its confidential information.

 

(iv)        In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder, provided
that a Consultation Termination Event has not occurred and is continuing, and in accordance with the Servicing Standard. All amounts
recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection
Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached
in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)         In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.

 

(vi)        The
Trust (or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted to redact any
personally identifiable customer information included in any information provided for purposes of any mediation or arbitration.
Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase Request and
the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)       For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Certificateholder
(including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted
pay off or deed in lieu of foreclosure, or bankruptcy or other litigation).

 

(viii)      In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

(ix)         For
the avoidance of doubt, any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation
or arbitration shall be reimbursable as Additional Trust Fund Expenses.

 

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Section
2.04     Representations, Warranties and Covenants of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Asset
Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby represents and warrants with respect to
itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate
Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor and the Serviced Companion
Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents or (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

 

(iii)        The
Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)         The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from

 

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entering
into this Agreement or, in the Master Servicer’s good faith and reasonable judgment is likely to materially and adversely
affect either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of
the Master Servicer;

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the
transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which
has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer
to perform its obligations hereunder;

 

(viii)      Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(b)         The Special Servicer,
as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of Delaware,
and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which,
in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform
its obligations under this Agreement or its financial condition;

 

(iii)        The
Special Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;

 

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(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of
the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer
to perform its obligations hereunder; and

 

(viii)      Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(c)         [Reserved].

 

(d)         The Trustee hereby
represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date, that:

 

(i)          The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

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(ii)         This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).

 

(iii)        Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement.

 

(iv)        The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties.

 

(v)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder.

 

(vi)        To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated as of the Pricing Date, among the Trustee, the Depositor and the Underwriters.

 

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(e)         The Certificate
Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)         This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)        Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions
of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its
properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument
or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(iv)        The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(v)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially

 

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adverse
effect on the Certificate Administrator’s ability to perform its obligations hereunder.

 

(vi)        To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated as of the Pricing Date, between the Certificate Administrator, the Depositor and the Underwriters.

 

(f)          The Operating
Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

(ii)         The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which,
in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to
be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment,

 

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is
likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or the financial condition of the Operating Advisor; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Operating Advisor, or compliance by the Operating Advisor with, this Agreement or the consummation of the
transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating
Advisor to perform its obligations hereunder.

 

(g)         The Asset Representations
Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing
Date, that:

 

(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable
to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement;

 

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(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)         The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(viii)      The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

Section 2.05     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of the
Mortgage Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage
Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02 of this
Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage Loans for the
benefit of (y) the Holders of the Class R Interest (in respect of the Class LTR Interest) and (z) the Holders of the Lower-Tier
Regular Interests; (ii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and
the Class LTR Interest represented by the Class R Certificates; (iii) acknowledges the contribution by the Depositor of the Lower-Tier
Regular Interests to the

 

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Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular
Interests on behalf of the Upper-Tier REMIC and the Holders of the Certificates; and (iv) in exchange for the Lower-Tier Regular
Interests, the $100 deposit by the Depositor in respect of the Class X-C Certificates and the $100 deposit by the Depositor in
respect of the Class X-D Certificates, has caused to be executed and caused to be authenticated and delivered to or upon the order
of the Depositor, or as directed by the terms of this Agreement, the Regular Certificates and the Class R Certificates, in authorized
denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Regular Certificates, the Class
V Certificates and the Class R Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the holders of the Class
V Certificates. The Trustee (i) acknowledges the assignment to it of the Excess Interest, (ii) declares that it holds and will
hold such Excess Interest in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates
and (iii) has caused the Certificate Administrator to execute, and has caused the Authenticating Agent to authenticate and to deliver
to or upon the order of the Depositor, in exchange for the Excess Interest, and the Depositor hereby acknowledges the receipt by
it or its designees of the Class V Certificates in authorized Denominations.

 

Section 2.06     Miscellaneous
REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LTR Interest, represented
by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated as “regular interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR Interest, represented by the Class
R Certificates is hereby designated as the sole Class of “residual interests” in the Upper-Tier REMIC within the meaning
of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular
Interests and the Regular Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.

 

(b)         None of the Depositor,
the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any arrangement by which
the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.

 

(c)         The Class V Certificates
shall represent undivided beneficial interests in its corresponding portion of the Trust Fund consisting of the Class V Specific
Grantor Trust Assets. The Grantor Trust shall be treated as a “grantor trust” within the meaning of subpart E, part
I of subchapter J of the Code.

 

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Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section
3.01     The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special
Servicer; Administration of the Mortgage Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with
respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion Loans that are not Specially
Serviced Loans) and the Special Servicer (generally with respect to Specially Serviced Loans and Serviced REO Loans), each as
an independent contractor servicer, shall service and administer the Mortgage Loans (other than a Non-Serviced Mortgage Loan)
and the Serviced Companion Loans on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and, in
the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to
any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of
such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To
the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided,
that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph
(c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this
Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem
consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, and in the case of the Serviced
Whole Loans, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholders, as a collective whole
as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the
subordinate nature of such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders
and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements
and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications,
waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor
the

 

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Special Servicer shall modify, amend,
waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Section
3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section
3.27 hereof. The Master Servicer (with respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion
Loans that are not Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO
Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided
to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the
receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable,
any powers of attorney (substantially in the form attached hereto as Exhibit DD, or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited
to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate
(as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing
and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such
other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action,
suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s,
as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any
such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the
Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the
Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment
of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing
such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s
or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action with the intent to cause, and
that actually causes, the Trustee to be registered to do business in any state.

 

(b)         Unless otherwise
provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial Principal
Prepayment received on a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable, on
a date other than a Due Date to the Stated Principal Balance of such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or
Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal
Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall
apply any amounts received on U.S. Treasury obligations in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance of and interest
on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)         The Master Servicer
and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its respective obligations

 

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hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material respects with all of
the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this Agreement, the terms
of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor Agreement, (ii) if such
Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides that (x) the failure of
such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable to such Sub-Servicer,
including the failure to deliver any reports or certificates at the time such report or certification is required under Article
X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items 1122 and
1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates offered by the
Depositor or backed by a Serviced Companion Loan shall constitute an event of default by such Sub-Servicer upon the occurrence
of which the Master Servicer shall (and the Depositor may) immediately terminate the related Sub-Servicer under the related Sub-Servicing
Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer,
as applicable, shall be permitted to make Major Decisions or otherwise grant any modification, waiver, extension, forbearance or
amendment to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the
Master Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures
set forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section
3.27, (as applicable), (iv) such agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing
Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer,
such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing
Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements
with such agents or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance
of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function
Participant, at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to
a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received
by such Sub-Servicer.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer
or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be

 

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deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator,
the Depositor or any Serviced Companion Loan Noteholder bear any termination fee required to be paid to any Sub-Servicer as a result
of the termination of any Sub-Servicing Agreement. In the case of the Limited Sub-Servicing Agreement, dated May 1, 2016, between
the Master Servicer and Berkeley Point Capital LLC (“Berkeley Point”), in the event such agreement is terminated,
the Master Servicer shall continue to pay to Berkeley Point the servicing fees that would have been due to Berkeley Point under
such agreement as though such agreement remained in full force and effect; provided that such servicing fees shall be paid
solely out of the Servicing Fee and only for so long as the Master Servicer receives a Servicing Fee pursuant to this Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Certificateholder for so long as
no Control Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply
with applicable regulatory requirements.

 

(d)         If the Trustee
or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor Special Servicer
assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee, the successor
Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor
Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02, shall, without
act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, succeed
to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such event,
such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest, as
applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

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If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense
of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special
Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents
and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable,
then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise
use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor.
The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph shall
imply otherwise.

 

(e)         The parties hereto
acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement and, with respect
to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the Other Pooling
and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each Companion Loan Noteholder
under the related Intercreditor Agreement, including, without limitation with respect to (A) the allocation of collections (and
all other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage Loan and (B) the
allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances
with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other
Pooling and Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights relating
to the servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other
Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information
and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole
Loan shall be dependent on

 

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its receipt of the corresponding information and collections from the related Other Servicer or the
related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or
conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related
to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.

 

Section 3.02     Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and,

 

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with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of
the Mortgage Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor
or any other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions
as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and
Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with
any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section 3.03     Collection
of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer
is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the
Serviced Companion Loans each is obligated to service hereunder, and shall follow the Servicing Standard with respect to such
collection procedures; provided, that nothing herein contained shall be construed as an express or implied guarantee by
the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided,
further, that with respect to such Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans, as
applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the
related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder,
if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of
Excess Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan,
as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid
in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in
its discretion waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated
to service hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect
to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and
the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the
Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing,
the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans)
may in their discretion waive any late payment charge or Default Interest in connection with any delinquent Periodic Payment or
Balloon Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer
shall be entitled

 

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to take such actions with respect to the collection of payments on the Mortgage Loans and the
Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Mortgage Loans (other
than a Non-Serviced Mortgage Loan) that it is servicing, shall maintain accurate records with respect to each related Mortgaged
Property reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status
of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use
its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as
required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case
of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, shall use reasonable efforts consistent
with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums),
and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect, payment of all
such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing
for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage Loan or Serviced
Companion Loan. If a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) fails to make any such payment on
a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination
date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master Servicer determines
in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that with respect
to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second
to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer and the Trustee, as applicable, shall be entitled
to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section
3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting
which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06
of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged
Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan Noteholders, be
added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such
Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.

 

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(b)         The Master Servicer
shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than any Non-Serviced Mortgage Loans)
or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and
general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”)
into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and maintained
in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with
the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted
Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation
Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage
Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan Documents require
it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial institution holding
such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Loan Documents
require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 days (or such longer time
as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating to the Certificates and any
related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled,
“Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee, for
the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4 and Various Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals
from an Escrow Account may be made by the Master Servicer only:

 

(i)          to
effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)         to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)        for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)        to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or
Serviced Whole Loan, as applicable;

 

(v)         to
pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be

 

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paid
to the related Borrower under law or by the terms of the Loan Documents for such Mortgage Loan or Serviced Whole Loan, or otherwise
to the Master Servicer; or

 

(vi)        to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)         The Master Servicer
shall, as to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Companion Loan that it is servicing,
(i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments
and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable
in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment
of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan
does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents
(if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause
the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in respect of
such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings
with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement,
the Master Servicer shall timely make a Servicing Advance with respect to the Mortgage Loans (other than Non-Serviced Mortgage
Loans) and Serviced Whole Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties
or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05     Collection
Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts.
(a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the Certificateholders and the Trustee
as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor
Trust. Amounts attributable to the Companion Loans will not be assets of the Trust Fund.

 

The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent
to the Cut-off Date:

 

(i)          all
payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

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(ii)         all
payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of
the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest and the
interest component of all Unscheduled Payments;

 

(iii)        any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized
on Permitted Investments with respect to funds held in the Collection Account;

 

(iv)        all
Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section
3.15(b) of this Agreement;

 

(v)         any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer
as provided herein;

 

(vi)        all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage
Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced Whole Loan),
other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage
Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to
Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced
Whole Loan); provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant
to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into
the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Available Funds;

 

(vii)       Penalty
Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset
interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(c) of this Agreement;

 

(viii)     any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)        any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any
mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other

 

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than
in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)         any
Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this Agreement;

 

(xi)        any
Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)       in
the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole
Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Certificateholders (other
than the Holders of the Class V Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the
benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from
any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion
Loan also identified separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received
with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) of this Agreement above with respect to any Specially Serviced Loan which
is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except,
if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts
within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance
with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with
the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate
reason. Any such amounts received by

 

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the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO
Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the
Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any
related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty
such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)        The Certificate
Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution
Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)         With respect to
each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer Remittance
Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)
of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this Agreement.
Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit
in (A) the Lower-Tier Distribution Account (i) the amount of Available Funds to be distributed pursuant to Section 4.01
of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan to be deposited
into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account)
pursuant to Section 3.06 of this Agreement, (B) the Interest Reserve Account as part of the Lower-Tier REMIC, the amount
of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement and (C) in the Excess Interest Distribution
Account, the Excess Interest to be distributed to the Holders of the Class V Certificates.

 

(d)         If any Loss of
Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to or as contemplated
by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain one or more non-interest bearing
accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders,
for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible
Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve
Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund
as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of either Trust REMIC
or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out
of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by
the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage
Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund.
The applicable Mortgage Loan Seller will

 

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be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes,
and shall be taxable on all income earned thereon.

 

(e)         The Certificate
Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee, for the
benefit of the Certificateholders (other than the Holders of the Class V Certificates) and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as a sub-account
of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year,
unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect
to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months, withdraw or be deemed
to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount
equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate Administrator
shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such
amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer
Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate
Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest
Reserve Account.

 

(f)          The Certificate
Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the Trustee and
for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained as an Eligible
Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw
or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier Distribution
Account on or before such date the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance
Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)
and Section 4.01(c) of this Agreement on such date.

 

(g)        With respect to
each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained, a
Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)          all
payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

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(ii)         all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)        any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)        all
Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)         any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced
Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)        all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation Proceeds
related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage Loan
included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating
to that Mortgage Loan and to Available Funds and any Liquidation Proceeds related to a sale of a related Serviced Companion Loan
included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to pay
expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

(vii)       Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a
Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)      any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection
with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)        any
other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness
that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set
forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable
Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

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(x)         any
cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)        any
Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing
requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section
3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees,
extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the applicable Serviced
Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable
law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced
Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole Loan
Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis
but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for
so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business
Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with
the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced
Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such
check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable
Whole Loan REO Account.

 

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(h)          Notwithstanding
anything to the contrary contained herein, with respect to each Due Date and any related Serviced Companion Loan, on each Serviced
Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole Loan Collection
Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by wire transfer
in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing on the
Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such account
so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required
to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its agent appearing
on the Serviced Companion Loan Noteholder Register) the portion of the applicable Serviced Whole Loan Remittance Amount allocable
to such Serviced Companion Loan Noteholder.

 

(i)          Prior to the Master
Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the Certificate Administrator
shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held in its own name
for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class V Certificates),
and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee as holder of the
Lower-Tier Regular Interests. Each account that constitutes an Gain-on-Sale Reserve Account shall be an Eligible Account or a sub-account
of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account
or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced Whole Loan Collection
Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the Serviced Whole Loans),
for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator shall then deposit
in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in the Gain-on-Sale Reserve
Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date immediately prior to
such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan; provided that on the
Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account
and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as provided in Section
4.01(e)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale Reserve Account
attributable to the Mortgage Loans.

 

(j)          Funds in the Collection
Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale
Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section 3.07
of this Agreement; provided, however, that for so long as U.S. Bank National Association is the Certificate Administrator,
funds on deposit in the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the

 

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Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(k)         The Certificate
Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit of the Holders
of the Class V Certificates, with respect to the Excess Interest, which shall be an asset of the Grantor Trust and beneficially
owned by the Holders of the Class V Certificates and shall not be an asset of either Trust REMIC. The Excess Interest Distribution
Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account. Following the distribution
of Excess Interest to the Class V Certificateholders on the first Distribution Date after which there are no longer any Mortgage
Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess
Interest Distribution Account.

 

Section
3.06     Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection
Accounts and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with
respect to the Mortgage Loans that it is servicing on which it shall make ledger entries as to amounts deposited (or
credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may
be specified below or on which funds are available for such purpose as specified below), with respect to each Mortgage Loan
(other than any Mortgage Loan related to a Serviced Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv), (xvi)
and (xvii) of this Section 3.06(a)), the Master Servicer shall make withdrawals from amounts allocated thereto
in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below
not constituting an order of priority for such withdrawals):

 

(i)          on
or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, (A) to remit to the Certificate Administrator
the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole
Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without limitation
the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate
Administrator shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve
Account, pursuant to Section 3.05(f), Section 3.05(e) and Section 3.05(i) of this Agreement, respectively
and (B) to remit to the Certificate Administrator an amount equal to the Excess Interest received in the Collection Period to
be deposited into the Excess Interest Distribution Account;

 

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(ii)         to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included
in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive
of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received
on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation
Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO
Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders),
(C) each month to the Other Servicer or Other Special Servicer, as applicable, the Trust’s pro rata portion (based
on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees, workout
fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such
parties under Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans
and REO Properties, (D) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating
Advisor Consulting Fees were received from the related Borrower) and (E) the Asset Representations Reviewer, any (i) unpaid Asset
Representations Reviewer Monitor Fee or (ii) any Asset Representation Reviewer Asset Review Fee payable in connection with any
Asset Review that was performed as a result of an Affirmative Asset Review Vote;

 

(iii)        to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are
reimbursable pursuant to clause (v) below , and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced
Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited
to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or Serviced
REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan

 

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as
to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed on a pro rata
basis with any reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest
advances with respect to the applicable Serviced Companion Loan, from collections on the related Serviced Whole Loan allocable
to such Serviced Subordinate Companion Loan) during the applicable period; provided, further, that if such P&I
Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed from amounts
recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed
Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all of the Mortgage Loans
and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below;

 

(iv)        to
reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the
Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole
Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment
pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as applicable, payments
received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided,
that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be
reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of
the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

(v)         (A)
to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect
to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds,
if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal portion of general
collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion of general collections
is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s
sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of
this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with respect to the Workout-Delayed
Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of
such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2) above with
respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection
Account are insufficient

 

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therefor
after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion
Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion (or such other amount as may be set forth in the related Intercreditor
Agreement) of such amount representing Servicing Advances allocable to the related Serviced Companion Loans from the related Companion
Loan Noteholders), and (B) to pay itself or the Special Servicer out of general collections on the Mortgage Loans and REO Properties,
with respect to any Mortgage Loan or Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation
Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination
made with respect to such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received
in connection therewith, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the
related Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s
pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing
advances previously made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)        (A)
at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable, any
Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance that
constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant to
clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon
or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable
Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant
to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon,
in each case, first, from Penalty Charges as provided in Section 3.12(c) and then, from general collections, but in the
case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that
amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account
any allocation set forth in the related Intercreditor Agreement (provided that the Master

 

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Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion
Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing
Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as
it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for
any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property
pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee,
as applicable, any interest accrued and payable thereon;

 

(vii)       to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under
Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation or any other obligation
of the Mortgage Loan Seller, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement
pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced Whole
Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right to reimbursement
shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause (f) of the definition
of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are
instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan
Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following
the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment
of such Loss of Value Payment, as the case may be;

 

(viii)      to
pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)        (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12 of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any
period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the
Mortgage Loans that are not Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the

 

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related
Borrower and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid
and are not needed to pay interest on Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional
Trust Fund Expenses incurred with respect to such Mortgage Loan during or prior to the related Collection Period (including Special
Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in
accordance with Section 3.12, Net Default Interest and any other Penalty Charges on Specially Serviced Loans (exclusive
of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan), but only to the extent collected from the related
Borrower and only to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have
been paid and are not needed to pay interest on Advances or Additional Trust Fund Expenses (including Special Servicing Fees,
Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)         to
pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts
to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata
portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders));
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed
allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage
Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)        to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit
in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set
forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

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(xii)       to
pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on
the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b)
if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xiii)      to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans and REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely
to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan
Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans;
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated,
(a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro
rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiv)      to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each Mortgage
Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant
to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)       to
pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Asset
Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person at the
expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section
3.06(a) of this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan, only to the extent
that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into
account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after
receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not be construed to modify any limitation
or

 

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requirement
otherwise set forth in this Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount
or as to the funds from which any such payment or reimbursement is permitted to be made; provided, that (i) any amounts
so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related
to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of
the Mortgage Loans;

 

(xvi)      to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including
any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)     to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income
earned on funds deposited in the Collection Account;

 

(xviii)    to
transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate
Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)       to
pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan,
if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement,
all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;

 

(xx)        to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this
Agreement; provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan,
to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based
on the respective Stated Principal Balances of the Mortgage Loans;

 

(xxi)       pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License
Fee to CREFC® on a monthly basis; and

 

(xxii)      to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall
pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any
related

 

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Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Collection Account.

 

The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit
from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator
such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine
the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest; and (iii) the
Companion Loans.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to
such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of
the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer of the Operating Advisor,
a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer or a certificate of the
Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless
such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant
to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which
case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to
recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Custodian/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty
License Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting
Fees are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee, Advances, Advance Interest
Amounts (for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant
to Section 6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other than CREFC®),
their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit
in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees)
for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and
paid from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate
Administrator, the Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and

 

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the Asset Representations Reviewer
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement and payment of any federal, state or local taxes imposed on either Trust REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection Period
ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months (with
the consent of the Directing Certificateholder, for so long as no Control Termination Event has occurred and is continuing, for
any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its
sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon),
then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such
a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above
prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain
from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending
on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in
its sole discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans to be received before
making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof)
until the end of such Collection Period; provided, the Master Servicer or the Trustee shall give notice of its election
to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable Advances from
amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee determines
in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable Advances,
(2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that could affect
or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from the Certificate
Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to defer reimbursement
of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give
notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest
on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to 

 

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Section 3.14(d) of this Agreement).
Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice
provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer
or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date.
Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance
or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set
forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders
or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced
Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or
to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and
neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as
contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may arise
from such an election.

 

None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer,
the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any
unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for
purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been
made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance
and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest
Amount, would be included in Available Funds for any subsequent Distribution Date.

 

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 If
and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable
Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced,
to not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable
Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other
collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds
to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount
of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated
in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)           The
Master Servicer shall maintain a separate Trust Ledger with respect to the Serviced Whole Loans that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)          to
make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after
taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section
3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the related seller
thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating
to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely
to the Collection Account;

 

(ii)          to
pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees
to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO
Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to
such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such
Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or

 

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Condemnation
Proceeds), or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation
Proceeds), that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered
by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole
Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided
in Section 3.06(a)(ii) of this Agreement;

 

(iii)          to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)          to
reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property),
for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related
payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation
Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that if such Servicing Advance becomes a
Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in
accordance with clause (v) below;

 

(v)          (A)
to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable
(x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds
and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections
in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed Reimbursement Amounts,
first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net
of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out
of general collections in the Collection Account as provided in Section 3.06(a); 

 

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provided
that in the case of both clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections,
such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any,
and then from collections on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with
a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu
Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s
principal balance) and then from general collections of the Trust (provided that, in the case of a Servicing Advance that
is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on
behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself
or the Special Servicer out of general collections on such Serviced Whole Loan and related REO Properties, any related earned
Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause
(ii) above following a Final Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and
the deposit into the applicable Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to
any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited (except to the
extent set forth in Section 3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Collection Account that
were received in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the
related Intercreditor Agreement) in the related Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed
Reimbursement Amount were incurred (provided, that to the extent such amounts are insufficient to repay such Advances on
any Mortgage Loan as to which there is a related Subordinate Companion Loan, such P&I Advances may be reimbursed from collections
on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vi)          at
such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with
respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or
any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii)
above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts
accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may be, any
Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself,
the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts
accrued and payable thereon, with such

 

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amounts
payable in the case of clauses (A), (B) and (C) above, first, from Penalty Charges pursuant to Section 3.12(c),
then, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections on, and
proceeds of on a pro rata basis as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans (based
on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance),
provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with
respect to any such interest on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received
in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement) in the related Serviced Whole Loan as to which such advance relates (provided, that any Mortgage Loan as to which there
is a related Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced
Whole Loan allocable to such Subordinate Companion Loan);

 

(vii)          to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage
Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage
Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including,
without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the Purchase
Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition of Purchase
Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)         to
pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole
Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole
Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date)
and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related
Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from the related Borrower and
to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed
to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider
and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related

 

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Intercreditor
Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of
Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the
extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the
extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the related
Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances made
by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12
and the related Intercreditor Agreement);

 

(x)            to
recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)           to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the
extent that such amounts relate to such Serviced Whole Loans;

 

(xii)          to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loans;

 

(xiii)         to
pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local
taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental
costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator
nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage
Loan or to the Serviced Companion Loans (but only to the extent that any Serviced Companion Loan is included in a REMIC);

 

(xiv)         to
reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)          to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included in such
Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent
to the date of purchase relating to periods after the date of purchase;

 

(xvi)         to
deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole Loan required
to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

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(xvii)        to
pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may
be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed
to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to
the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment
or reimbursement is permitted to be made;

 

(xviii)       to
pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any, previously
purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts
received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect
to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution,
in accordance with the third paragraph of Section 2.03(g); and

 

(xix)         to
clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In
the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if
such amount is not specifically payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of
collections or proceeds allocable to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid
from collections on, and proceeds of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and
proceeds of, on a pro rata basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans
(based on the related Mortgage Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal
balance), and then, to the extent provided for in this Agreement, from general collections.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to
any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then,
from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master
Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master
Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion
Loans.

 

The
Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid
to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and
amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall
have no duty to recalculate the amounts stated therein. The Special Servicer

 

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shall
keep and maintain separate accounting for each Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan,
on a loan by loan and property by property basis, for the purpose of justifying any request for withdrawal from any Serviced Whole
Loan Collection Account.

 

Any
permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to
an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent
of the Other Trustee, if any.

 

Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with
respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement,
within two Business Days of receipt thereof and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day
after the receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced
Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New
York City time) (provided, however, that to the extent any such amounts are received after 3:00 p.m. (New York City
time) on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such amounts within one
Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two
Business Days of receipt of properly identified funds) on the related Due Date therefor (exclusive of any portion of such amount
payable or reimbursable to any third party in accordance with the related Intercreditor Agreement or this Agreement), unless such
amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If
the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date or any other date a remittance
is required to be made, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion
Loan Noteholders (in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such
date (including any P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion
Loans pursuant to Section 4.01(d)(i), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage
Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate
Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion
Loans), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required
to be made (without regard to any grace period) until (but not including) the date such late payment is received by the Certificate
Administrator or the Serviced Companion Loan Noteholders, as applicable.

 

(c)          On
each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or
the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master
Servicer or the Special Servicer, as applicable.

 

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(d)           With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan
exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund,
subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion
Loan, if any, and then for the pro rata portion of such expenses allocable to the Serviced Pari Passu Companion Loan from the
related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of
general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)           If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the Special
Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to
clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business
Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof)
from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)         to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance
Interest Amount);

 

(ii)        to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value
Payments, would constitute an Additional Trust Fund Expense;

 

(iii)       to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be
(as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan
or any related successor REO Loan;

 

(iv)       following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related
transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other
Mortgage Loan or Serviced REO Loan; and

 

(v)        On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage

 

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Loan
Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to such Mortgage
Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the Mortgage
Loan related to such contribution.

 

Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated
as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto
for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant
to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage
Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated
by clauses (i)-(iv) of the prior paragraph.

 

(f)          The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid
from the Collection Account:

 

(i)            to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable
pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the
Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)           to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)          to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)          to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and
Section 8.05(d) of this Agreement;

 

(v)           to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)          to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

(g)           The
Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)            to
make distributions to Certificateholders (other than Holders of the Class V Certificates) (in the case of the Holders of the Class
R Certificates, in respect of the

 

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Class UTR Interest) on each Distribution Date pursuant to Section 4.01 or Section
9.01 of this Agreement, as applicable;

 

(ii)           to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)          to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

Section
3.07     Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts,
the Cash Collateral Accounts and the Reserve Accounts. (a) The Master Servicer (with respect to the Collection Account,
and any Serviced Whole Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding
sentence)), the Special Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator
(with respect to the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any
depository institution maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve
Account, any Borrower Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution
Accounts (each such account, for purposes of this Section 3.07, an “Investment Account”), to invest
the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that
mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn
from such Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master
Servicer, the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that
such investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the
case of any Escrow Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”),
the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer
is required to do so under the terms of the respective Loan Documents, provided that in the absence of appropriate written
instructions from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall
have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All
such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account
shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate
Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master
Servicer or the Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each
such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate
Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary
to transfer title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall
have any responsibility or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall
have no

 

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responsibility
or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall
have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator,
the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

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

 

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

 

(b)          All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related
Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account
and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account,
the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and,
if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject
to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO
Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account, the Distribution
Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole
Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the Interest Reserve
Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment
immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer or the Certificate
Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment
Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately
upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts
are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage
Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be
required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of
the insolvency of the federal or state chartered depository

 

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institution
or trust company that holds such Investment Account, so long as such depository institution or trust company has satisfied the
qualifications set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior
to such insolvency.

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of
the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii)
the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or
reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in
connection therewith.

 

Section
3.08    Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) In the
case of each Mortgage Loan or Serviced Whole Loan, as applicable (but excluding any REO Loan and any Non-Serviced Mortgage Loan),
the Master Servicer shall use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower,
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Whole Loans that it is servicing, to
maintain the following insurance coverage (including identifying the extent to which such Borrower is maintaining insurance coverage
and, if such Borrower does not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for
the related Mortgaged Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a
tenant, a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an
amount that is at least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced
Whole Loan, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable,
but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage
(including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the related
Loan Documents; provided, that:

 

(i)            the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless
the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related
Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and
is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to
maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y), required
by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

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(ii)           if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)          the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)          except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)           to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)          any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in
accordance with the Servicing Standard, (unless the Special Servicer, with the consent of the Directing Certificateholder if no
Control Termination Event has occurred and is continuing, has consented to a waiver (including a waiver to permit the Master Servicer
to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision
in accordance with the Servicing Standard); provided that the Special Servicer shall promptly notify the Master Servicer
in writing of such waiver.

 

The
Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Certificateholder
if the Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Mortgage Loan (other than
a Non-Serviced Mortgage Loan) has failed to maintain insurance required under the Loan Documents and such failure materially and
adversely affects the interests of the Certificateholders or if a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) has notified the Master Servicer in writing that the Borrower does not intend to maintain such insurance and that the Master
Servicer has determined in accordance with the Servicing Standard that such failure materially and adversely affects the interests
of the Certificateholders.

 

Subject
to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable
efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the
right of the Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage
that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified
Insurers to the extent

 

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reasonably
available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended
coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the
lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced
REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents
(unless such amount is not available or, if no Control Termination Event has occurred and is continuing, the Directing Certificateholder
has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause,
(b) a comprehensive general liability insurance policy with coverage comparable to that which would be required under prudent
lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing
Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided
that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph
beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.

 

All
such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard”
mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with
respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured,
with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property).
Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to
be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to
the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or,
in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant
to Section 3.06 of this Agreement, in the case of amounts received in respect of a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant
to Section 3.15 of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred
by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating
monthly distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of
the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan
so permit; provided, that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf
of the Trust Fund to enforce any obligations of the related Borrower under such Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan. Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect
of the Mortgage Loans or Specially Serviced Loans (other than REO Properties) (i) if the Borrower defaults on its obligation to
do so, shall be advanced by the Master Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall
not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal Balance of the
related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.

 

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Any
cost incurred by the Special Servicer in maintaining any such insurance policies with respect to Serviced REO Properties shall
be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with
the allocation provisions of the related Intercreditor Agreement) payable out of the related REO Account (or Serviced Whole Loan
REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as
a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance would be a Nonrecoverable
Advance, subject to Section 3.21(d) of this Agreement).

 

(b)          If
either:

 

(x)
the Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Mortgage Loans (other than Non-Serviced Mortgage Loans), Serviced
Whole Loans or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)          is
obtained from a Qualified Insurer, and

 

(ii)         provides
protection equivalent to the individual policies otherwise required, or

 

(y)
the Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt
obligations or deposit accounts that are rated not lower than “A2” by Moody’s and “A-” by Fitch
or (B) one NRSRO (which may include Moody’s and/or Fitch) and A.M. Best Company), and the Master Servicer or Special Servicer
self-insures for its obligation to maintain the individual policies otherwise required,

 

then
the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance
to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable.

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the
Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on any Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced REO Property thereunder
a hazard insurance policy complying with the requirements of Section 3.08(a) of this Agreement, and there shall have been
one or more losses that would have been covered by such an individual policy, promptly deposit into the Collection Account (or,
in the case of a Serviced Whole Loan, in the related Serviced Whole Loan Collection Account), from its own funds, the amount not
otherwise payable under the blanket or master force-placed policy in connection with such loss or losses because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or
the related Serviced Whole Loan, as applicable (or, in the absence of any such deductible limitation, the deductible limitation
for an individual policy which is consistent with the Servicing Standard). The Master Servicer and Special Servicer shall prepare
and present, on behalf of itself, the Trustee, Certificateholders and, if applicable the Serviced Companion Loan

 

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Noteholders,
claims under any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms
of such policy. If the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property securing a Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced REO Property to be covered by such “force-placed” insurance
policy, the incremental costs of such insurance applicable to such Mortgaged Property or Serviced REO Property (i.e., other
than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or Serviced REO Property is
covered thereby) shall be paid as a Servicing Advance.

 

(c)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, that is subject
to an Environmental Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an
Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special
Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate
Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer
or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)          The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties
as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond
in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable,
shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by
the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the
case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent
if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not
lower than “A2” by Moody’s, “A-” by Fitch and no lower than its equivalent by KBRA if then rated
by KBRA, the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage
required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

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The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch, and no lower than
its equivalent by KBRA if then rated by KBRA, the Master Servicer or the Special Servicer, as applicable, may self-insure with
respect to the errors and omissions coverage required as described above, in which case it shall not be required to maintain an
insurance policy with respect to such coverage.

 

Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions.
(a) If any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature
of a “due-on-sale” clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or
part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which by
its terms:

 

(i)           provides
that such Mortgage Loan or Serviced Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge
or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)          provides
that such Mortgage Loan or Serviced Whole Loan may not be assumed without the consent of the related mortgagee in connection with
any such sale or other transfer, or

 

(iii)         provides
that such Mortgage Loan or Serviced Whole Loan may be assumed or transferred without the consent of the mortgagee, provided
certain conditions set forth in the Loan Documents are satisfied,

 

then,
for so long as such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (or related Mortgage Loan)
is included in the Trust Fund, subject to the rights of the Directing Certificateholder, the Special Servicer, on behalf of the
Trust Fund, shall not be required to enforce any such due-on-sale clauses and in connection therewith shall not be required to
(x) accelerate payments thereon or (y) withhold its consent to such an assumption if (1) such provision is not exercisable under
applicable law or if the Special Servicer determines, subject to the rights of the Directing Certificateholder, that the enforcement
of such provision is reasonably likely to result in meritorious legal action by the Borrower or (2) the Master Servicer (with
the consent of the Special Servicer) or the Special Servicer, as applicable, determines, in

 

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accordance with the Servicing Standard
and subject to the rights of the Directing Certificateholder, that granting such consent would be likely to result in a greater
recovery, on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause. The Special
Servicer shall be responsible for determining whether (i) to enforce any such due-on-sale clauses or (ii) to provide its consent
to such an assumption, and for the handling of all related processing and documentation, or, if mutually agreed to by the Master
Servicer and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent of the
Special Servicer. If the Special Servicer determines that (A) granting such consent would be likely to result in a greater recovery,
(B) such provision is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above relating to the assumption
or transfer of a related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan have been satisfied, the
Special Servicer is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgaged
Property has been or is about to be conveyed, and to release the original Borrower from liability upon such Mortgage Loan and
substitute the new Borrower as obligor thereon, provided that (a) the credit status of the prospective new Borrower is
in compliance with the Servicing Standard and the terms of the related Mortgage and (b) the Special Servicer has followed the
Rating Agency Confirmation process pursuant to Section 3.30 relating to the Certificates and Serviced Companion Loan Securities,
if any, with respect to Moody’s, Fitch or KBRA in the case of any such Mortgage Loan that (1) represents more than 5% of
the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000,
(2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups
of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000
or (4) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the ten largest mortgage loans in
the related Other Securitization based on outstanding principal balance (provided, that the Master Servicer or Special Servicer,
as applicable, shall be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer,
trustee or certificate administrator of the applicable Other Securitization as to whether such Serviced Companion Loan is one
of the 10 largest mortgage loans in such Other Securitization). In addition, with respect to a Serviced Companion Loan, the Special
Servicer shall not waive any rights under a due on sale clause unless it first obtains a Rating Agency Confirmation with respect
to the related Serviced Companion Loan Securities. The Master Servicer and the Special Servicer shall be entitled to rely on the
master servicer and/or the special servicer of the Other Securitization to determine whether a No Downgrade Confirmation is required
with respect to the Serviced Companion Loans under the Other Securitization. In connection with each such assumption or substitution
entered into by the Special Servicer, the Special Servicer shall give prior notice thereof to the Master Servicer. The Special
Servicer shall notify the Trustee, the Master Servicer, the Certificate Administrator and the Directing Certificateholder that
any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer,
the Certificate Administrator, the Trustee and the Directing Certificateholder, as applicable) the original copy of such agreement,
which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File
to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan
Documents, the Special Servicer shall not approve an assumption or substitution without requiring the related Borrower to pay
any fees owed to the Rating Agencies associated with the approval of such assumption or substitution.

 

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However, if the related
Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced
Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement);
provided that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan)
or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after receiving payment
from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related
Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced
Companion Loan from the holders of such Serviced Companion Loan.

 

(b)           If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)           provides
that such Mortgage Loan or Serviced Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the
creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the
borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale
or transfer of preferred equity in the Borrower or its owners),

 

(ii)          requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

(iii)         provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then,
subject to Section 3.25, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce such due-on-encumbrance
clauses and in connection therewith, will not be required to (i) accelerate the payments on the related Mortgage Loan or Serviced
Whole Loan or (ii) withhold its consent to such lien or encumbrance, if the Special Servicer, subject to the rights of the Directing
Certificateholder, (x) determines, in accordance with the Servicing Standard that such enforcement would not be in the best interests
of the Trust Fund or the holder of the related Serviced Companion Loan, if applicable (giving due regard to the junior nature
of the related Subordinate Companion Loan, if any), or that in the case of a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan described in clause (b)(iii) above that the conditions to further encumbrance have been satisfied
and (y) as to any Mortgage Loan or Serviced Whole Loan, follows the Rating Agency Confirmation procedure pursuant to Section
3.30 with respect to Moody’s, Fitch or KBRA in the case of any such Mortgage Loan that (1) represents more than 2% of
the aggregate Stated Principal Balance of the Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more
than $20,000,000, (3)

 

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represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based
on Stated Principal Balance, (4) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that
is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the aggregate
of the Stated Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount of the proposed
additional lien) that is less than 1.20x or (6) is a Mortgage Loan as to which the related Serviced Companion Loan represents
one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance (provided, that
the Master Servicer or Special Servicer, as applicable, shall be entitled to reasonably rely upon the written notification provided
by the master servicer, special servicer, trustee or certificate administrator, as applicable, of the applicable Other Securitization
as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization); provided
that with respect to clauses (1), (3), (4), (5) and (6), such Mortgage Loan shall have a Stated Principal Balance of at least
$10,000,000 for the requirement of a Rating Agency Confirmation to apply. In addition, with respect to each Serviced Companion
Loan, the Special Servicer shall not waive any rights under a due-on-encumbrance clause unless it first obtains a Rating Agency
Confirmation with respect to the related Serviced Companion Loan Securities. To the extent not precluded by the Loan Documents,
the Special Servicer shall not approve an assumption or substitution without requiring the related Borrower to pay any fees owed
to the Rating Agencies associated with the approval of such lien or encumbrance. However, if the related Borrower is required
but fails to pay such fees, such fees shall be an expense of the Trust Fund; provided that in the case of a Serviced Whole
Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan) or the Special Servicer (if such Serviced Whole Loan
is a Specially Serviced Loan) shall be required, after receiving payment from amounts on deposit in the Collection Account, if
any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise
on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for
a pro rata portion of such amount allocable to the related Serviced Companion Loans from the holders of such Serviced Companion
Loans. The Special Servicer shall be responsible for determining whether (i) to enforce any such due-on-encumbrance clauses or
(ii) to provide its consent to such a lien or due-on-encumbrance, and for the handling of all related processing and documentation
or, if mutually agreed to by the Master Servicer and the Special Servicer, the Master Servicer shall be required to process such
request subject to the consent of the Special Servicer.

 

(c)         Notwithstanding
any other provision of this Agreement, the Special Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event has occurred
and is continuing, the consent of the Directing Certificateholder. The Directing Certificateholder shall have 10 Business Days
after receipt of notice along with the Special Servicer’s recommendation and analysis with respect to such waiver and any
additional information the Directing Certificateholder may reasonably request from the Special Servicer of a proposed waiver or
consent under any “due-on-sale” or “due-on-encumbrance” clause in which to grant or withhold its consent
(provided that if the Special Servicer fails to receive a response to such notice from the Directing Certificateholder in writing
within such period, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver or consent).

 

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(d)         The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other
17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)          Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)          In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall not
agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of
this Agreement shall contain any terms that are different from, any term of any Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)         With
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which permits release of Mortgaged
Properties through defeasance:

 

(i)            Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(o)
with respect to actions that are Special Servicer Decisions, the Master Servicer shall process all defeasances of non-Specially
Serviced Mortgage Loans (other than any Non-Serviced Mortgage Loan) and related Serviced Companion Loans in accordance with the
terms of the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that
for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification
Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding
anything herein to the contrary, the Master Servicer shall process such defeasances without the consent of the Special Servicer
(or Directing Certificateholder, if applicable), subject only to the Special Servicer’s consent rights (including any required
Directing Certificateholder approval of Special Servicer actions) with respect to any modification, waiver or amendment that constitutes
a Major Decision, Special Servicer Decision or is otherwise material.

 

(ii)           If
such Mortgage Loan or Serviced Whole Loan requires that the lender purchase the required government securities, then the Master
Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s
expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts
paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee

 

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has
a first priority perfected security interest in the defeasance collateral (including the government securities) and the assignment
of the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)         To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity)
on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)          Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that
represents 5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)         Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause an Adverse REMIC Event; provided that to the extent not inconsistent with the
Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise
be a Servicing Advance).

 

(vii)        No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.

 

(viii)         The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)          The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

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(x)           To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)          The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulations
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)          Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

(h)        With
respect to all Specially Serviced Loans and Performing Loans, the Special Servicer shall, prior to waiving its rights or granting
its consent to any proposed action of the Master Servicer under this Section 3.09, and prior to itself taking such an action,
obtain the written consent of the Directing Certificateholder, which consent shall be deemed given 10 Business Days after receipt
(unless earlier objected to) by the Directing Certificateholder of the Master Servicer’s and/or Special Servicer’s,
as applicable, written analysis and recommendation with respect to such action together with such other information reasonably
requested by the Directing Certificateholder. When the Special Servicer’s consent is requested under this Section 3.09,
such consent shall be deemed given 15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor
Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Certificateholder approval)
after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written
analysis and recommendation with respect to such proposed action together with such other information reasonably required by the
Special Servicer.

 

Section
3.10          Appraisals; Realization upon Defaulted Mortgage Loans. (a)
Other than with respect to a Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the effective date of any
(A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance or amortization terms of any
Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity
Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement,
or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms
of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the
payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent
with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to
obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of
such request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer shall not be
required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for
which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is

 

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less
than nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent
with the Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal
Estimate. For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall use
commercially reasonable efforts to obtain letter updates to each Updated Valuation every 9 months (i) within 30 days of the end
of each nine-month period following the related Appraisal Reduction Event and (ii) upon its determination that the value of the
related Mortgaged Property has materially changed, and the Master Servicer shall recalculate the Appraisal Reduction Amount prior
to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with
respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Certificateholder,
nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the
Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance
with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction
Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal
Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal. The Special Servicer shall send all
such letter updates and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information Provider
(who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred, the Directing Certificateholder.

 

The
Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over
a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action
in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including
without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent
with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory
arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the
Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b)
of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of
the Directing Certificateholder if no Control Termination Event has occurred and is continuing) and with the Servicing Standard,
accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged
Property or Properties, provided that the Special Servicer determines that such acceleration and foreclosure are more likely
to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole
as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders, constituted a single lender) (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan) on a present value basis (discounting at the related Calculation Rate) than would a waiver of such
default or an extension or modification in accordance with the provisions of Section 3.26 hereof. In connection with causing
the Trust to foreclose on collateral that consists of multiple properties held for sale to customers by the

 

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related
Borrower (such as unsold condominium units in a single project), the Special Servicer directing such foreclosure shall consider
the effect of the bidding price for the properties on the tax basis of such properties if such properties are likely to be treated
in the hands of the Trust as properties held for sale to customers. The Master Servicer shall pay the costs and expenses in any
such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer, as applicable, determines, in its
good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided, if such Servicing
Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would be in best interests
of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single lender (with the Master Servicer
permitted to conclusively rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master
Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account),
which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely upon any determination
of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the
Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such
Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer
and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate)
made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure
or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained
will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination
is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)          In
the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer)
or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall
(except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the
related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent
with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable,
shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

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(i)          it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)          subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced
REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained
unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments
of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable
in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full
and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed
the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable.

 

(d)          Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)          such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)         the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event
(and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an
“outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal
property for federal income tax purposes to be designated at such time).

 

(e)          Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to
any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement
unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the
Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest
by the Trust Fund will not cause an Adverse REMIC Event.

 

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(f)        Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the
Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to
any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial
owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to
acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the
Trustee, for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be considered
to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:

 

(i)          such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring
such Mortgaged Property in compliance therewith, and

 

(ii)          there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take
such actions with respect to the affected Mortgaged Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and, if

 

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applicable,
the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained by the Special
Servicer for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good
faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer or the Trustee, as applicable,
shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding
sentence to the extent permitted by Section 3.06. The Special Servicer shall provide written reports and a copy of any
environmental assessments in electronic format to the Directing Certificateholder (if no Consultation Termination Event has occurred
and is continuing), the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider
(who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement), monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section
3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence
thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase
of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged
Property.

 

(h)          If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender, to take such actions as are necessary to bring such Mortgaged
Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(f)(ii) of this Agreement
that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest
of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole
as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender, to take such
action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is
required by law or regulation, the Special Servicer shall (with the consent of the Directing Certificateholder if no Control Termination
Event has occurred and is continuing) take such action as it deems to be in the best economic interest of the Trust Fund (and
with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender, but only if the Certificate Administrator
has mailed notice to the Holders of the Regular Certificates and the related

 

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Serviced
Companion Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate
Administrator does not receive, within 30 days of such notification, instructions from the Holders of Regular Certificates entitled
to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced Companion Loan Noteholders
directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines
that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged Property would result from the
presence of such Hazardous Materials and provides a prior written statement to the Trustee and the Certificate Administrator setting
forth the basis for such determination, then the Special Servicer may take or cause to be taken such action to remedy such condition
as may be consistent with the Servicing Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer shall be obligated to take any action or not take any action pursuant to this Section 3.10(h) at the direction
of the Certificateholders or with respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related
Serviced Companion Loan Noteholders unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced
Companion Loan Noteholders agree to indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer with respect to such action or inaction. The Master Servicer shall advance the cost of any such compliance, containment,
clean-up or remediation as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Advance
would constitute a Nonrecoverable Advance.

 

(i)          The
Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with
all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan (other than
a Non-Serviced Mortgage Loan) or Serviced Whole Loan which is abandoned or foreclosed and the Master Servicer shall report to
the IRS and the related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report,
via Form 1099C or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer
by the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)          The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from
the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection
Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders.

 

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Section
3.11          Custodian to Cooperate; Release of Mortgage Files. Upon
the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that
payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian
by a certification (which certification shall include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Collection Account or the applicable Serviced Whole Loan
Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing
Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with any instrument
of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the Trust Fund. The Master
Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any provision in the relevant Loan
Documents that require the Borrower to pay such amounts. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be an expense of the Custodian.

 

From
time to time upon request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release,
the Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the
Master Servicer or the Special Servicer, as applicable, or its designee. Upon return of the foregoing to the Custodian, or in
the event of a liquidation or conversion of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the
event of a substitution of a Mortgage Loan pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a
certificate of a Servicing Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be
received in connection with such liquidation which are required to be deposited into the Collection Account or the applicable
Serviced Whole Loan Collection Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan
has become a Serviced REO Property, or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable
Substitution Shortfall Amount, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special
Servicer, as applicable. If from time to time, pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling
and Servicing Agreement, and as appropriate for enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer
or the Other Special Servicer requests delivery to it of the original Mortgage Note by providing the Trustee and the Custodian
a Request for Release, then the Custodian shall release or cause the release of such original Mortgage Note to the Other Servicer
or the Other Special Servicer or its designee.

 

Within
five (5) Business Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after
receipt of a written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings,
requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to
the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against
any Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided
by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that
such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are

 

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required,
that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee’s sale.

 

Section
3.12     Servicing Fees, Certificate Administrator/Custodian/Trustee Fees and Special Servicing Compensation. (a)
As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each
Mortgage Loan and Serviced Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under
this Agreement or as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.

 

In
addition, the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable
law and the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit
in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and
certain Reserve Accounts (to the extent consistent with the related Loan Documents), (ii) any Net Default Interest and any other
Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing
Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection
Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing
Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated
to the related Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(c), (iii)
to the extent permitted by applicable law and the related Loan Documents, (A) with respect to any Mortgage Loan (and the related
Serviced Companion Loans) that is a non-Specially Serviced Loan, (1) 100% of any Modification Fees which do not involve a Major
Decision or Special Servicer Decision and (2) 50% of any Modification Fees which involve a Major Decision or Special Servicer
Decision (whether or not processed by the Special Servicer) and (B) with respect to any Specially Serviced Loans, 0% of any Modification
Fees, (iv) 100% of any defeasance fees provided that for the avoidance of doubt, any such defeasance fee will not
include any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to hereunder,
(v) (A) with respect to any Mortgage Loan (and the related Serviced Companion Loans) that is a non-Specially Serviced Loan, (1)
100% of Assumption Fees and consent fees which do not involve a Major Decision or Special Servicer Decision and (2) 50% of Assumption
Fees and consent fees which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer)
and (B) with respect to Specially Serviced Loans, 0% of Assumption Fees and consent fees, (vi) 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the
related Serviced Companion Loans) that are non-Specially Serviced Loans, (vii) 100% of assumption application fees with respect
to Mortgage Loans (and the related Serviced Companion Loans) for which the Master Servicer is processing the underlying assumption
related transaction (whether or not the consent of the Special Servicer is required), (viii) any amounts collected for checks
returned for insufficient

 

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funds
(with respect to any Mortgage Loan or Specially Serviced Loan) and (ix) 50% of any fee paid in connection with any Major Decision
or Special Servicer Decision for a non-Specially Serviced Loan (regardless of whether the Master Servicer or Special Servicer
processes the related request) and 0% of any fee paid in connection with any Major Decision or Special Servicer Decision for a
Specially Serviced Loan. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower
Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest
Excess, if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein.
In addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty
charges collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage
Loan remaining after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain
expenses of the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except
with respect to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses
(iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan. Notwithstanding anything to the contrary, the Master
Servicer and the Special Servicer will each be entitled to charge reasonable review fees in connection with any borrower request
to the extent such fees are not prohibited under the related Mortgage Loan Documents and are actually paid by or on behalf of
the related Borrower.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have
the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master
Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee,
the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part
of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall
nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the
Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The
Master Servicer and any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor
REO Loans with respect to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or
otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer
or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification
requirements of the Act and any applicable state securities laws and is otherwise made in accordance with the Act and such state
securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form
attached as Exhibit AA-1 hereto, and (iii) the prospective transferee shall have delivered to the Master Servicer and the
Depositor a certificate substantially in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee,
the Certificate

 

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Administrator, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated
to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration
or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge
or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an
Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection
with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust,
the Depositor, the Underwriters, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the
Operating Advisor, the Asset Representations Reviewer and the Special Servicer against any liability that may result if such transfer
is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws or is
not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its
acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information
in any manner that could result in a violation of any provision of the Act or other applicable securities laws or that would require
registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer,
sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan or
successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to
the Master Servicer as Servicing Fee with respect to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing
Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the
Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer.
The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding
sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset
Representations Reviewer, the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever regarding payment
of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

As
compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Certificate Administrator/Custodian/Trustee Fee, which shall be payable from amounts
on deposit in the Lower-Tier Distribution Account. The Certificate Administrator shall pay each of the Trustee the Custodian their
respective portion of the Certificate Administrator/Custodian/Trustee Fee. The Certificate Administrator’s rights to the
Certificate Administrator/Custodian/Trustee Fee may not be transferred in whole or in part except in connection with the transfer
of all of its responsibilities and obligations under this Agreement.

 

Except
as otherwise provided herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its
servicing activities hereunder, including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers).
Except as otherwise provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it
in connection with its activities hereunder.

 

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As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection
Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The
Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with
the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special
Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related
Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer
during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period
(and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement
and Section 3.12(c) herein) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior
to such Collection Period on such related Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to
the Master Servicer) as further described below in this subsection (b), (ii) (a) 100% of any Modification Fees related to the
Specially Serviced Loans, (b) 50% of any Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are
non-Specially Serviced Loans which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special
Servicer) and (c) 0% of any Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially
Serviced Loans which do not involve a Major Decision or Special Servicer Decision, (iii)(a) 100% of any Assumption Fees and consent
fees on Specially Serviced Loans, (b) 50% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced
Companion Loans) that are non-Specially Serviced Loans which involve a Major Decision or Special Servicer Decision (whether or
not processed by the Special Servicer) and (c) 0% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced
Companion Loans) that are non- Specially Serviced Loans which do not involve a Major Decision or Special Servicer Decision, (iv)
100% of assumption application fees received with respect to the Mortgage Loans (and the related Serviced Companion Loans) for
which the Special Servicer is processing the underlying assumption related transaction, (v) 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Premiums or Yield Maintenance Charges) on Specially Serviced Loans,
and (vi) any interest or other income earned on deposits in the REO Accounts,. Notwithstanding anything to the contrary, the Master
Servicer and the Special Servicer will each be entitled to charge reasonable review fees in connection with any borrower request.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have
the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master
Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee,
the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part
of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee,

 

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the
Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have
been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged
by the Special Servicer.

 

Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder, including all fees of any sub-servicers retained by it.

 

In
addition, the Special Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected
by the Other Special Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage
Loan remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced
Mortgage Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not NSF check fees and
similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding
sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12 with respect to
a Non-Serviced Mortgage Loan.

 

(b)          In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each
such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan
for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole
Loan will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes
a Serviced REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced
Whole Loans again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns
with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with
respect to the Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing
such Specially Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as
of the time that the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments
and subsequently the Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation
(and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout
Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A
Liquidation Fee will be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased
by a Mortgage Loan Seller, (ii) each Specially Serviced Loan or REO Loan, or (iii) each Defaulted Mortgage loan that is a Non-Serviced
Mortgage Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, in each
case, as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser
or Mortgage Loan

 

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Seller,
as applicable, and, except as otherwise described below, with respect to any Specially Serviced Loan or REO Property as to which
the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause
(iii), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to
such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution
Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or Specially
Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding
anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the
extent set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the
extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related
mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that
is more than 90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required
to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with
respect to a liquidation of such Mortgage Loan (provided, that such Liquidation Fee shall in all circumstances be payable
by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer
fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of
its obligation to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan
as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the
portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary,
the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation
Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated,
and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or
modified pursuant to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing
Certificateholder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored
by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be
paid the related Workout Fee or Liquidation Fee, as applicable.

 

The
total amount of Workout Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole
Loan or Serviced REO Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap
of $1,000,000. For the purposes of determining whether any such cap has been reached with respect to a Special Servicer and a
Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer
with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees
or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and
any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also
not be taken into account).

 

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The
Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing
to any of its sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy
obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums
are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable
directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection
Account or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

 

The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of
a Mortgage Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection
with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any
REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided
in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(c)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage
Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion
Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that
accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect
to such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion
Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement, and (iii) the Trust
Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect
to such Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously
paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer
and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise
have been entitled to receive during such period with respect to such Mortgage Loan without any such application. Except as set
forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation
Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty
Charges allocated to a

 

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Mortgage
Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement and, if applicable,
the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that,
Advances in clauses (i) and (ii) shall mean P&I Advances).

 

(d)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan
Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro
rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of
the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which
are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs
and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(e)          No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of
their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds
would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections
on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk
or liability.

 

If
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee receives a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which
would, in the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s,
the Asset Representations Reviewer’s or the Trustee’s good faith business judgment require the assistance of Independent
legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced
Companion Loan Noteholder hereunder, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, shall not be required to take any action in response
to such request

 

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or
inquiry unless such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment
of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s,
the Asset Representations Reviewer’s or the Trustee’s expenses associated with such counsel (including, without limitation,
posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such
arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to
respond to such request or inquiry.

 

Section
3.13      Reports to the Certificate Administrator; Collection Account Statements. (a) The
Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior
to the Master Servicer Remittance Date prior to each Distribution Date (beginning June 2016), the CREFC® Loan Periodic
Update File with respect to all of the Mortgage Loans that it is servicing for the related Distribution Date (which shall include,
without limitation, the amount of Available Funds allocable to the Mortgage Loans) including information therein that states the
anticipated P&I Advances for the related Distribution Date. The Master Servicer’s responsibilities under this Section
3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s obligations
under Section 3.23 of this Agreement. The Master Servicer shall (no later than the time(s) that it or any portion thereof
is made available to the Certificate Administrator) make available to each Serviced Companion Loan Noteholder with respect to
the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer, the CREFC®
Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement
on a monthly basis.

 

(b)          For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any
Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward
to the Certificate Administrator a statement prepared by the Master Servicer setting forth the status of each of the Collection
Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection
Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan
Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category
of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for
the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and
attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books, records and accounts
of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)          Beginning
in June 2016, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced Companion Loan Noteholders and the Operating
Advisor the following reports (in electronic

 

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form)
with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties), providing the required
information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received the most recent
CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC®
Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the
CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report
received from such Special Servicer, (ii) the most recent CREFC® Property File, CREFC® Financial
File, CREFC® Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in
each case incorporating the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC®
Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance
Recovery Report.

 

The
information that pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon
the reports delivered by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has
the primary responsibility to generate) no later than the related Determination Date in the form required by Section 3.13(g)
of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer
in the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without
investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any
information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate
any of the amounts and other information stated therein.

 

(d)          The
Master Servicer (with respect to the Performing Loans and Specially Serviced Loans) or the Special Servicer (with respect to REO
Properties) shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan
Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the extent
that such materials or the information on which they are based have been received by the Master Servicer or the Special Servicer,
as applicable, with respect to the Mortgage Loans or REO Properties, as applicable, that the Master Servicer or the Special Servicer,
as applicable, is servicing:

 

(i)          Within
30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating
statement for the quarter ending September 30, 2016, with respect to each Performing Loan (other than any Non-Serviced Mortgage
Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written
format or in electronic media) in the case of any Serviced REO Loan), a CREFC® Operating Statement Analysis Report
for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with copies
of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to
deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially
Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the
annual

 

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CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such delivery shall
satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter
ending June 30 of each year, commencing in 2017. The Master Servicer (or the Special Servicer in the case of Specially Serviced
Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic operating
statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any
Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines.

 

(ii)          At
least annually, on or before June 30 of each year, beginning with June 30, 2017, with respect to each Mortgage Loan (other than
a Non-Serviced Mortgage Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the
Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan),
a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of
the end of the preceding calendar year (initially, year-end 2016), together with copies of the related operating statements and
related rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to
provide such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO
Properties, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date,
provided, however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable,
to provide a year end analysis or update, such analysis or update shall not be required to the extent such analysis or update
is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer (or the
Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts
to obtain said annual and other periodic operating statements and related rent rolls, which efforts shall include a letter sent
to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting
such annual and other periodic operating statements and related rent rolls until they are received to the extent such action is
consistent with applicable law and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating
statements (including year-to-date statements) and related rent rolls, the Master Servicer shall promptly update the CREFC®
Operating Statement Analysis Report (commencing with the quarter ending September 30, 2016).

 

(iii)          Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any
Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by
and received from the Special Servicer

 

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in the case of any Specially Serviced Loan or Serviced REO Property), commencing within
45 or 60 days, as applicable, of receipt of such statements for year-end 2016, a CREFC® NOI Adjustment Worksheet
for such Mortgaged Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer
will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full
year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received
with respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced REO Property or constitutes security
for a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the CREFC® Operating Statement
Analysis Report for such Mortgaged Property; provided, however, that any analysis or update with respect to the
year-end or first quarter of each year shall not be required to the extent such analysis or update is not required to be provided
under the then current applicable CREFC® guidelines.

 

Except
with respect to a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt
of any such items from any Rating Agency, the Master Servicer shall forward such items to the 17g-5 Information Provider (who
shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The
Master Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and
shall not be required to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced
REO Property (to the extent prepared by and received from the Special Servicer in the case of any Serviced REO Property or any
Mortgaged Property constituting security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The
CREFC® Operating Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property
that secures a Non-Serviced Mortgage Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced
Loan) is to be updated with trailing 12-month information, as available, or year-to-date information until 12-month trailing information
(commencing with the quarter ending September 30, 2016) is available by the Master Servicer and such updated report shall be delivered
to the Trustee, the Certificate Administrator, the Operating Advisor, the Directing Certificateholder and any related Serviced
Companion Loan Noteholder in the calendar month following receipt by the Master Servicer of such updated trailing or year-to-date
operating statements and related rent rolls for such Mortgaged Property.

 

The
Special Servicer shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required
of it pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)          In
connection with their servicing of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced REO Properties,
the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate
Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property
that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have
a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the
reason for such material adverse effect.

 

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(f)          The Master Servicer
or the Special Servicer, as applicable, shall make available to the Controlling Class Representative copies of all rent rolls,
operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements
or rent rolls, within 15 Business Days of receipt.

 

(g)          On or before 2:00
p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer
and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Controlling
Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer Loan File
with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the required
information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form acceptable
to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master
Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in
writing and in an electronic format acceptable to the Master Servicer.

 

(h)          The Special Servicer
shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator,
the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the
following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each case to the extent that such
materials or the information on which they are based have been received by the Special Servicer:

 

(i)          At
least annually, on or before June 1 of each year, commencing in 2017, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO
Property as of the end of the preceding calendar year (initially year-end December 31, 2016) together with copies of the operating
statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar
year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such
information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties,
only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The
Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent
rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)          Within
45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to
a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged
Property or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that,
with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master
Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use
any operating statements received with respect to any Mortgaged

 

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Property relating to a Specially Serviced Loan or Serviced REO
Property to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property.

 

Except with respect to
a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt of any such items
from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post
such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially
Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged
Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated
report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for
each such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form
acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable
CREFC® format.

 

(i)          If the Master
Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision
of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such
statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies a
particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article
X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance
with clause (x).

 

(j)          The Master Servicer
may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available each month
on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password
to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose
such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password,
and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection
with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of
a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the
extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability,
use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage
that may arise therefrom.

 

(k)          With respect to
each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business
Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required

 

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to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section
3.14     Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as
applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured
financial institutions, the Operating Advisor (but only if a Control Termination Event has occurred and is continuing), the
Directing Certificateholder (but only if no Consultation Termination Event has occurred and is continuing), the Federal
Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such
boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise
authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the documentation regarding
the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal
Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority,
such access being afforded without charge but only upon reasonable written request and during normal business hours at the
offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer or the Special
Servicer, such access may be afforded to such Person identified above by the delivery of copies of information as requested
by such Person and the Master Servicer or the Special Servicer shall be permitted to require payment (other than from the
Directing Certificateholder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the
Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making
such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon
reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the
Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case may
be, the Trustee, the Certificate Administrator, the Operating Advisor (but only if a Control Termination Event has occurred
and is continuing), the Depositor or their accountants or other representatives shall have reasonable access to review the
documents, correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be,
as they relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the
Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the
obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information
with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in
this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14.

 

(b)          In connection
with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced Companion
Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced

 

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Companion Loan Noteholder,
the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Noteholder
(to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable costs and expenses
of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided
that no charge may be made if such information or access was required to be given or made available under applicable law. In connection
with providing Certificateholders or Serviced Companion Loan Noteholders access to the information described in the preceding paragraph
the Master Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special
Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry
Certificates or is a Serviced Companion Loan Noteholder or a regulator or governmental body and will keep such information confidential.

 

(c)          Upon the reasonable
request of (1) any Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to the Master Servicer’s
or the Special Servicer’s, as applicable, reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request
of any Serviced Companion Loan Noteholder), the Master Servicer or the Special Servicer, as applicable, may provide (or forward
electronically) (at the expense of such Certificateholder or Serviced Companion Loan Noteholder) copies of any appraisals, operating
statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer, as applicable, or (2)
any Controlling Class Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to the Master
Servicer’s or the Special Servicer’s, as applicable, reasonable satisfaction, the Master Servicer or the Special Servicer,
as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded
Information in the Master Servicer’s or the Special Servicer’s, as applicable, possession (available on the Certificate
Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s
Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Mortgage Loan in which such
Controlling Class Certificateholder is not a Borrower Party; provided that, in connection therewith, the Master Servicer
or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such
form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a
Holder of Certificates or a Serviced Companion Loan or a beneficial holder of Book-Entry Certificates or a regulator or a governmental
body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance
and evaluating any continuing rights the Certificateholder may have under this Agreement. For the avoidance of doubt, neither the
Master Servicer nor the Special Servicer, as applicable, shall make any Asset Status Reports available to any Certificateholders
on its website.

 

(d)          The 17g-5 Information
Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to the 17g-5 Information
Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@usbank.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and

 

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uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CFCRE 2016-C4 Mortgage Trust, Series 2016-C4” and an identification of the type of information
being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial
(provided, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall promptly notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)           any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)          any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)         any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)         any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)          any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)         any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)        any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)       any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)          copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)          any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)          any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

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(xii)        any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)        any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)       any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)        any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)       any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

(xvii)      any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii)     any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)        the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)         such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information shall be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may

  

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be submitted
electronically via the 17g-5 Information Provider’s Website). Questions regarding delivery of information to the 17g-5 Information
Provider may be directed to (312) 332-7458 and 17g5informationprovider@usbank.com (or such other address as the 17g-5 Information
Provider shall specify by written notice to the other parties hereto).

 

Upon request of the Depositor
or the Rating Agencies (through the Rating Agency Q&A Forum and Document Request Tool) or if otherwise required under this
Agreement, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information
requested by the Depositor (including any pre-closing material from the Depositor’s Rule 17g-5 website) or the Rating Agencies
or if otherwise required under this Agreement to the extent such information is delivered to the 17g-5 Information Provider electronically
in accordance with this Section 3.14 of this Agreement. In no event shall any party to this Agreement disclose on the 17g-5
Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall provide a mechanism to notify each NRSRO that has
provided a NRSRO Certification each time a document is posted to the 17g-5 Information Provider’s Website.

 

The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency
Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website,
where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement,
submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant
to this Section 4.02(d), the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the Mortgaged Properties or submit
inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special
Servicer as to which the Operating Advisor has consultation rights pursuant to Section 3.31, whether or not referenced in
such Operating Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of
an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall
be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period
following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable)
to the 17g-5 Information

 

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Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request
may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the
question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or
the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan
Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or
the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the
case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole
discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect
questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the
17g-5 Information Provider’s Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “CFCRE 2016-

 

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C4 Mortgage
Trust, Series 2016-C4” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall promptly notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.

 

The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

(e)          Each of the Master
Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce
or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d) of
this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers, for review by
the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance
with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Certificateholder and the
Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is
simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may

 

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require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall provide
electronic confirmation to the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice
or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as
applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency
or Rating Agencies following the earlier of (a) receipt of confirmation from the 17g-5 Information Provider that such information,
report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the
first Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information,
report, notice or other document to the 17g-5 Information Provider.

 

(f)          The Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee
shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any

 

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Mortgage Loan, Serviced
Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property; provided
that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information
Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures set forth
in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary of such
oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider shall post
such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.14(d)
of this Agreement.

 

(g)          None of the foregoing
restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications,
or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special
Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or
NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(f); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly
available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such
Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.14(g).

 

(h)          The costs and
expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the Trustee and
any other party hereto shall not be Additional Trust Fund Expenses.

 

Section
3.15     Title and Management of REO Properties and REO
Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired
for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan
Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or
certificate of sale shall be taken in the name of the Trust where permitted by applicable law or regulation and

 

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consistent
with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the
Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole
Loans, the related Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case
of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property
prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced
REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier
REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case
the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer
has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the
additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be
allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the
Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such
Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which
event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion
of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day
of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to
the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of
the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and
Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension
on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for
the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely
for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO Property to fail to
qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard
to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of
such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section
860F(a)(2)(B) of the Code with respect to such property.

 

(b)          The Special Servicer
shall have full power and authority, subject only to the Servicing Standard and the specific requirements and prohibitions of this
Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the manner in which the
Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates, all on
such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, in the case
of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection

 

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therewith, the Special Servicer
shall agree to the payment of management fees that are consistent with general market standards. Consistent with the foregoing,
the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure
property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if
it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income
on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders (and, in
the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation
or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer
shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own
funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled “Rialto Capital
Advisors, LLC, as Special Servicer, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the Holders of
CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 and the related Serviced Companion Loan
Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan Noteholders.
The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited
in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause
to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business Days after
receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation,
management and maintenance of such Serviced REO Property and for other Property Protection Expenses with respect to such Serviced
REO Property, including:

 

(i)          all
insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)          all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)         all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)         any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section
4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and
any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced
Companion Loan is included in a REMIC.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such
Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing
Advance would constitute a Nonrecoverable Advance (provided that with respect to

 

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advancing insurance premiums or delinquent
tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)
of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual
knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master
Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable,
that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not
a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the
preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from
each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that
(x) is on or prior to the related Determination Date or (y) is two (2) Business Days after such amounts are received and properly
identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that
in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for
repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)          permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for

 

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purposes of Section 860D(a)
of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the
Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than
through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of
a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), provided that:

 

(i)           the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)          any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(iii)         none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(iv)         the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)          Promptly following
any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer shall notify
the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation thereof,
but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge
of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity

 

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of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify the Depositor
and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any, and of the
results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute standards
and the cost thereof shall be an expense of the Trust Fund and allocated to the Classes of Sequential Pay Certificates in the following
order, in each case until the Certificate Balance of such Class of Certificates is reduced to zero: first, to the Class
G Certificates; second, to the Class F Certificates; third, to the Class E Certificates; fourth, to the Class
D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates; seventh, to the Class
A-M Certificates; and then to Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-HR, pro rata based
on their respective Certificate Balances. In the case of any Serviced Pari Passu Whole Loan such expenses shall be allocated in
accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a
new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)          When and as necessary,
the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer setting forth the
amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and management of
a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount
not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections 3.15(a) and
3.15(b) of this Agreement.

 

(e)          Upon the disposition
of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate the Gain-on-Sale
Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale.

 

Section
3.16     Sale of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell
or purchase, or permit the sale or purchase of, a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole
Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided
in or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in an applicable Intercreditor
Agreement.

 

(b)          If the Special
Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender to attempt
to sell a Defaulted Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan, the Special
Servicer shall use reasonable efforts to solicit offers for each such Defaulted Mortgage Loan on behalf of the Certificateholders
and, if applicable, the related Serviced Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair
price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with
the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted
under the related

 

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Intercreditor Agreement, the Special Servicer will be entitled to sell for a Liquidation Fee (with the consent
of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event) such Non-Serviced Mortgage
Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders.
The Special Servicer shall accept the first cash offer received from any Person that constitutes a fair price for such Defaulted
Mortgage Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a
fair price for such Defaulted Mortgage Loan during the period designated by the Special Servicer for receipt of offers, the Special
Servicer shall accept the highest price.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Certificateholder,
not less than ten Business Days’ prior written notice of its intention to sell any such Defaulted Mortgage Loan, and notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for
or purchase any such Defaulted Mortgage Loan pursuant to this Agreement.

 

(c)          Whether any cash
offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person, unless (i) the offer is equal to or greater than the applicable Purchase Price, (ii) it is the highest offer received and
(iii) at least two other offers are received from independent third parties. In determining whether any offer received from an
Interested Person represents a fair price for any such Defaulted Mortgage Loan, the Trustee shall be supplied with and shall rely
on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period
or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i) the
Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such Defaulted
Mortgage Loan, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special
Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and Special Servicer are Affiliates and the Special
Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable
as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person,
an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in
valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected
with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such
third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the
Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Mortgage Loan, the Special
Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it
may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested
Person constitutes a fair price for any such Defaulted Mortgage Loan, any appraiser shall be instructed to take into account, as
applicable,

 

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among other factors, the period and amount of the Delinquency on such Defaulted Mortgage Loan, the period and amount
of the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where
the Mortgaged Property is located, the expected recovery from such Defaulted Mortgage Loan if the Special Servicer were to pursue
a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which,
in connection with the administration of a Defaulted Mortgage Loan related to a Serviced Whole Loan, shall be construed and calculated
as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Mortgage
Loan shall in all cases be deemed a fair price.

 

(d)          Subject to subsection
(c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case
of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary
or appropriate in connection with the sale of any such Defaulted Mortgage Loan, and the applicable collection of all amounts payable
in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and
may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in
the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Mortgage
Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those
representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters),
and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer,
the Depositor, the Certificate Administrator, the Operating

 

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Advisor, the Asset Representations Reviewer or the Trustee shall have
any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the
Special Servicer or the Trustee.

 

(e)          Any sale of such
Defaulted Mortgage Loan shall be for cash only.

 

(f)          The parties hereto
may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to the conditions
set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)          The Special Servicer
shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders and, in the case
of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably likely to realize
a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer (with the consent
of the Directing Certificateholder) shall accept the first cash offer received from any Person that constitutes a fair price for
such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes
a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers, the Special
Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment, that it
will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section 3.15(a)
of this Agreement, then the Special Servicer (with the consent of the Directing Certificateholder) shall dispose of such Serviced
REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery
thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from
whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Certificateholder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced
REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of
its Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)          Whether any cash
offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received.
In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property,
the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an
offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered
by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested

 

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Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to
the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced
REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount
of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy
and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement.
The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall
be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder)
for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain,
at the expense of the related Interested Person, an independent third party to determine such fair price and will be permitted
to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

(i)          Subject to subsections
(g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the
case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary
or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all amounts payable in
connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may
retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the case of any
Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall be final
and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)          Any sale of a
Serviced REO Property shall be for cash only.

 

(k)          Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines, (in consultation with the Directing Certificateholder (unless a Consultation Termination
Event exists) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion
Loan Holder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the
Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with
respect to any Serviced

 

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Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan), and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate)
if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the
Certificateholders (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the
terms offered by the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan).

 

(l)          With respect to
each defaulted Serviced Companion Loan, the Special Servicer shall generally have the right to sell such defaulted Serviced Companion
Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement as if such Mortgage Loan
and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders.
The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement to the applicable
Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement or marketing
of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent
of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan, unless (i) such holder is the related
Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related
Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell
the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together
with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale;
(C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Whole Loan, and
any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans that are material
to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of time (but not less
time than is afforded to other offerors and the Directing Certificateholder) prior to the proposed sale date, all information and
other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in
connection with the proposed sale. The holders of the Serviced Companion Loans (or, in any case, their respective representatives)
shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents
and Affiliates shall not be permitted to submit an offer at such sale.

 

Section
3.17     Additional Obligations of the Master Servicer and the Special Servicer; Inspections.
(a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the
Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) that it is servicing at such times and in such manner as is consistent with the Servicing
Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a
Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at
least once every 12

 

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months (commencing in 2017) and (B) less than $2,000,000 at least once every 24 months (commencing in
2018), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation
relating to the Certificates and Serviced Companion Loan Securities, if any); provided, that if a physical inspection
has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a
material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform
or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes
more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be
inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced
Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each
such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master
Servicer as a Servicing Advance; provided, that if such Advance would be a Nonrecoverable Advance, then the cost of
such inspections shall be an expense of the Trust payable out of general collections. With respect to a Serviced Whole Loan,
the costs described in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of
amounts on deposit in the Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance
with the expense allocation provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan
Collection Account relating to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on
deposit in the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on
deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to
obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders. The Master Servicer or the Special Servicer, as applicable, shall prepare a written
report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a
Mortgage Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any
sale, transfer or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the
condition of the Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master
Servicer or Special Servicer, as applicable, shall send such reports to the 17g-5 Information Provider (who shall promptly
post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Other 17g-5 Information Provider (if any) and, upon request, to the Underwriters and the Initial Purchasers
within 35 days of completion of the inspection report, each inspection report.

 

(b)          With respect to
each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, the Master Servicer (or the
Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)          If, with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan, a Specially Serviced Loan or a previously Specially Serviced Loan
with respect

 

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to which the Special Servicer has waived or amended the prepayment restrictions such that the related Borrower is
not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last
day of the interest accrual period occurring following the date of such prepayment) or Serviced Pari Passu Companion Loan, the
Master Servicer accepts a voluntary Principal Prepayment (other than (i) in accordance with the terms of the related Loan Documents,
(ii) in connection with the payment of insurance proceeds or condemnation proceeds unless the Master Servicer did not apply the
proceeds thereof in accordance with the terms of the related Loan Documents and such failure caused the shortfall, (iii) subsequent
to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of
such prepayment is consistent with the Servicing Standard), or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced
Loan, (iv) at the request of or with the consent of the Special Servicer or, so long as a Control Termination Event has not occurred
or is not continuing, and with respect to the Mortgage Loans other than an Excluded Loan, the Directing Certificateholder, or (v)
pursuant to applicable law or a court order) resulting in a Prepayment Interest Shortfall, then the Master Servicer shall deliver
to the Certificate Administrator on each Master Servicer Remittance Date for deposit in the Lower-Tier Distribution Account (or,
in the case of a Prepayment Interest Shortfall with respect to a Serviced Pari Passu Companion Loan, remit to the holder of the
Serviced Companion Loan a pro rata portion of the following amount allocated to that Serviced Whole Loan)), without any
right of reimbursement therefor, a cash payment (the “Compensating Interest Payment”), in an amount equal to
the lesser of (x) the aggregate amount of those above described Prepayment Interest Shortfalls incurred in connection with such
voluntary Principal Prepayments received in respect of the Mortgage Loans (other than a Non-Serviced Mortgage Loan or a Specially
Serviced Loan) or Serviced Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) for the related
Distribution Date, and (y) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.0025%
(0.25 basis points per annum)) that is being paid in such Collection Period with respect to the Mortgage Loans or Serviced
Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment Interest
Excess received during the related Collection Period on the Mortgage Loans or Serviced Companion Loans (other than a Non-Serviced
Mortgage Loan or a Specially Serviced Loan) and (C) to the extent earned on principal prepayments, net investment earnings payable
to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to
the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment; provided
that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result of the Master Servicer’s failure
to enforce the related Loan Documents (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage
Loan, (c) a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment
restriction such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the
amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment
or (d) the circumstances covered in clauses (i), (ii), (iii), (iv) or (v) above), the Master Servicer shall be required to pay
an amount equal to the entire Prepayment Interest Shortfall with respect to that Mortgage Loan. The Master Servicer’s obligation
to pay the Compensating Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest
Shortfalls against those amounts, shall not be cumulative.

 

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(d)          The Master Servicer
shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is secured by the interest
of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease,
such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground
lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground
lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease
or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)          The Master Servicer
shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply any funds with
respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other
similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default or reasonably
foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default or reasonably
foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the Master Servicer
as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

(f)          Within a reasonable
time period after the execution of any amendment or modification of any of the Intercreditor Agreements related to the OZRE Leased
Fee Portfolio Whole Loan, the Hyatt Regency St. Louis at the Arch Whole Loan, the One Commerce Plaza Whole Loan, the AG Life Time
Fitness Portfolio Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan, the NMS Los Angeles Multifamily Whole Loan, the
215 West 34th Street and 218 West 35th Street Whole Loan, the Renaissance Cincinnati Whole Loan, the AvidXchange
Whole Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan or the Home Depot – Elk Grove Village Whole
Loan, the Master Servicer or the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any
such modification or amendment of any such Intercreditor Agreement, and such amendment or modification shall be a Reportable Event
as set forth in Section 10.09.

 

Section
3.18     Authenticating Agent. The Certificate Administrator may appoint an Authenticating
Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a
corporation organized and doing business under the laws of the United States of America or any state, having a principal
office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or
state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

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The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section
3.19     Appointment of Custodians. U.S. Bank National Association shall be the initial
Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of
the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into
a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the
terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of
the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the
Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority,
shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least
“Baa2” from Moody’s, “BBB” from Fitch and at least the equivalent by KBRA to the extent rated
by KBRA. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation
paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity
other than U.S. Bank National Association, the Custodian shall maintain a fidelity bond in the form and amount that are
customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed
to have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force
during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of
its officers and employees in connection with its obligations hereunder in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and
omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

Section
3.20     Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts.
The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in
accordance with the related

 

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Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any
relating to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans it is servicing.

 

Section
3.21     Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section
3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any
Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Mortgage Loans
(other than Non-Serviced Mortgage Loans) or Serviced Whole Loans that it is servicing. For purposes of distributions to
Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not
be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that
the terms of such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)          The Master Servicer
shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business Day after,
becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms hereof, and in connection
therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it is to be paid, and the circumstances
and purpose of such Servicing Advance, and shall set forth therein information and instructions for the payment of such Servicing
Advance, and, on the date specified in such notice for the payment of such Servicing Advance, or, if the date for payment has passed
or if no such date is specified, then within five Business Days following such notice, the Trustee, subject to the provisions of
Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance in accordance with such information and
instructions.

 

(d)          The Special Servicer
shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding
the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes
of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall
have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the
absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall
remain with the Master Servicer or Trustee, as applicable.

 

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Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms
of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Certificateholder (but only if no Consultation Termination Event has occurred and is

 

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continuing), the Operating Advisor,
the Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Certificateholder (but only if no Consultation
Termination Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion
Loan holder(s), the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination
and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination
(such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property
inspections and other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such
determination, together with any existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed
to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Certificateholder
(but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Trustee, the related
Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such
determination may be relied upon and shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.
Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance
is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is
a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special
Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable
Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that
any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.

 

With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of

 

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such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced Loan) and
the Special Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance
of the Master Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii)
would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines
that the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests
of the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the
Special Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such
payment and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account
or, if a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such
expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with
the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator)
that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain
reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)          The Master Servicer
and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of them to the extent
permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance Interest Amount in
respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby covenants and agrees
to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the extent permitted by
applicable law and the related Loan Documents.

 

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The parties acknowledge
that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing
Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent
it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling
and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the
pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related
Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro
rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner
set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section
3.22     Appointment and Replacement of Special Servicer. (a) Rialto Capital Advisors, LLC is
hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)          For so long as
no Control Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02
of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with
respect to any Serviced Whole Loan, the related Directing Certificateholder’s right to terminate the rights and obligations
of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth
in the related Intercreditor Agreement.

 

(c)          Following the
occurrence of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the
Special Servicer, a written report setting forth the reasons supporting its recommendation (along with any information the Operating
Advisor considered relevant to its recommendation) and recommending a replacement special servicer; provided, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement.
In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the
related report on the Certificate Administrator’s Website, and by mail (or through the DTC

 

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system, as applicable), and shall
conduct the solicitation of votes of all Certificates in such regard. Subsequently, upon (i) the written direction of Holders of
Sequential Pay Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account the application
of any Realized Losses and Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) (which vote shall
occur not more than 180 days from the date the Certificate Administrator posts such recommendation on the Certificate Administrator’s
Website; provided that if such written direction is not provided within 180 days of the posting of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect) and (ii) receipt
of a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer
shall also specially service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following
satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint a successor Special Servicer approved by the Certificateholders; provided such termination
is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation,
reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing
Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering
such vote shall be an Additional Trust Fund Expense. If the Trustee does not receive greater than 50% of the requested votes, then
the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer, such replacement
special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the
Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer with respect
to any termination pursuant to this Section 3.22(c).

 

(d)          If a Control Termination
Event has occurred and is continuing and upon (a) the written direction of holders of Sequential Pay Certificates evidencing not
less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce
the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of the Sequential Pay Certificates
requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction, (b) payment
by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency
fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery
by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency with respect
to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any class of related
Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system,
as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination
Event has occurred and is continuing, upon the written direction of (i) holders of Sequential Pay Certificates evidencing at least
75% of a Certificateholder Quorum of Certificates or (ii) holders of Non-Reduced Certificates evidencing more than 50% of the Voting
Rights of each Class of Non-Reduced Certificates, the Trustee shall (x) terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint the successor Special Servicer designated by such Certificateholders, provided
such

 

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termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and
other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly
notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace
the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated
with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(e)          The Trustee shall,
promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to terminate pursuant
to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator, the related Serviced
Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment
of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until (i) the Trustee receives from
each Rating Agency a Rating Agency Confirmation or, if such successor Special Servicer shall also specially service a Serviced
Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer has assumed all of its responsibilities,
duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of
an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance
with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable
against such replacement in accordance with its terms, (iv) the replacement Special Servicer certifies that such replacement special
servicer satisfies all related qualifications set forth in the Intercreditor Agreement relating to such Serviced Companion Loan
and (v) receipt by the Certificate Administrator (with a confirmation of such receipt delivered to the Trustee) of notice and information
required to be delivered by the successor Special Servicer under Section 10.03 of this Agreement. Any successor Special
Servicer shall make the representations and warranties provided for in Section 2.04(b) of this Agreement mutatis
mutandis. In no event may a successor Special Servicer be a current or former Operating Advisor or any Affiliate of such
current or former Operating Advisor or a current or former Asset Representations Reviewer. Further, such successor shall be a Person
that (i) satisfies all of the eligibility requirements applicable to the Special Servicer contained in this Agreement, (ii) is
not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the Operating Advisor or the Asset Representations
Reviewer, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate the Operating Advisor
(x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the recommendation
by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled to receive any
compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s
recommendation that such party

 

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be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the
Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders,
(vi) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination,
(vii) currently has a special servicer rating of at least “CSS3” from Fitch, and (viii) is not a special servicer that
has been cited by KBRA as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in a transaction serviced by the applicable servicer prior to the time of determination. In addition, any replacement Special Servicer
that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable,
the related Other Pooling and Servicing Agreement.

 

The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall
have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(b) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special
Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special
Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the
successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage
Loans and, if applicable, Whole Loans.

 

(f)          The appointment
of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to
make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any actions
or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and it is acknowledged
that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid by the Certificateholders
or the Directing Certificateholder, as applicable, so terminating the Special Servicer and shall not in any event be an expense
of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the Directing Certificateholder).

 

(g)          If a replacement
special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance with this
Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly
requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance
of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer,
insofar as such duties

 

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and obligations relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall
mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided, that in Section 3.14
and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special
Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds,
documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Serviced Whole Loan
Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced
Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used
in the context of granting the Special Servicer the right to purchase Defaulted Mortgage Loans pursuant to Section 3.16
of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used
in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by
the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General
Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22
by the applicable Directing Certificateholder, the term “Special Servicer” shall mean the General Special Servicer
or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any
protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean
each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring
indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation,
warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations
hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any
of the foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the
General Special Servicer, as applicable.

 

(h)          References in
this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of special
servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different Serviced
Whole Loan Special Servicer has been appointed with respect thereto).

 

(i)          No penalty or
fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22. All
costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

Notwithstanding anything
to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Mortgage Loan, if any, the
Special Servicer shall resign with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and continuance
of a Control Termination Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling
Class Representative shall appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning
Special Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If such Excluded Special
Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance)
that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the

 

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 Excluded Special Servicer
for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination Event has occurred
and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder shall be entitled
to remove or replace the Excluded Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a Control Termination
Event has occurred and is continuing and prior to a Consultation Termination Event, the largest Controlling Class Certificateholder
that is not an Excluded Controlling Class Certificateholder shall have the right to appoint the Excluded Special Servicer.

 

If a Consultation Termination
Event has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded Special Servicer Mortgage
Loan, such resigning Special Servicer shall use reasonable efforts to appoint the related Excluded Special Servicer. The Special
Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with
respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for a Excluded Special Servicer Mortgage Loan prior to it becoming a Excluded Special
Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property
becoming REO Property) with respect to an Excluded Special Servicer Mortgage Loan, (1) the related Excluded Special Servicer shall
resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer
shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled
to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan
is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage Loan and
will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Mortgage Loan earned during
such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan (provided that the Special Servicer
shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that
are not Excluded Special Servicer Mortgage Loans during such time).

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class
Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Special Servicer
or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section
3.23     Transfer of Servicing Between the Master Servicer and the Special Servicer; Record
Keeping; Asset Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan
with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan of which the Master
Servicer may have notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor, the Asset Representations

 

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Reviewer, the related Mortgage Loan Seller, if
no Consultation Termination Event has occurred and is continuing, the Directing Certificateholder and, if applicable, the
related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the
Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and
records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and
reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting
through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the
preceding sentence within five Business Days of the date it has notice of the occurrence of any event specified in
the definition of Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such
Mortgage Loan or Serviced Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or
Serviced Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records
referred to in the preceding sentence. With respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially
Serviced Loan, the Master Servicer shall instruct the related Borrower to continue to remit all payments in respect of such
Mortgage Loan or Serviced Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise
send to the Borrower of a Specially Serviced Loan to the Special Servicer, who shall send such notice to the related
Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced
Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced
Loan shall resume.

 

(b)          In servicing any
Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition
of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of
the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with the related
Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies
of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)          Not later than
two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section 3.13(a)
of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a
copy to the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Master Servicer, a written statement describing,
on a loan by loan basis, (i) the amount of all payments on account of interest received on each Specially Serviced Loan, the amount
of all payments on account of principal, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance
Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties,
the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a
non-

 

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customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property
with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with
Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance
with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional
information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably
request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master
Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)          Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform
its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required
by the Master Servicer to perform its duties under this Agreement.

 

(e)          No later than
60 days after a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the
Master Servicer, the Directing Certificateholder (only if no Consultation Termination Event has occurred and is continuing), with
respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization
transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the
holder of the related Serviced Companion Loan, the Operating Advisor (but only if a Control Termination Event has occurred and
is continuing), the Controlling Class Representative (so long as such Mortgage Loan is not an Excluded Mortgage Loan), the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial
Purchasers, a report (the “Asset Status Report”) with respect to such Mortgage Loan or Serviced Whole Loan and
the related Mortgaged Property; provided, the Special Servicer shall not be required to deliver an Asset Status Report to
the Directing Certificateholder if the Special Servicer and the Directing Certificateholder are the same entity. A summary of each
Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth
the following information to the extent reasonably determinable:

 

(i)     
     summary of the status of such Specially Serviced Loan and any negotiations with the related
Borrower;

 

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

 

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

 

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(iv)         (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or Serviced
REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or
are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)          the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Mortgage Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)         a
description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)        the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)          the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)          such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

For so long as no Control
Termination Event has occurred and is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing
Certificateholder does not disapprove such Asset Status Report in writing, the Directing Certificateholder will be deemed to have
approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status
Report; provided, that such Special Servicer may not take any action that is contrary to applicable law, this Agreement,
the Servicing Standard (taking into consideration the best interests of all the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan
Documents or any related

 

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Intercreditor Agreement. For so long as no Control Termination Event has occurred and is continuing, if
the Directing Certificateholder disapproves such Asset Status Report within such 10 Business Day period, the Special Servicer will
revise such Asset Status Report and deliver to the Directing Certificateholder, the Master Servicer, the 17g-5 Information Provider
(who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event
later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above in this
Section 3.23(e) until the Directing Certificateholder fails to disapprove such revised Asset Status Report in writing within
10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent with
the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, with respect to any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event,
for so long as no Control Termination Event has occurred and is continuing, if the Directing Certificateholder does not approve
an Asset Status Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer may act
upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The Special Servicer may,
from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report
shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and
resubmit such Asset Status Report to the Directing Certificateholder (with a copy to the Trustee and the Certificate Administrator)
if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies
materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy
proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with
respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10
Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely
affect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Certificateholder
and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine
whether such affirmative disapproval is not in the best interests of all the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard,
and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status
Report is not intended to replace or satisfy any specific consent or approval right which the Directing

 

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Certificateholder may have.
Any Asset Status Report delivered with respect to an Excluded Controlling Class Mortgage Loan shall be sent via email (or such
other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded
Information” followed by the applicable loan number and loan name to the Certificate Administrator (in the same manner as
the monthly report information is transmitted) with a copy to cmbs.transactions@usbank.com.

 

The Special Servicer
shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing
Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset
Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement,
applicable law or the related Loan Documents.

 

During the period when
a Control Termination Event has occurred and is continuing, the Special Servicer shall consult on a non-binding basis with the
Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status Report and the
Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status
Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders (including
any Certificateholders that were previously included in the Control Eligible Certificates), as a collective whole as if such Certificateholders
constituted a single lender. This determination shall be made pursuant to the Operating Advisor Standard. The Special Servicer
shall consider any such proposals from the Operating Advisor and determine whether any changes to its proposed Asset Status Report
should be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement.
In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights,
if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

During the period when
a Control Termination Event has occurred and is continuing and for so long as no Consultation Termination Event has occurred and
is continuing, the Special Servicer shall consult on a non-binding basis with the Directing Certificateholder in connection with
each Asset Status Report prior to finalizing and executing such Asset Status Report and the Directing Certificateholder shall have
the right to propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report. The
Special Servicer shall consider any such proposals from the Directing Certificateholder and determine whether any changes to its
proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the other
terms of this Agreement.

 

If neither the Operating
Advisor nor the Directing Certificateholder proposes alternative courses of action within 10 days after receipt of such Asset Status
Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything
to the contrary herein, if a Consultation Termination Event has occurred and is continuing, the Directing Certificateholder shall
have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set
forth therein. If a Control Termination Event has occurred and is continuing, the

 

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Directing
Certificateholder shall have no right to consent to any Asset Status Report under this Section 3.23.

 

No direction, advice,
consent, approval or disapproval of the Directing Certificateholder or Operating Advisor shall (a) require, permit or cause the
Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any
provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section
3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC
status of the Lower-Tier REMIC and the Upper-Tier REMIC and the Grantor Trust status of the Grantor Trust, or (b) result in the
imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose
the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the
Operating Advisor, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or
(d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master
Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the
Directing Certificateholder described in this paragraph.

 

(f)          Unless a Control
Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor only each Final Asset
Status Report.

 

Section
3.24     Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to
taking any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a
“one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the
fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense
shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

(b)          The Master Servicer
shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related Manager and
clearing bank relating to a Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing that,
if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related
Lock-Box Agreement.

 

(c)          Without limiting
the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under the related
Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of
the Loan Documents relating to the Mortgage Loans (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)          If a Rating Agency
shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require the related Borrower
(other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with the applicable Loan
Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense
in the same manner as Realized Losses as set forth in Section 4.01(e) of this Agreement) and, (1) in the case of a Serviced
Pari

 

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Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance
with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced as a Servicing Advance.

 

(e)          The Master Servicer
shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of the Trust any right
of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant to the related Intercreditor
Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02). The cost of such enforcement
on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)          With respect to
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with a Stated Principal Balance equal to or greater
than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect
to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent
with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation
with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder
or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage
Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced
Companion Loan Securities, if any.

 

Section
3.25     Certain Rights and Obligations of the Master Servicer and/or the Special Servicer.
(a) In addition to its rights and obligations with respect to Specially Serviced Loans, the Special Servicer has the right,
whether or not the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan) is a Specially Serviced Loan, to
process or approve (i) certain modifications to the extent described under Section 3.26 of this Agreement and (ii) certain
waivers of due-on-sale or due-on-encumbrance clauses as described above under Section 3.09 of this Agreement. With
respect to Performing Loans (other than Non-Serviced Mortgage Loans), the Master Servicer shall notify the Special Servicer
of any request for approval (a “Request for Approval”) received relating to the Special Servicer’s
above-referenced processing or approval rights and, unless the Special Servicer and the Master Servicer mutually agree that
the Master Servicer shall process such request, the Master Servicer shall take no further action, and shall have no
obligation to take any further action other than to cooperate with the Special Servicer to the extent required pursuant to
the terms of this Agreement, with respect to such borrower request. If the Special Servicer and the Master Servicer mutually
agree that the Master Servicer shall process such borrower request, the Master Servicer shall prepare and forward to the
Special Servicer its written recommendation and analysis and any other information or documents reasonably requested by the
Special Servicer (to the extent such information or documents are in the Master Servicer’s possession). Subject to Section
3.09(h) of this Agreement, the Special Servicer shall have 15 Business Days (from the date that the Special Servicer
receives the information it requested from the Master Servicer) to analyze and make a recommendation with respect to a
Request for Approval with respect to a Performing Loan and, prior to the end of such 15 Business Day period, for so long as
no Control Termination Event has occurred and is continuing, is required to notify the Directing Certificateholder and each
Serviced Companion Loan Noteholder of such Request for Approval and its recommendation

 

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with respect thereto. Following such
notice, the Directing Certificateholder shall have 10 Business Days from the date it receives the Special Servicer
recommendation and any other information it may reasonably request to approve any recommendation of the Special Servicer
relating to any Request for Approval. In any event, if the Directing Certificateholder does not respond to a Request for
Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer or the Master Servicer, as applicable,
may deem such Request for Approval or recommendation, as the case may be, approved by the Directing Certificateholder and if
the Special Servicer does not respond to a Request for Approval within the required 15 Business Days (or such longer period
as provided under a related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth
therein for Directing Certificateholder approval), the Master Servicer may deem its recommendation approved by the Special
Servicer. With respect to a Specially Serviced Loan, the Special Servicer must notify the Directing Certificateholder of any
Request for Approval received relating to the Directing Certificateholder’s above-referenced approval rights and its
recommendation with respect thereto. The Directing Certificateholder shall have 10 Business Days (after receipt of all
information reasonably requested) to approve any recommendation of the Special Servicer relating to any such Request for
Approval. In any event, if the Directing Certificateholder does not respond to any such Request for Approval by 5 p.m. on the
10th Business Day after such request, the Special Servicer may deem its recommendation approved by the Directing
Certificateholder. Notwithstanding the foregoing, (i) with respect to any Whole Loan, the procedure and timing for approval
by the Directing Certificateholder (to the extent it is the related Companion Loan Noteholder) of the related Request for
Approval shall be governed by the terms of the related Intercreditor Agreement and (ii) if the Special Servicer determines
that immediate action is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Whole
Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to
any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the Directing Certificateholder,
it need not wait for a response from the Directing Certificateholder.

 

(b)          Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain
from taking any action pursuant to instructions from the Directing Certificateholder or a Non-Controlling Note Holder, or due to
any failure to approve an action by the Directing Certificateholder or a Non-Controlling Note Holder, or due to any objection by
the Directing Certificateholder or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law,
the terms of any Loan Documents, any Intercreditor Agreement, including the Servicing Standard, or the REMIC Provisions of the
Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust
Fund, the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator (in any of its capacities),
or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (iii)
materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iv) cause the
Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders.

 

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(c)          The Master Servicer
and the Special Servicer, as applicable, shall discuss with the Directing Certificateholder, on a monthly basis, the performance
of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch
List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section
3.26     Modification, Waiver, Amendment and Consents. (a)
Subject to Sections 3.25, 3.26(f) and 3.27, and, if applicable, each Intercreditor Agreement, (i) with
respect to any Mortgage Loan that is not a Specially Serviced Loan and actions that do not involve Major Decisions or Special
Servicer Decisions (other than the items listed in clause (e)(i) and clause (e)(ii) of Special Servicer
Decisions, which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set
forth in Section 3.09 and Section 3.26(n)), the Master Servicer or (i)(A) with respect to any
Specially Serviced Loans or (B) as to Major Decisions or Special Servicer Decisions (other than the items listed in clause
(e)(i) and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer shall process, subject to the
Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section 3.26(m))
irrespective of whether such Mortgage Loan is a Specially Serviced Loan, in each case subject to the rights of the Directing
Certificateholder and, in the case of the Special Servicer, consultation with the Operating Advisor (if no Control
Termination Event has occurred and is continuing and to the extent the Operating Advisor has consultation rights pursuant to Section
3.23(e), Section 3.31 and Section 6.07 of this Agreement), may modify, waive, amend, consent or take such
other action with respect to any term of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan
if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would
not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event; provided, however, that
notwithstanding the foregoing, the Master Servicer and Special Servicer may mutually agree as set forth in Section 3.25 that
the Master Servicer will process any of the foregoing matters that are Major Decisions or Special Servicer Decisions with
respect to any Mortgage Loan that is not a Specially Serviced Loan. Each of the Master Servicer and the Special Servicer may
conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the
case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as
applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the
loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral.
In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the
related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power
of eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable,
to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged
Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property
or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such
calculation shall, unless permitted by the REMIC provisions, exclude the value of any personal property and going concern
value, if any as determined by an appropriate third party. If, following any such release or taking, the loan-to-value ratio
as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall

 

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require payment of
principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless
the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail
to be a Qualified Mortgage.

 

(b)          Neither the Master
Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially Serviced
Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution
Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the
related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the Borrower is the lessee
and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the
expiration date of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space
lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if
the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or,
with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space
lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and (with respect
to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan))
and, if no Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder).

 

(c)          Neither the Master
Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, which collateral constitutes real property, unless the Master
Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

(d)          Any payment of
interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof,
including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion Loan
Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that
the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)          Except for waivers
of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loans in accordance with this Section 3.26 or Section 3.27 of
this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)          The Master Servicer
or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Directing Certificateholder
(other than if a Consultation Termination Event has occurred and is continuing), the Operating Advisor (only if

 

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a Control Termination
Event has occurred and is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and the date thereof, and shall deliver to the Custodian for deposit
in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material consent
or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)          The Master Servicer
or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower for consent,
modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the
terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the terms
of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)          Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(g) of this Agreement.

 

(i)          Notwithstanding
anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section
6.07(a) with respect to Major Decisions or Special Servicer Decisions), the Master Servicer may permit the substitution of
direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency
securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any
Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided
that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the
related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section
1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided, that the requirements set forth in Section
3.09(g) of this Agreement are satisfied.

 

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(j)          If required under
the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain
one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”), into
which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment
of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account for a period in excess of 365 days.

 

(k)          Any right to take
any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing Certificateholder
under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Certificateholder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable. Upon delivery of any such notice of waiver given by the Directing Certificateholder, any time period (exclusive
or otherwise) afforded the Directing Certificateholder to exercise any such right, make any such election or grant or withhold
any such consent shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth
in this Agreement applicable thereto had itself expired. If the Master Servicer or Special Servicer determines that a refusal to
consent by the Directing Certificateholder or any advice from the Directing Certificateholder would cause the Master Servicer or
Special Servicer, as applicable, to violate applicable law, the terms of the applicable Loan Documents, any related Intercreditor
Agreements, the REMIC Provisions or the terms of this Agreement, including without limitation, the Servicing Standard, the Master
Servicer or Special Servicer shall disregard such refusal to consent or advice and notify the Directing Certificateholder, the
Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.

 

(l)          Any modification,
waiver or amendment of or consents or approvals relating to a Mortgage Loan or Serviced Whole Loan that is a Specially Serviced
Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent provided
in this Agreement and/or the applicable Intercreditor Agreement, shall

 

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be subject to the consent of the related Directing Certificateholder,
and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents and
Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced
Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor
Agreement.

 

(m)          In addition, with
respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action with respect
to any Major Decision (or making a determination not to take action with respect to a Major Decision) or any Special Servicer Decision,
shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed to by the Special
Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer) process such request
(other than the items listed in clause(e)(i) and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer
shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section
3.26(m)). If the Master Servicer processes such request, the Master Servicer shall prepare and submit its written recommendation
and analysis to the Special Servicer with all information in the Master Servicer’s possession that the Special Servicer may
reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject
to the consultation rights of the Operating Advisor or the consent or consultation rights of the Directing Certificateholder) to
approve or disapprove any modification, waiver or amendment that constitutes a Major Decision or Special Servicer Decision. When
the Special Servicer’s processing and/or consent is required hereunder, such consent shall be deemed given 15 Business Days,
or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days
after the time period set forth therein for Directing Certificateholder approval, (or in connection with an Acceptable Insurance
Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s
written analysis and recommendation with respect to such proposed action together with such other information reasonably required
by the Special Servicer. With respect to all Specially Serviced Loans and Performing Loans (other than Non-Serviced Mortgage Loans),
the Special Servicer shall, prior to consenting to such a proposed action of the Master Servicer, and prior to itself taking such
an action, obtain the written consent of the related Directing Certificateholder, which consent shall be deemed given 10 Business
Days after receipt (or in connection with an Acceptable Insurance Default, 30 days) (unless earlier objected to) by such Directing
Certificateholder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation
with respect to such action together with such other information reasonably required by such Directing Certificateholder.

 

(n)          For the avoidance
of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback amounts
with respect to (i) any Specially Serviced Loan shall be processed by the Special Servicer and (ii) any Mortgage Loan listed on
Exhibit Y received by the Master Servicer shall be processed by the Master Servicer and submitted to the Special Servicer
for approval. For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement
or funding to a borrower of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable
Mortgage Loan until certain conditions precedent thereto relating to the satisfaction of performance-related criteria (i.e.,
project reserve thresholds, lease-up

 

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requirements, sales requirements, etc.), as set forth in the applicable loan documents, have
been satisfied.

 

(o)          The Master Servicer
shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease
where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance with the
Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

Section
3.27     Certain Intercreditor Matters Relating to the Serviced Whole Loans. (a) With respect
to Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this
Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices,
reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master
servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.

 

(b)          The Master Servicer
shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master Servicer shall
record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such Serviced Companion
Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer by a Serviced
Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its name, address,
taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the
related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          The Directing
Certificateholder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Certificateholder
will not have any liability to the Certificateholders (including the

 

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Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)          With respect to
any Serviced Whole Loan, the Directing Certificateholder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related
Intercreditor Agreement and this Agreement.

 

(e)          The Special Servicer
(if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master Servicer (otherwise),
as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to Section 3.13 and
Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports and other information
with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO Property required to
be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in any case pursuant to
and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement existing on the Closing
Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing Date that is provided
to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary, the following
considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)       
   none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with
respect to the Serviced Companion Loan; and

 

(ii)          the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in

 

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judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts, and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each
of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by
a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything
herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may
require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced
Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those
provisions as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Certificateholder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under
the related Intercreditor Agreement, the Directing Certificateholder shall be the designee of the Trust, as such noteholder, and
the Trustee shall, upon request, take such actions as may be necessary under the related Intercreditor Agreement to effect such
designation. The Certificate Administrator shall provide notice of the identity of the Controlling Class Representative (to the
extent the Certificate Administrator has received notice of a change in the identity of the Controlling Class Representative),
upon request, to the other parties to the related Intercreditor Agreement, to the extent the identity and contact information of
such parties to such Intercreditor Agreement are actually known to the Certificate Administrator.

 

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(f)          With respect to
a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information in Section
3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and Section 3.13(d)
and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d), to the extent such
Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing Agreement.

 

Promptly following the
Closing Date, the Certificate Administrator shall send written notice substantially in the form of Exhibit EE hereto, accompanied
by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Servicer,
Other Special Servicer and Other Trustee stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced
Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination
Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no
later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under
the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information
for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Certificateholder, the
17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement
that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special
Servicer or Other Trustee, as the case may be.

 

With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non-Directing Certificateholder (or its designee or representative), within the same time frame and to the
same extent it is required to provide such information and materials to the Certificateholders or the Directing Certificateholder,
as applicable, hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the
related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents,
copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection
reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related
Directing Certificateholder and copies of any other notice, information or report that it is required to provide to the Directing
Certificateholder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions”
or “major actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the
Special Servicer may be furnished by hard copy or electronic means.

 

(g)          With respect to
each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined
in the related Other

 

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Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master
Servicer, the Special Servicer, the Trustee and the Custodian, as applicable, shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense
of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling
and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has
not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing
Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian
(i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of
any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related Intercreditor Agreement.

 

Section
3.28     Directing Certificateholder Contact with the Master Servicer and the Special
Servicer. Each of the Master Servicer and the Special Servicer shall, not more frequently than once per month, without
charge, make a knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer
questions from the Directing Certificateholder (for so long as no Consultation Termination Event has occurred) and the
Operating Advisor (for so long as a Control Termination Event has occurred and is continuing) regarding the performance and
servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may
be, is responsible.

 

Section
3.29     Controlling Class Certificateholders and the Controlling Class Representative; Certain
Rights and Powers of the Directing Certificateholder.  (a) Each Certificateholder and Certificate Owner of a Control
Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership
interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate
Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible
Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any such
Certificateholder (or Certificate Owner) or its designee at any time appointed Controlling Class Representative is
hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership
interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate
Owner) or designee is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such
notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Serviced Companion Loan Noteholder of
the identity of the Controlling Class Representative, any resignation or removal thereof and/or any new Holder or Certificate
Owner of a Control Eligible Certificate.

 

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On the Closing Date,
the initial Controlling Class Representative shall deliver a certification substantially in the form of Exhibit L-1G to
this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class
Representative shall also deliver a certification substantially in the form of Exhibit L-1G to this Agreement prior to being
recognized as the new Controlling Class Representative.

 

In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred, the Directing Certificateholder, the Certificate Registrar shall promptly
(but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current
Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Controlling Class Certificateholder
is listed as being the Depository, then the Certificate Administrator shall promptly (but in no event more than five (5) Business
Days following such request) request from the Depository, the list of Certificate Owners of the Controlling Class, and the Certificate
Administrator shall provide such list to the requesting party promptly upon receipt; provided that, if any Controlling Class
Certificateholder is listed as the Depository and the Certificate Administrator has actual knowledge of the identity of the related
Certificate Owner, then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting
party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor
and the Directing Certificateholder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred
in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses
arise in connection with an event as to which the Directing Certificateholder (or Controlling Class Representative) has review,
consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this
Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity
of the Directing Certificateholder (or Controlling Class Representative) or reasonably believes that the identity of the Directing
Certificateholder (or Controlling Class Representative) has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)          Once a Controlling
Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent and each
other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless a majority of
the Controlling Class Certificateholders, by Certificate Balance, or such Controlling Class Representative shall have notified
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Paying Agent and each other Controlling Class Certificateholder, in writing, of the resignation of such Controlling
Class Representative or the selection of a new Controlling Class Representative. Upon the resignation of a Controlling Class Representative,

 

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the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Controlling Class Representative.

 

(c)          Until it receives
notice to the contrary, each of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee, shall be entitled to rely on the most recent notification
with respect to the identity of the Controlling Class Certificateholder and the Controlling Class Representative.

 

(d)          The Master Servicer,
Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that the Certificate
Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days after such request)
provide (i) for so long as no Consultation Termination Event has occurred, the identity of the Controlling Class Representative,
including names and addresses and, to the extent reasonably available, a list of Controlling Class Certificateholders and (ii)
confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months preceding
any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business Days
of receiving notice of the selection of a new Controlling Class Representative or the existence of a new Controlling Class Certificateholder
or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control Termination Event,
the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
and the Special Servicer. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting
party, except that if such expenses arise in connection with an event as to which the Directing Certificateholder (or Controlling
Class Representative) has review, consent or consultation rights with respect to an action taken by, or report prepared by, the
requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement, then such expenses shall be at
the expense of the Trust.

 

At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold
an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable
at the expense of such requesting Certificateholders.

 

(e)          If to the extent
the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator
shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(f)          Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder may have special relationships
and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders; (ii) the
Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole
Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Certificateholder does not have any liability
or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Certificateholder may
take actions that favor the interests of the Directing Certificateholder or one or more Classes of the Certificates including the
Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders)

 

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over the interests of
the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Certificateholder
shall have no liability whatsoever to any Certificateholder, the Trust, any Companion Loan Noteholder any party hereto or any other
Person (including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (i) through (iv) of this paragraph,
and no Certificateholder or Companion Loan Noteholder may take any action whatsoever against the Directing Certificateholder or
any director, officer, employee, agent or principal thereof for having so acted.

 

(g)          The Certificate
Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request
from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or any Certificateholder
and provide such information to the requesting party.

 

(h)          At any time when
the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the Controlling
Class (by Certificate Balance) may waive its right to act as, or appoint a representative to act as, the Controlling Class Representative
and to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling
Class Representative by irrevocable written notice delivered to the Depositor, Certificate Administrator, Certificate Registrar,
Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer. Any such waiver shall remain
effective with respect to such Holder and the most senior Class of Control Eligible Certificates until such time as that Certificateholder
has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate Balance) to an unaffiliated third
party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar, Trustee, Master Servicer, Special
Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains no direct or indirect voting rights
with respect to the most senior Class of Control Eligible Certificates that it does not own, (b) there is no voting agreement between
the transferee and the transferor and (c) the transferor retains no direct or indirect controlling interest in the most senior
Class of Control Eligible Certificates. During such waiver period a Consultation Termination Event shall be deemed to exist and
the rights of the Controlling Class to appoint a Controlling Class Representative and the rights of the Controlling Class Representative
shall not be operative (notwithstanding whether a Control Termination Event or a Consultation Termination Event is or would otherwise
then be in effect). Following any transfer of more than 50% of the most senior Class of Control Eligible Certificates, the successor
Holder of more than 50% of the most senior Class of Control Eligible Certificates, if the most senior Class of Control Eligible
Certificates is the Controlling Class (by Certificate Balance) shall again have the right to act as, or appoint a representative
to act as, the Controlling Class Representative without regard to any prior waiver by the predecessor Certificateholder. The successor
Certificateholder shall also have the right to irrevocably waive its right to act as or appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling
Class Representative. No successor Certificateholder described above shall have any consent rights with respect to any Mortgage
Loan that became a Specially Serviced Loan prior to its acquisition of a majority of the most senior Class of Control Eligible
Certificates that had not also become a corrected loan prior to such acquisition until such Mortgage Loan becomes a Corrected Mortgage
Loan.

 

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Section
3.30     Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage
Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement
requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a
request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency
Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to
such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor
waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through
direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that
the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the
related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the
preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting
Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but
shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section
3.11.

 

If there is no response
to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such
Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency
Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than
as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as
if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case
may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination
(made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would
still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer,
such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(A) the applicable replacement master
servicer or special servicer has been appointed as a master servicer or special servicer, as applicable, on a transaction-level
basis on the Closing Date of a commercial mortgage loan securitization and, as of the date of such determination, is the master
servicer or special servicer, as applicable, of such securitization, with respect to which Moody’s rated one or more classes
of certificates and one or more classes of such certificates are still outstanding and rated by Moody’s and (B) Moody’s
has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable master
servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the
applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer)
or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating

 

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Agency or (iii) KBRA has not
cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced
by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding
Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of
the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)          Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a), or to waive obtaining such a determination,
shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related
Borrower, the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans and Serviced REO Loans), as applicable); provided, that the Requesting Party (or the Master Servicer or the
Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with
respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that
such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)          For all other
matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver a
Rating Agency Confirmation from each Rating Agency.

 

(d)          Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the
servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires
delivery of a Rating Agency Confirmation as a

 

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condition precedent to such action pursuant to this Agreement, then, except as set
forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider, and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section
3.31     Appointment and Duties of the Operating Advisor.

 

(a)          Park Bridge Lender Services LLC is hereby appointed to serve
as the initial Operating Advisor.

 

(b)          The Operating
Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of Specially
Serviced Loans, consult, in certain circumstances with the Special Servicer and perform each other obligation of the Operating
Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit of,
the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the related Companion Loan Noteholders (as
a collective whole as if such Certificateholders and Companion Loan Noteholders constituted a single lender (and with respect to
any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan)), and not any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of
its good faith and reasonable judgment), but without regard to any conflict of interest arising from any

 

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relationship that the
Operating Advisor or any of its affiliates may have with any of the Borrowers, the Mortgage Loan Seller, the Depositor, the Master
Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder or any of their affiliates
(the “Operating Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer,
the Special Servicer or any other Person in connection with this Agreement. By purchasing a Certificate, Certificateholders are
deemed to acknowledge and agree that there could be multiple strategies to resolve any Specially Serviced Loan and that the goal
of the Operating Advisor’s participation is to provide additional oversight relating to the Special Servicer’s compliance
with the Servicing Standard in making its determinations as to which strategy to execute.

 

(c)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan and the OZRE Leased Fee Portfolio Mortgage Loan) or Serviced Whole
Loan, if no Control Termination Event has occurred and is continuing, the Operating Advisor shall:

 

(i)           promptly
review all information available to Privileged Persons on the Certificate Administrator’s Website relevant to the Operating
Advisor’s obligations under this Agreement;

 

(ii)          promptly
review each Final Asset Status Report; and

 

(iii)         review
any Appraisal Reduction Amount and net present value calculations pursuant to Section 3.31(e) of this Agreement.

 

(d)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, while a Control Termination
Event has occurred and is continuing, the Operating Advisor shall:

 

(i)           consult
(on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant to Section 6.07 of this
Agreement;

 

(ii)          review,
recalculate and verify the accuracy of any Appraisal Reduction Amount and net present value calculations pursuant to Section
3.31(f) of this Agreement;

 

(iii)         in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on a Platform-Level Basis in respect of Specially Serviced
Loans in order to formulate an opinion as to whether or not those operational practices generally satisfy the Servicing Standard
with respect to the resolution and/or liquidation of the Specially Serviced Loans;

 

(iv)         within
120 days of the end of the prior calendar year (if any such Mortgage Loans were Specially Serviced Loans during the prior calendar
year), deliver an annual report setting forth the Operating Advisor’s assessment of the Special Servicer’s performance
of its duties under this Agreement on a Platform-Level Basis with respect to the resolution and liquidation of Specially Serviced
Loans during the prior calendar year (the “Operating Advisor Annual Report”) to the Trustee, the Master Servicer,
the Certificate Administrator (which shall promptly post such Operating Advisor Annual

 

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Report on the Certificate Administrator’s
Website), the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Each Operating
Advisor Annual Report shall be substantially in the form of Exhibit BB of this Agreement (which form may be modified or
altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and
provisions of this Agreement) and shall be based on the Operating Advisor’s review of any annual compliance statement and
any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.11 of this Agreement, as applicable,
any attestation report delivered to the Operating Advisor pursuant to Section 10.13 of this Agreement, any Asset Status
Report, other information (other than any communications between the Directing Certificateholder and the Special Servicer that
would be Privileged Information) delivered to the Operating Advisor by the Special Servicer and oral communications with the Special
Servicer; provided that in no event shall the information or any other content included in the Operating Advisor Annual
Report contravene any provision of this Agreement. Subject to the restrictions in this Agreement, including, without limitation,
Section 3.31(b) of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations
(i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the
resolution or liquidation of Specially Serviced Loans and (B) comply with all of the confidentiality requirements applicable to
the Operating Advisor described in this Agreement. Promptly upon receipt of each Operating Advisor Annual Report, the Certificate
Administrator shall post such Operating Advisor Annual Report on the Certificate Administrator’s Website. Each of the Special
Servicer and the Directing Certificateholder (for so long as no Consultation Termination Event has occurred) shall be given an
opportunity to review any Operating Advisor Annual Report at least five Business Days prior to its delivery to the Trustee and
the Certificate Administrator; provided, that the Operating Advisor shall have no obligation to consider any comments to
such Operating Advisor Annual Report that are provided by the Special Servicer or Directing Certificateholder. Notwithstanding
the foregoing, no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer
if during the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced
Loan or Serviced REO Property.

 

Notwithstanding anything
in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall
be based on the provisions of this Agreement, (ii) so long as Rialto Capital Advisors, LLC is acting as Special Servicer, it shall
not be required to provide its written policies and procedures to the Operating Advisor, except that, in the event the Operating
Advisor’s assessment determines that the Special Servicer has not materially performed its obligations under this Agreement
with respect to a particular Mortgage Loan, and Rialto Capital Advisors, LLC rebuts or defends such assessment based upon its compliance
with its written policies and procedures, Rialto Capital Advisors, LLC shall produce to the Operating Advisor the relevant portions
of Rialto Capital Advisors, LLC’s written policies and procedures, and (iii) the Operating Advisor’s assessment may
not take into account the fact that the Operating Advisor did not have access to the Rialto Capital Advisors, LLC written policies
and procedures. The Operating Advisor shall be permitted to review such portions of the policies and procedures but shall not be
permitted to retain hard copies. The

 

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Operating Advisor shall keep all information contained in the policies and procedures strictly
confidential, except (A) the Operating Advisor may disclose such information if (i) such information becomes generally available
and known to the public other than as a result of a disclosure directly or indirectly by the Operating Advisor, or (ii) such disclosure
is required by applicable law, rule, order or regulation (as demonstrated by evidence reasonably satisfactory to the Special Servicer)
and (B) the Operating Advisor may disclose a particular portion of the policies and procedures solely when necessary to support
specific conclusions (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation by the Operating Advisor
to replace Rialto Capital Advisors, LLC as the Special Servicer pursuant to the provisions of this Agreement. Notwithstanding the
foregoing, the Operating Advisor will be permitted to share such information with its Affiliates and any subcontractors of the
Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations under this Agreement
and provided such Operating Advisor affiliate and subcontractors agree in writing prior to receiving such information to
be bound by the same confidentiality provisions applicable to the Operating Advisor. Nothing set forth herein shall limit or affect
the scope of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual
Report, provided that the Operating Advisor’s access to or reliance upon Rialto Capital Advisors, LLC’s written
policies and procedures shall be subject to the terms of the immediately preceding sentence. Notwithstanding the foregoing, no
Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during the
prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or
REO Property.

 

(e)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, if no Control Termination Event has occurred
and is continuing, the Special Servicer will forward any Appraisal Reduction Amount and net present value calculations used in
the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a
Specially Serviced Loan to the Operating Advisor after such calculations have been finalized. The Operating Advisor shall review
such calculations but may not opine on, or otherwise call into question, such Appraisal Reduction Amount and/or net present value
calculations (except that if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating
Advisor shall notify the Special Servicer and the Controlling Class Representative (other than with respect to Excluded Mortgage
Loans) of such error).

 

(f)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, while a Control Termination Event has occurred
and is continuing, after the calculation but prior to the utilization by the Special Servicer of any of the calculations related
to (A) Appraisal Reduction Amounts or (B) net present value, the Special Servicer shall forward such calculations, together with
any supporting material or additional information necessary in support thereof (including such additional information reasonably
requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged
Information), to the Operating Advisor promptly, but in any event no later than 2 Business Days after finalizing the preparation
of such calculations, and the Operating Advisor shall promptly, but no later than 3 Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the

 

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mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this
Section 3.31(f), if the Operating Advisor does not agree with the mathematical calculations or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within 5 Business Days of delivery
of such calculations to the Operating Advisor. If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies
or disagreement prior to the end of such 5 Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the
Special Servicer and the Operating Advisor and shall determine which calculation is to apply. In making such determination, the
Certificate Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust and
shall be entitled to conclusively rely on such third party’s determination (provided such third party has been selected with
reasonable care by the Certificate Administrator).

 

(g)          Subject to the
requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(h)          The Operating
Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any Person (including
Certificateholders other than the Controlling Class Representative, other than (1) to the extent expressly required by this Agreement,
to the other parties to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant
to a Privileged Information Exception. Each party to this Agreement that received Privileged Information from the Operating Advisor
with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person
without the prior written consent of the Special Servicer, the Controlling Class Representative and the Directing Certificateholder
other than pursuant to a Privileged Information Exception. Subject to the terms and conditions in this Agreement related to Privileged
Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms
of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(i)          On each Master
Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit in the
Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating Advisor Consulting
Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation
rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the
Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor Consulting Fee
only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the Operating Advisor
has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as

 

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applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating
Advisor Consulting Fee from the related Borrower in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.

 

Section 3.32     Delivery
of Excluded Information to the Certificate Administrator.

 

(a)          Any
Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded
Information” followed by the applicable loan name and loan file to the Certificate Administrator (in the same manner as
the monthly report information is transmitted) with a copy to cmbs.transactions@usbank.com. For the avoidance of doubt, any information
that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling Class Holders shall
be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Mortgage Loans on the Certificate
Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case
such access shall only be prohibited with respect to the related Excluded Controlling Class Mortgage Loan(s)). None of the Master
Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded
Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded Controlling
Class Mortgage Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the
Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded
Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the
Certificate Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder that is
not a Borrower Party with respect to the related Excluded Controlling Class Mortgage Loan shall be permitted to obtain such information
in accordance with Section 3.14(c).

 

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Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01Distributions.     (a)
On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Available
Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus
any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of
all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution
Date, distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in
an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section
4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier
Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Regular Certificates
on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement shall be deemed to have
first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest
set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed
to have received distributions in respect of interest in an amount equal to the Interest Accrual Amount and Interest Shortfalls
in respect of the Class X Strip Rate of its Corresponding Component, in each case to the extent actually distributed to the related
Class of Corresponding Certificates thereon as provided in Section 4.01(b) of this Agreement.

 

All distributions of
reimbursements of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Sequential Pay Certificates
on each Distribution Date pursuant to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from
the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary
Statement to this Agreement; provided, that distributions of reimbursements of Realized Losses and Additional Trust Fund
Expenses shall be made in sequential order of the priority set forth in this Section 4.01(a) for principal distributions,
up to the amount of Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular
Interest corresponding to such Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier
Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on
such Distribution Date pursuant to this Section 4.01(a).

 

The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance
Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any
amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution

 

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described
in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest)
(but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)          On each Distribution
Date occurring prior to the Cross-Over Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account
the amounts deposited in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a)
of this Agreement, and distribute such amount to the Holders of the Regular Certificates in the amounts and in the order of priority
set forth below:

 

(i)          First,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D,
Class X-E, Class X-F and Class X-G Certificates, in respect of interest, concurrently, as follows:

 

(A)          to the
Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates, from the Available Funds attributable to the Mortgage Loans
in Loan Group 1 for such Distribution Date, up to an amount equal to, and pro rata in accordance with, the respective aggregate
Interest Distribution Amount for such Classes;

 

(B)          to the
Class A-HR Certificates, from the Available Funds attributable to the Mortgage Loans in Loan Group 2 for such Distribution Date,
up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for such Class; and

 

(C)          to the
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates, from the Available Funds
for such Distribution Date, without regard to Loan Group, up to an amount equal to, and pro rata in accordance with, the
respective aggregate Interest Distribution Amount for such Classes;

 

provided, however,
if on any Distribution Date, the Available Funds are insufficient to pay in full the total amount of interest to be paid to any
of the Classes described in this clause First, the Available Funds available for such Distribution Date shall be allocated
among all those Classes up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution
Amount for such Classes, without regard to Loan Groups;

 

(ii)          Second,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, in reduction of the Certificate Balances
thereof, in the following priority:

 

(A)          to the
Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates, in an amount up to the Loan Group 1 Principal Distribution
Amount for such Distribution Date and, after the Certificate Balance of the Class A-HR Certificates has been reduced to zero, the
Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-HR Certificates have been made on such Distribution
Date, in the following priority:

 

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(1)          first,
to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(2)          second,
to the Class A-1 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(3)          third,
to the Class A-2 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(4)          fourth,
to the Class A-3 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(5)          fifth,
to the Class A-4 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(6)          sixth,
to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(B)          to the
Class A-HR Certificates, in an amount up to the Loan Group 2 Principal Distribution Amount for such Distribution Date and, after
the Certificate Balances of the Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates have been reduced to zero,
the Loan Group 1 Principal Distribution Amount remaining after payments to the Class A-1, Class A-2, Class A-SB, Class A-3 and
Class A-4 Certificates have been made on such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iii)          Third,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, up to an amount equal to, and pro
rata based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)          Fourth,
to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(v)           Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class A-M is reduced to zero;

 

(vi)          Sixth,
to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)         Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(viii)        Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

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(ix)           Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(x)            Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xi)           Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xii)          Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)         Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xiv)         Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xv)          Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)         Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xvii)        Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount,
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xviii)       Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)          Nineteenth,
to the Class F Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xx)          Twentieth,
to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxi)         Twenty-first,
to the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;;

 

(xxii)        Twenty-second,
to the Class G Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

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(xxiii)       Twenty-third,
to the Class G Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxiv)       Twenty-fourth,
to the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class; and

 

(xxv)        Twenty-fifth,
to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal payments described
in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed to the Class
A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, pro rata, based on their respective Certificate
Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates
is reduced to zero.

 

(c)          On each Distribution
Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular Interests pursuant
to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment Premiums
and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution Account
pursuant to Section 3.05(f) of this Agreement, as follows:

 

Prepayment Premiums and
Yield Maintenance Charges received with respect to the Mortgage Loans shall be distributed to the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates in an amount equal to, in the case of each
such Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal
to such Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates on such Distribution Date,
(b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the aggregate amount
of the Prepayment Premiums or the Yield Maintenance Charges, as applicable, collected on such Principal Prepayment during the related
Collection Period.

 

Any Yield Maintenance
Charges or Prepayment Premiums collected during the related Collection Period remaining after such distributions described in the
preceding paragraphs (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following
manner:

 

(i)          to
the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-M Certificates on such Distribution
Date and the denominator of which is the total amount of principal distributed to the holders of the Class A-1 through

 

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Class D
Certificates for such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(ii)          to
the Class X-HR certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class A-HR certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(iii)          to
the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class B Certificates on such Distribution Date and the denominator of which is the total amount
of principal distributed to the holders of the Class A-1 through Class D Certificates for such Distribution Date, multiplied by
(b), the IO Group YM Distribution Amount; and

 

(iv)          to
the Class X-C Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class C Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(v)          to
the Class X-D Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class D Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(vi)          to
the Class X-E Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class E Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(vii)          to
the Class X-F Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class F Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount; and

 

(viii)          to
the Class X-G Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A,
Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates described in (i) through (vii) above.

 

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(d)          On each Distribution
Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall
distribute such amounts in the following manner:

 

(i)          (A)
from amounts in the Gain-on-Sale Reserve Account allocable to a Mortgage Loan (other than a Mortgage Loan related to a Serviced
Whole Loan), to reimburse the Holders of the Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F and Class X-G Certificates) (in the same order as that set forth in Section 4.01(b) of this
Agreement, up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them
and unreimbursed after application of Available Funds for such Distribution Date; and (B) from amounts in the Gain-on-Sale Reserve
Account allocable to the Serviced Whole Loans, first, in accordance with the terms of the related Intercreditor Agreement,
and then, to the extent allocated to the related Mortgage Loan, pursuant to the terms of such Intercreditor Agreement, to
reimburse the Holders of the Regular Certificates (other than Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F and Class X-G Certificates), up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any,
previously allocated to them and unreimbursed after application of Available Funds for such Distribution Date; and

 

(ii)          any
amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable
to the Mortgage Loans, shall be held and maintained in such account and applied to offset future Realized Losses and Additional
Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted within one Business
Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced
Companion Loan Noteholders in accordance with Section 3.05(h)). On any Distribution Date, amounts held in the Gain-on-Sale
Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor
Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Realized Losses
and Additional Trust Fund Expenses shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR
Interest) and upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts
allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed
by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect
to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed
to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and Additional Trust Fund Expenses
previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular Certificates receiving such distributions.

 

(e)          On each Distribution
Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the Certificate Administrator
shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to any Class of Regular

 

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Certificates
(other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates) shall
be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses so allocated to any Class
of Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class
X-G Certificates) shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests
evidenced thereby. The allocation of Realized Losses shall constitute an allocation of losses and other shortfalls experienced
by the Trust Fund. Reimbursement of previously allocated Realized Losses will not constitute distributions of principal for any
purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates in respect of which
any such reimbursement is made. To the extent any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal
collections on the Mortgage Loans and previously resulted in a reduction of the Principal Distribution Amount are subsequently
recovered on the related Mortgage Loan, the amount of such recovery will be added to the Certificate Balance of the Classes of
Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G
Certificates) that previously were allocated Realized Losses, first, to the Class A-1, Class A-SB, Class A-2, Class A-3,
Class A-4 and Class A-HR Certificates, pro rata, then to the remainder of the Regular Certificates (other than the
Class X Certificates) in sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such
Class of Certificates. If the Certificate Balance of any Class of Certificates is so increased, the amount of unreimbursed Realized
Losses of such Class of Certificates shall be decreased by such amount.

 

The Certificate Balances
of each Class of Sequential Pay Certificates will be reduced without distribution on any Distribution Date as a write-off to the
extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied
to the Classes of Sequential Pay Certificates in the following order, in each case until the Certificate Balance of such Class
is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates; third, to the
Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the
Class B Certificates; seventh, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4 and Class A-HR Certificates, pro rata, based on their respective Certificate Balances. Any amounts
recovered in respect of amounts previously written off as Realized Losses shall be distributed on the Classes of Sequential Pay
Certificates as a recovery of Realized Losses previously allocated to such Classes of Sequential Pay Certificates in reverse order
of allocation of Realized Losses thereto in accordance with Section 4.01(b) of this Agreement. Additional Trust Fund Expenses
and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction
in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable
powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With respect to any Distribution
Date, any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution Date shall
reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier
Regular Interests in the same priority as the Class of Corresponding Certificates.

 

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(f)          All amounts distributable
to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among
the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions shall be made
on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by
wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States
and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing
at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor
in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(g)          Except as otherwise
provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall, as soon as
reasonably practicable within the month preceding the month in which the final distribution with respect to any Class of Certificates
is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)          if such
final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, that the Class R Certificates
shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(g) shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such
Holders shall be paid out of such funds. Subject to state laws regarding escheatment, if within two years after the second notice
any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator
all amounts distributable to the Holders thereof, and the Certificate Administrator

 

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shall
thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Holders of the Class R Certificates. No interest shall accrue or be payable to any Holder
on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with this Section 4.01(g). Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(h)          Shortfalls in
Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Compensating Interest Payments
shall be deemed distributed to, each Class of Regular Certificates and, in each case, correspondingly to the respective Class of
Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such
Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be
deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(i)          On the final Master
Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator
who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing
and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Master Servicer
Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(j)          On the first Distribution
Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC Distribution Account and distribute $100
to the Class X-C Certificates. Such distribution shall be deemed a payment of principal on the principal balance of the REMIC regular
interest represented by the Class X-C Certificates (such principal balance being $100) for federal income tax purposes.

 

(k)           On the first
Distribution Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC Distribution Account and distribute
$100 to the Class X-D Certificates. Such distribution shall be deemed a payment of principal on the principal balance of the REMIC
regular interest represented by the Class X-D Certificates (such principal balance being $100) for federal income tax purposes.

 

(l)          On each Distribution
Date, any Excess Interest received with respect to each ARD Loan during the related Collection Period shall be distributed to the
Holders of the Class V Certificates from the Excess Interest Distribution Account established pursuant to Section 3.05(k).
Any Excess Interest remaining in the Excess Interest Distribution Account on the final Distribution Date shall be distributed to
the Holders of the Class V Certificates.

 

Section
4.02     Statements to Certificateholders; Reports by Certificate Administrator; Other
Information Available to the Holders and Others. (a) On each Distribution Date, the Certificate Administrator shall
prepare and make available pursuant to Section 4.02(b) on the Certificate Administrator’s Website to any
Privileged Person a statement (substantially in the form set forth as Exhibit K hereto and based in part upon
information supplied to the

 

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Certificate
Administrator in the related CREFC® Investor Reporting Package (CREFC® IRP) in accordance with CREFC®
guidelines) as to the distributions made on such Distribution Date (each, a “Distribution Date Statement”)
which shall include:

 

(i)           the
Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

(ii)          the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
in reduction of the Certificate Balance of those Certificates;

 

(iii)         the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
allocable to (A) the Interest Accrual Amount, and/or (B) Interest Shortfalls;

 

(iv)         the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)          the
aggregate amount of compensation paid to the Trustee, the Certificate Administrator, CREFC®, the Operating
Advisor, the Asset Representations Reviewer and servicing compensation paid to the Master Servicer and the Special Servicer for
the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)         (A)
the Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as
any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular Certificates
with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and
expenses (including the components of the Available Funds, or such other cash flows);

 

(vii)        the
amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates allocable to Prepayment
Premiums and Yield Maintenance Charges;

 

(viii)       the
accrued Interest Accrual Amount in respect of each Class of Regular Certificates for such Distribution Date;

 

(ix)         the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;

 

(x)          the
Principal Distribution Amount for the Distribution Date;

 

(xi)         the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
R Certificates), immediately before and immediately after such Distribution Date, separately identifying

 

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any reduction in the aggregate
Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any
Realized Loss and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)        the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Regular Certificates immediately
following the Distribution Date;

 

(xiii)       the
amount of any Appraisal Reduction Amounts allocated during the related Collection Period on a loan-by-loan basis; and the total
Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)       the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms,
fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)        the
amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;

 

(xvi)       an
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate
amount of Principal Prepayments made during the related Collection Period;

 

(xvii)      an
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)     the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xix)        as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection
Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation
Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in
the Available Funds for such Distribution Date;

 

(xx)         the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)        the
then-current credit support levels for each Class of Sequential Pay Certificates;

 

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(xxii)       [Reserved];

 

(xxiii)      with
respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month,
the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)      with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)       with
respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss attributable to the related
Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during
the related Collection Period and the portion thereof included in the Available Funds for such Distribution Date, (D) the date
of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution Date;

 

(xxvi)      the
amount of the distribution on the Distribution Date to the holders of the Class V and Class R Certificates;

 

(xxvii)     material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator
has received or delivered written notice;

 

(xxviii)    the
identity of the Operating Advisor;

 

(xxix)      the
amount of Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage
Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);

 

(xxx)        an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xxxi)       the
identity of the Controlling Class;

 

(xxxii)      the
identity of the Controlling Class Representative; and

 

(xxxiii)     such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a
dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or
Notional Amount, as the case may be.

 

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The Certificate Administrator
may omit any information from the Distribution Date Statement that the Certificate Administrator regards as confidential, so long
as such information is not required to be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special
Servicer, the Trustee or the Certificate Administrator shall be responsible for the accuracy or completeness of any information
supplied to it by a Borrower, the Depositor, any Sponsor, any party to this Agreement or a master servicer, a special servicer
or other similar party under an Other PSA or other third party that is included in any reports, statements, materials or information
prepared or provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.
The Certificate Administrator shall be entitled to rely on such information provided to it by the Master Servicer or the Special
Servicer without independent verification.

 

If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any SEC
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available
to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed
with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the
Code as from time to time in force.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or
applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate
Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such
Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided
pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to psastatements@ccre.com (or to such other address as the Depositor shall specify by written notice to the Certificate
Administrator).

 

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Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D in accordance with Section 10.04 for such period
in which the Asset Review Report Summary was delivered.

 

(b)          The Certificate
Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements and the SEC filings will be made available to the general public, and provided,
further that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to
the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)            the
following “deal documents”:

 

(A)          the
Prospectus;

 

(B)          this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)           the
following “SEC EDGAR filings”:

 

(A)          any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)          the
following “periodic reports”:

 

(A)          the
Distribution Date Statements;

 

(B)          the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File),
to the extent it has received or prepared such report or file; and

 

(C)          all
Operating Advisor Annual Reports.

 

(iv)          the
following “additional documents”:

 

(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format; and

 

(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

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(v)           the
following “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.10(h);

 

(B)          all
Special Notices;

 

(C)          notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)          notice
of final payment on the Certificates;

 

(E)          all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(F)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)          any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer or the Operating
Advisor;

 

(I)          notice
of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required
to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)          any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(K)          any
notice of the termination of the Trust;

 

(L)          any
notice of the occurrence and continuance of a Control Termination Event;

 

(M)          any
notice of the occurrence of a Consultation Termination Event;

 

(N)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(O)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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(P)          any
Proposed Course of Action Notice;

 

(Q)          all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and

 

(R)          all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement;

 

(vi)          the
Investor Q&A Forum; and

 

(vii)         solely
to Certificateholders and Certificate Owners, the Investor Registry.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Mortgage Loans).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in
the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of
an investor certification substantially in the form of Exhibit L-1F, which shall include each of the user ID’s for
the Certificate Administrator’s website associated with such Excluded Controlling Class Holder, all information (other than
Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed
by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with
respect to the related Excluded Controlling Class Mortgage Loans).

 

In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such

 

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Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage Loan(s). In the event
the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such
party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder
and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Excluded Information
related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s Website.
With respect to any Excluded Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark
or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate
Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated
on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
assume that the Controlling Class Representative and all beneficial owners of the Certificates of the Controlling Class are not
Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor
or the Certificate Administrator, as applicable, has received such notice from the Controlling Class Representative or a Controlling
Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Controlling Class Representative
or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the
Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage
Loan is an Excluded Controlling Class Mortgage Loan (including, in the case of an Asset Status Report or Final Asset Status Report
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to
label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer an Excluded
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Mortgage Loan to the related Borrower
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged
Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related

 

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Borrower,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information
to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate
Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

The Certificate Administrator
shall have no any liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans
at a website maintained by the Master Servicer.

 

(c)          The Certificate
Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A Forum”
shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate Owners
who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan
or related Mortgaged Properties) and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case
of an inquiry relating to a Non-Serviced Mortgage Loan, to the

 

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applicable
party under the Other Pooling and Servicing Agreement) in each case within a commercially reasonable period following receipt
thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer, the Special Servicer (other than
with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating Advisor, as applicable, unless
it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special
Servicer or the Operating Advisor shall be sent by email to the Certificate Administrator. The Certificate Administrator shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry
and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Master Servicer, the Special Servicer
or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above,
(ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any
Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the disclosure
of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably
expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or (vii) answering any
Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master
Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator, and the Certificate
Administrator shall not post such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose
information known to such party to be Privileged Information as part of its response to any Inquiry. The Certificate Administrator
shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator shall not
be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications between the Certificate Administrator or other Person which are not submitted via the Investor Q&A
Forum. In addition, no party is permitted to post or otherwise disclose direct communication with the Directing Certificateholder
as part of its response to any questions. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate
Administrator shall make reasonable efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced
special servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of
such answer or any delay or failure to obtain such answer.

 

(d)          The Certificate
Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor Registry”
shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders and Certificate
Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate Owner
that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a Certificateholder
or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information
available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders
and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields

 

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such
as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone,
and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that
it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

(e)          The Master Servicer
may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant to this Agreement
available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide
such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed
not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests
such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be, has delivered
an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access
to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise
(subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master Servicer
deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)          Subject to Section
3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer)
provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as
may be reasonably necessary for the Master Servicer to prepare each report

 

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and
any supplemental information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator
nor the Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master
Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer
contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions
to Certificateholders and allocating Realized Losses, to the Certificates in accordance with Section 4.01 of this Agreement
and preparing the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)          As soon as reasonably
practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator shall provide
the requesting Certificateholder with such information that is in the Certificate Administrator’s possession or can reasonably
be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying applicable reporting
requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate Administrator shall
have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information so furnished
to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of
any information so furnished which was prepared or delivered to them by another.

 

(h)          The Certificate
Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days prior notice,
for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely with respect
to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals or copies of
documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including, without limitation,
the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)          any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(ii)          the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer
or the Special Servicer in respect to each Mortgaged Property;

 

(iii)         the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)         any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

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The Certificate Administrator
may require a Privileged Person to execute a confidentiality agreement prior to granting access to such information, which may
be in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)          The Depositor
hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor chosen
by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered
or made available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03     Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with
all federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original issue
discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders
or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest,
original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any amount so withheld shall
be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04     REMIC
Compliance. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that
the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real
estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates
are outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention,
the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as
agent, of each such Trust REMIC and shall on behalf of each such Trust REMIC:

 

(i)          make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)          prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such Trust
REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

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(iii)          prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)          if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section
4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC and the Upper-Tier
REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions
of state and local law;

 

(v)          within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and

 

(vi)         maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Holder of the largest
Percentage Interest in the Class R Certificates shall be the tax matters person pursuant to Treasury Regulations Section 1.860F-4(d)
and the “partnership representative” (within the meaning of Code Section 6223, to the extent such provision applies
to the Trust REMICs) of each Trust REMIC. If more than one Holder shall hold an equal Percentage Interest in the Class R Certificates
larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters
person and “partnership representative”. The Certificate Administrator shall act as attorney-in-fact and agent for
the tax matters person and “partnership representative” of the Lower-Tier REMIC and the Upper-Tier REMIC, and each
Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented to the Certificate
Administrator’s appointment in such capacities and agrees to execute any documents required to give effect thereto, and any
fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding
shall be paid by the Trust Fund.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would

 

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cause
the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier
REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).
Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any
action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or
authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability
with respect to any act or omission of the Depositor, the Trustee, the Master Servicer or the Special Servicer which does not
enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph of this Section
4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence. In this regard
the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions”
within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate
Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result in a taxable gain,
(B) otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the
performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, that the
receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause).
None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that
the Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable
(except in connection with taking any act or omission referred to in the two preceding sentences or the following sentence) for
any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying
any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s
control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform
its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 (or successor provisions) to any REMIC and (ii) to
avoid payment by any Trust REMIC under Section 6225 (or successor provisions) of any tax, penalty, interest or other amount imposed
under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present. A Holder of any Class
R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate

 

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Administrator’s
acting as agent for any tax matters person or other representative of a REMIC that can be designated under the Code.

 

(b)          The following
assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating the original
yield to maturity and original issue discount with respect to the Regular Certificates: (i) each Mortgage Loan will pay principal
and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that
the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master
Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii)
no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase Agreement.

 

Section 4.05     Imposition
of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts or additions to tax,
is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense
of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any
Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the
Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which
the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall
send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess
determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such
taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds
the amount in any such reserve shall be retained from Available Funds as provided in Section 3.06(a)(xii) or, in the case
of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable REMIC (but such
authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole
Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related
Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax in appropriate proceedings,
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator
is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net
income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of the Code or (ii)
the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under
Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof,
if any, to the

 

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Collection
Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account). To the extent that any such tax is paid
to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of the Class R Certificates, as the case may be, and shall distribute such retained amounts to the Holders of Regular Certificates,
or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class
R Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible
for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach
of a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission could result
in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement,
in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance
with the standard of liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each
such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s
breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06     Remittances. On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage
Loans that it is servicing shall:

 

(i)           remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and
Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale Proceeds,
in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

(ii)          remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Available
Funds for such Distribution Date;

 

(iii)         remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
for the benefit of the Class V Certificateholders received by the Master Servicer in the Collection Period preceding such Distribution
Date; and

 

(iv)         remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07     P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the related Distribution Date, (ii) apply

 

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amounts
held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make P&I Advances; provided, that such amounts in the applicable
Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s pro rata share of
the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating
the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I Advance equal
to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the
Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the Collection Account or
any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall
be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance
Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent
principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments collected
prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which
such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate
amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution
Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by
3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant
to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless
the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the Trustee) by 11:00
a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable
Advance. Neither the Master Servicer nor the Trustee shall be required to make principal or interest advances with respect to
any delinquent payment amounts due on any Companion Loan. If the Master Servicer or the Trustee makes a P&I Advance with respect
to any Mortgage Loan that is part of a Whole Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then
it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such
P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)          Subject to Section
4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer with respect to
any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related Servicing Fees) that were due on
the Mortgage Loans (including the Non-Serviced Mortgage Loans) and any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced
by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its
Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled
Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances, with respect
to the Mortgage Loans that it is

 

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servicing,
is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution
Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment
shall be reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or
otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable
powers.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.
In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be
entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only
for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower
under the terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

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Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible
Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special
Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special
Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent
available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the
Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal
or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination in accordance with
the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to
the Master Servicer, the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing),
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information
described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute, a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special
Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer
shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if
made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith

 

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business
judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession
regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability
determinations.

 

(d)          In connection
with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement or
any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be entitled
to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property) out
of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject to the
provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the related
Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I
Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master Servicer
is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage
Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment
is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.
The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably
possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Collection
Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) as to which there has been an Appraisal Reduction Amount shall be
an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount
and (y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding
Determination Date less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated
Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been
modified shall be calculated on the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master
Servicer or the Trustee, as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction
Amount from the related Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately
reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With
respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced
Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related
calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide
the

 

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Master
Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a Consultation Termination
Event, to the Directing Certificateholder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction
Event and/or any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master Servicer
shall notify the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal
Reduction Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related
Appraisal Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided
to the other servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total
amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion
thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as
to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds
are received; provided, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage
Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)          With respect to
any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to make its determination
that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable P&I Advance
or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage
Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or any master servicer
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement with respect to a commercial
mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any). If the
Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to
any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage Loan previously
made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable,
shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization holding another
Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and Other Trustee with
written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such longer
time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written

 

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notice
from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced
Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related Non-Serviced
Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect
to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such
nonrecoverability determination.

 

If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.

 

(f)          With respect to
any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer and the Special Servicer will be permitted to make
its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made in respect of the related
Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to such Serviced Whole
Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable,
a Nonrecoverable Advance or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines
that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable
Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other
Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, promptly and in any
event within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor
Agreement. If the Master Servicer receives written notice from any master servicer under any such Other Pooling and Servicing Agreement
that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed advance of principal
and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal and interest is,
a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders, the Master
Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer and the
Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

(g)          If the applicable
Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage
securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or

 

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master
servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related to any
Serviced Whole Loan, if any.

 

(h)          The Master Servicer
or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent permitted pursuant
to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances
to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special Servicer each
hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers to the extent
permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section
4.08     Appraisal Reductions. (a) For purposes of (x) determining the Controlling Class
(and whether a Control Termination Event has occurred and is continuing) and (y) determining the Voting Rights of the related
Classes for purposes of removal of the Special Servicer, Appraisal Reduction Amounts allocated to the Mortgage Loans will be
allocated to each Class of Sequential Pay Certificates in reverse sequential order to notionally reduce the related
Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first,
to the Class G Certificates, second, to the Class F Certificates, third, to the Class E Certificates, fourth,
to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates, seventh,
to the Class A-M Certificates and ninth, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-HR
Certificates, pro rata, based on their Certificate Balances).

 

The Master Servicer shall
notify the Certificate Administrator of the amount of any Appraisal Reduction Amount allocated to each Mortgage Loan or Serviced
Whole Loan. Based on information in its possession, the Certificate Administrator shall determine from time to time which Class
of Certificates is the Controlling Class. Promptly upon its determination of a change in the Controlling Class, the Certificate
Administrator shall notify the Master Servicer, the Special Servicer and the Operating Advisor of such event, including the identity
and contact information of the new Controlling Class Certificateholder (the cost of obtaining such information from the Depository
being an expense of the Trust).

 

(b)          The Holders of
the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance, as notionally
reduced by Appraisal Reduction Amounts allocated thereto, is less than 25% of the initial Certificate Principal Balance of such
Class (such Class, an “Appraised-Out Class”) as a result of an allocation of an Appraisal Reduction Amount in
respect of such Class shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal
of any Mortgage Loan for which an Appraisal Reduction Event has occurred (such Holders, the “Requesting Holders”),
and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable
to the Special Servicer within 30 days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for
which the Requesting Holders are challenging the Appraisal Reduction Amount determination shall not exercise any rights of the
Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling
Class will be exercised by the most senior Control Eligible Certificates, if any, during such period.

 

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In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Mortgage Loan for which an Appraisal Reduction Event has occurred if an event has occurred at or with regard to
the related Mortgaged Property or Mortgaged Properties that would have a material effect on its appraised value, and the Special
Servicer shall use reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably
acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’ written request; provided
that the Special Servicer shall not be required to obtain such appraisal if it determines in accordance with the Servicing Standard
that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred that would have a material
effect on the appraised value of the related Mortgaged Property or Mortgaged Properties. The right of the holders of an Appraised-Out
Class to require the Special Servicer to order an additional appraisal as described in this paragraph shall be limited to no more
frequently than once in any 9-month period with respect to any Mortgage Loan.

 

Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted shall direct the
Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount based upon such second Appraisal.
If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)          An appraisal for
any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in full, liquidated,
repurchased or otherwise disposed of) will be updated (i) every 9 months and (ii) upon the Special Servicer’s determination
that the value of the related Mortgaged Property has materially changed, in each case, for so long as an Appraisal Reduction Event
exists.

 

(d)          Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason
of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Mortgage Loans
(other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use commercially reasonable efforts to obtain an Updated Appraisal or (ii) with respect
to Mortgage Loans (other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance
of less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same
time period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated
Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order
and use commercially reasonable efforts to obtain an Updated Appraisal.

 

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(e)          Upon reasonable
request, the Special Servicer shall deliver by electronic mail to the Master Servicer any information in its possession that is
reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts
to deliver such information, within four (4) Business Days following such request (which request shall be made promptly, but in
no event later than ten (10) Business Days, after the Special Servicer’s receipt and delivery to the Master Servicer of the
applicable Appraisal or preparation of the applicable internal valuation); provided, however, that the Master Servicer’s
failure to timely make such request shall not relieve the Special Servicer of its obligation to use reasonable efforts to provide
such information to the Master Servicer. The Special Servicer shall not calculate Appraisal Reduction Amounts.

 

On the first Distribution
Date occurring at least 10 Business Days after the delivery of an Updated Appraisal or completion of a Small Loan Appraisal Estimate,
as applicable, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated Appraisal or Small
Loan Appraisal Estimate, as applicable, obtained from the Special Servicer. Each Appraisal Reduction Amount shall also be adjusted
to take into account any subsequent Small Loan Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates,
as of the date of each such subsequent Small Loan Appraisal Estimate, Updated Appraisal or letter update, as applicable. Such report
shall also be forwarded by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan),
to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of
such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion
Loan by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan).

 

Section 4.09     Grantor
Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for the separate
entitlements of the Grantor Trust.

 

(b)          The parties intend
that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof shall be interpreted
consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer,
the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage of market fluctuations
or so as to improve the rate of return of the Class V Certificates, and shall otherwise comply with Treasury Regulations Section
301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall obtain a taxpayer identification number
for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause to be filed with the IRS Form 1041, Form
1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the Class V Certificates
their allocable share of income and expense with respect to the Class V Specific Grantor Trust Assets and proceeds thereof, as
such amounts are received or accrue, as applicable.

 

(c)          (i) The Grantor
Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations to the extent
such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator
on a timely basis. The Certificate Administrator is hereby directed to assume that Hare & Co. is the only “middleman”
as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of

 

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other
“middlemen” that are Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance
with the terms of this Agreement in the event that the IRS makes a determination that the first sentence of this paragraph is
incorrect.

 

(ii)           The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the
Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner
of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its
interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor,
the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

To the extent required
by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s
Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A
CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the
extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable identifier
number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the
receipt of inaccurate or untimely CUSIP information.

 

Section 4.10     Secure
File System. (a) The Depositor shall, upon receipt of
each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following
the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan
Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly save and store electronically
the contents of each Diligence File to the Secure File System. Upon the occurrence of an Affirmative Asset Review Vote and receipt
by the Certificate Administrator of a certification substantially in the form of Exhibit KK hereto (which shall be sent
via email to cmbstransactions@usbank.com), the Certificate Administrator shall provide the Asset Representations Reviewer with
access to the Diligence Files in one or more of the following ways, at its option: (i) by providing access to the Certificate
Administrator’s systems, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer

 

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has
access, or (iii) in another manner agreed by the Certificate Administrator and the Asset Representations Reviewer. In no case
whatsoever shall Certificateholders be permitted to access the Diligence Files maintained in the Secure File System. For the avoidance
of doubt, the Certificate Administrator shall be under no obligation to store or maintain any documents or information in the
Secure File System other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)          The Certificate
Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type, number
or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of its receipt and storage of such Diligence File to the Secure File
System. In the event that any document or information is stored in error, the Certificate Administrator may remove such document
or information from the Secure File System. The Certificate Administrator shall not have any obligation to produce physical copies
of any document or information provided to it for storage in the Secure File System. The Certificate Administrator shall not be
responsible or held liable for any other Person’s use or dissemination of the documents or information maintained in the
Secure File System; provided that such event or occurrence is not also a result of its own negligence, bad faith or willful
misconduct. The Certificate Administrator shall not be required to restrict access to the Diligence Files on a loan-by-loan basis
and any Person with access to the Diligence Files shall covenant to access only the information necessary to perform its duties
and responsibilities under this Agreement.

 

(c)          Upon the resignation
or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall transfer electronic
copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor, and all costs and
expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses associated with
the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07.
Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust, the
Master Servicer or the Special Servicer, as applicable, may direct the Certificate Administrator in writing to delete the Diligence
File related to such Mortgage Loan from the Secure File System; provided that absent such direction, the Certificate Administrator
shall not be obligated to delete any Diligence File from the Secure File System. Following the termination of the Trust pursuant
to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure File System. Upon deletion,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

Article
V

THE CERTIFICATES

 

Section 5.01     The
Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB
Certificates, the Class A-3 Certificates,

 

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the
Class A-4 Certificates, the Class A-HR Certificates, the Class A-M Certificates, the Class X-A Certificates, the Class X-HR Certificates,
the Class X-B Certificates, the Class X-C Certificates, the Class X-D Certificates, the Class X-E Certificates, the Class X-F
Certificates, the Class X-G Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class
E Certificates, the Class F Certificates, the Class G Certificates, the Class V Certificates and the Class R Certificates.

 

The Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class X-G, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates will be substantially
in the forms for such Class of Certificates as set forth next to such Classes in the Table of Exhibits to this Agreement.
The Certificates of each Class (other than the Class V and Class R Certificates) will be issuable in registered form only, in minimum
denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples
of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable, is not a multiple
of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination” thereof shall
be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a schedule attached
thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books and records of the
related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms of Certificate
Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth below.

 

	Class	 	Minimum

    Denomination	 	Aggregate
    Denomination of
 all Certificates of Class
	A-1	 	 	$	10,000	 	 	$	32,507,000	 
	A-2	 	 	$	10,000	 	 	$	24,787,000	 
	A-SB	 	 	$	10,000	 	 	$	46,464,000	 
	A-3	 	 	$	10,000	 	 	$	200,000,000	 
	A-4	 	 	$	10,000	 	 	$	230,220,000	 
	A-HR	 	 	$	10,000	 	 	$	54,000,000	 
	X-A	 	 	$	100,000	 	 	$	596,975,000	 
	X-HR	 	 	$	100,000	 	 	$	54,000,000	 
	X-B	 	 	$	100,000	 	 	$	37,799,000	 
	X-C	 	 	$	100,000	 	 	$	37,799,000	 
	A-M	 	 	$	10,000	 	 	$	62,997,000	 
	B	 	 	$	10,000	 	 	$	37,799,000	 
	C	 	 	$	10,000	 	 	$	37,799,000	 
	X-D	 	 	$	100,000	 	 	$	45,148,000	 
	X-E	 	 	$	100,000	 	 	$	20,999,000	 
	X-F	 	 	$	100,000	 	 	$	9,450,000	 
	X-G	 	 	$	100,000	 	 	$	37,798,889	 
	D	 	 	$	10,000	 	 	$	45,148,000	 
	E	 	 	$	10,000	 	 	$	20,999,000	 
	F	 	 	$	10,000	 	 	$	9,450,000	 
	G	 	 	$	10,000	 	 	$	37,798,889	 
	 	 	 	 	 	 	 	 	 	 	 

Each Certificate will
share ratably in all rights of the related Class.

 

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The Class V and Class
R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

(b)          Except insofar
as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee may
for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of transmitting communications
pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator
with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners with respect
to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such
record date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository
except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)          Any of the Certificates
may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required to comply with any law
or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates are admitted
to trading, or to conform to general usage.

 

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(d)          The Global Certificates
(i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s instructions on behalf
of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered in the name of Cede
& Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the
Certificate Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)          If (i) the Depository
advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to discharge its responsibilities
as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within 90 days of
such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights
of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is necessary
or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate Administrator
shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and the availability
of Individual Certificates to such Certificate Owners requesting them. Upon surrender to the Certificate Administrator of Global
Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the
Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the Certificate
Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the Depository
or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates,
the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall recognize the Holders of Individual
Certificates as Certificateholders hereunder.

 

(f)          If the Trustee,
its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or have been directed
to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates, and the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in connection
with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer may in their sole discretion determine that the Certificates represented by

 

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the
Global Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate Administrator or
the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global
Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession
Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver
such Certificates) in a Denomination equal to the aggregate Denomination of such Global Certificates.

 

(g)          If the Trust Fund
ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make available to each Holder
and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the extent such information is
in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator with the
Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying for resales
under Rule 144A under the Act.

 

For so long as the Class
V or Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action
which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)          Each Certificate
may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and authenticated
by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor. All Certificates
shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating Agent by an authorized
officer or signatory. Certificates bearing the signature of an individual who was at any time the proper officer or signatory of
the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating Agent, notwithstanding
that such individual has ceased to hold such office or position prior to the delivery of such Certificates or did not hold such
office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be
valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form set forth in Exhibits
A-1 through A-22 executed by the Authenticating Agent by manual signature, and such certificate of authentication upon
any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

 

(i)          If, in connection
with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution to the
Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master Servicer
or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on the last
two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time, the Certificate
Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis
on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities), the Operating Advisor, the Asset
Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting
delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket
costs incurred by the

 

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Certificate
Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate Administrator
as an expense of the Trust Fund.

 

Section 5.02     Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices
books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate
Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee, the Master
Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender
of such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements of Section 5.01(h) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders.

 

(b)          Upon surrender
for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.

 

(c)          In addition to
the provisions of Sections 5.01(h) and 5.02(d), (e), (f), (g), (h) and (i) of
this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private Certificates that
are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the following restrictions:

 

(i)          Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate
(other than transfers of the Class V and Class R Certificates, which may be made only in accordance with Section 5.02(i)
of this Agreement):

 

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(A)          Other
than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer
of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar
with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment
Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;

 

(B)          The
Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration
of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate
substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and
(2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)          The
Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes
to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional
Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of
a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance
with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)           Transfers
within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate
remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made
in accordance with this Section 5.02(c)(ii).

 

(A)          Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial

 

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interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.

 

(B)          Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate

 

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Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)          Regulation
S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the

 

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Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)          Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global Certificate to
a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject
to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate
substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee
agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and
the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section
5.02(c)(iii).

 

(A)          Transfers
of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(C) of this Agreement.

 

(B)          Transfers
of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing
to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)          Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)          Transfers
of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate wishes at any time
to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with
the Applicable Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust
Office of (l) the Individual Certificate to be transferred with an assignment and transfer

 

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pursuant to Section 5.05(a) of
this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the
Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such
Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination
of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear
or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation
Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate,
a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect
that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the
Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual
Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the
Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate,
as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate
during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may
be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.

 

(v)          All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.

 

(d)          If Certificates
are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates so issued
shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing
the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued shall
bear the Securities Legend, or the

 

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Securities
Legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence,
which may include an opinion of counsel (at the expense of the party requesting the removal of such legend) familiar with United
States securities laws, as may be reasonably required by the Certificate Registrar, that neither the Securities Legend nor the
restrictions on transfers set forth therein are required to ensure that transfers of any Certificate comply with the provisions
of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted security” within the meaning
of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a
Certificate that does not bear the Securities Legend.

 

(e)          Subject to the
restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of any Individual
Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination) by
surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed as
provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at the office of the Certificate Administrator or at the office of such transfer agent, as the case may be,
to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the
transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable,
may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such
Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall
not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)          An Individual
Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate pursuant
to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may only be transferred to Eligible
Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual knowledge that
such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by or for the benefit of a
Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then the Certificate
Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor to sell such
Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within fourteen days after
notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate Registrar
to take such action.

 

(g)          Subject to the
provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited to
transfers of such Global

 

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Certificates
in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee.

 

(h)          No fee or service
charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided herein. In connection
with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the
transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar in connection with
such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or
other governmental charge payable in connection with any such transfer.

 

(i)          Subject to Section
5.02(e) of this Agreement, transfers of the Class V or Class R Certificates may be made only in accordance with this
Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. The Certificate
Registrar shall register the transfer of a Class V Certificate only if (x) the transferor has advised the Certificate Registrar
in writing that such Certificate is being transferred to a Qualified Institutional Buyer or an Affiliated Person or an Institutional
Accredited Investor and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation
Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor
to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably
require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Act and other applicable laws.

 

(j)          No transfer, sale,
pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that transfer, sale,
pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any applicable state
securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor, the Master
Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify the Private
Certificates under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit
the transfer of such Private Certificates without registration or qualification. Any Certificateholder desiring to effect such
a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate Administrator, the Trustee
and the Certificate Registrar, against any loss, liability or expense that may result if the transfer is not so exempt or is not
made in accordance with such federal and state laws.

 

(k)          No transfer of
any Class X-E, Class X-F, Class X-G, Class E, Class F, Class G, Class V or Class R Certificate (each, a “Restricted
Certificate”) shall be made to (i) an employee benefit plan subject to the fiduciary responsibility provisions of ERISA,
or Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal,
state or local law (“Similar Law”) which is to a material extent

 

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similar
to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) a collective investment fund whose
underlying assets include Plan assets by reason of a Plan’s investment in the collective investment fund pursuant to U.S.
Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, other than (with respect to transfer
of Restricted Certificates other than the Class V or Class R Certificates), an insurance company using the assets of its general
account under circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company would
be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Code Section 4975 under
Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Each prospective transferee of a Restricted
Certificate shall either (A) deliver to the Depositor, the Certificate Registrar and the Certificate Administrator, a transfer
or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective transferee
is not a Person referred to in (i) or (ii) above or (B) if the transferee is such an entity specified in (i) or (ii) above (except
in the case of a Class V or Class R Certificate, which may not be transferred unless the transferee represents it is not such
an entity), such entity, at its own expense, shall provide any opinion of counsel, officers’ certificates or agreements
as may be required by, and in form and substance satisfactory to, the Depositor, the Certificate Administrator and the Certificate
Registrar, to the effect that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result
in a non-exempt prohibited transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code, and will
not subject the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor,
the Certificate Administrator, the Trustee or the Certificate Registrar to any obligation or liability. None of the Certificate
Administrator or the Certificate Registrar shall register a Class V or Class R Certificate in any Person’s name unless such
Person has provided the letter referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in
a Global Certificate that is a Restricted Certificate shall be deemed to represent that it is not a Plan or a Person acting on
behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of beneficial
interests in Global Certificates which are Restricted Certificates other than the Class V and Class R Certificates) an insurance
company using the assets of its general account under circumstances whereby such transfer to such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code under Sections
I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted Certificate that
would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar Law shall be
deemed absolutely null and void ab initio.

 

(l)          Each Person who
has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed
to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly subject to
the following provisions:

 

(i)          Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such

 

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Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)          No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance satisfactory
to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit in substantially
the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (ii) the proposed transferee understands that, as the holder of an Ownership
Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the proposed transferee intends
to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed transferee will not transfer
the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause income from the Class R Certificate
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the proposed transferee or any other U.S. Person and (vi) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.02(l) and (y) other than in connection with the initial issuance of the Class R Certificates,
require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)          Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that the Certificate
Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted
Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any

 

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transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described in Article V applicable with respect to changes in registration
of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such
Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and
the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the
Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

Section 5.03     Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate
Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute
and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any
new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04     Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”) for the
purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator
shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and
deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and
the Trustee that such Paying

 

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Agent
will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial Paying
Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial Paying Agent, the Paying
Agent shall at all times be an entity having a long-term unsecured debt rating of at least “A2” by Moody’s,
“A” from Fitch and “A” by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two
other NRSROs), or shall be otherwise acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05     Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes
of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders with respect to its rights under this Agreement,
the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder
(at such Certificateholder’s sole cost and expense) access during normal business hours to a current list of the Certificateholders
related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, and (ii) one of the following forms of documentation evidencing its beneficial ownership in such class
of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion stamp guaranteed letter from a broker or dealer
stating the Requesting Investor is the beneficial owner, or (D) a document acceptable to the Certificate Administrator that is
similar to any of the documents identified in clauses (A) through (C). The Certificate Administrator shall not be permitted to
require any information other than the foregoing in verifying a Certificateholder’s or Certificate Owner’s identity
in connection with a Communication Request. Requesting Investors will be responsible for their own expenses in making any Communication
Request, but will not be required to bear any expenses of the Certificate Administrator. Upon receipt of such request, the Certificate
Administrator shall furnish or cause to be furnished to such Applicant a list of the names and addresses of the Certificateholders
as of the most recent Record Date.

 

(b)          Every Certificateholder,
by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar that the Certificate
Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure of any information
as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.

 

(c)          Upon the written
request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator to
transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other

 

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Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06     Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)          The fact and date
of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Certificate
Administrator or the Trustee deems sufficient.

 

(c)          Any request, demand,
authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every Certificate
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted
to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon, whether or not notation
of such action is made upon such Certificate.

 

(d)          The Certificate
Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in this Section
5.06 as it shall deem necessary.

 

Section 5.07     Rule
144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder
of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a prospective
purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information required to be
delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.

 

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Section 5.08     Voting
Procedures.

 

With respect to any matters
submitted to Certificateholders for a vote, the Certificate Administrator shall administer such vote through the Depository with
respect to Book-Entry Certificates and directly with registered Holders by mail with respect to Definitive Certificates. In each
case, such vote shall be administered in accordance with the following procedures, unless different procedures are otherwise described
herein with respect to a specific vote:

 

(a)          Any matter submitted
to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such notice shall include
the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline which shall be no less
than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice and related ballot
shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders of Definitive
Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices
delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice
and ballot.

 

(b)          In connection
with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in the manner
set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance with their
Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate Administrator
in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding Certificate
Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its vote, the vote
may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by the Certificateholder
to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not be changed or retracted
by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the Voting Rights such that
the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into consideration the votes
cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall be bound by all votes
of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The Certificate
Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator shall
use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible or incomplete
ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted. Promptly
after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote. Such notice
shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and the percentage
abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders. The notice shall
be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate Administrator shall also
include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date such notice
is distributed. All vote tabulations shall be final and the

 

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Certificate
Administrator shall not, absent manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          Any and all reasonable
expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne by the Trust. The Certificate
Administrator is under no obligation to advise Holders about the matter being voted on or answer questions other than process-related
questions regarding the administration of the vote.

 

(e)          If any party to
this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the Trust that
is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and the Certificate
Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided herein, all such
votes require a majority of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING CERTIFICATEHOLDER, THE OPERATING ADVISOR AND THE ASSET
REPRESENTATIONS REVIEWER

 

Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer each shall be liable in accordance herewith only to the extent of the
obligations specifically imposed by this Agreement.

 

Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the
Asset Representations Reviewer or the Operating Advisor. Subject to the following paragraph, each of the Master Servicer
and the Special Servicer shall keep in full effect its existence, rights and good standing as a national banking association
under the laws of the United States and a limited liability company in good standing under the laws of the State of Delaware,
respectively, and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties
securing the Mortgage Loans that it is servicing are located or to protect the validity and enforceability of this Agreement,
the Certificates or any of such Mortgage Loans that it is servicing and to perform its respective duties under this
Agreement. In addition, subject to the following paragraph, the Operating Advisor and the Asset Representations Reviewer
shall keep in full effect its existence, rights and good standing as a limited liability company under the laws of the State
of New York and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are
located or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans and
to perform its respective duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person into which
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged
or consolidated, or any Person resulting from

 

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any
merger or consolidation to which the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset
Representations Reviewer is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor or the Asset Representations Reviewer shall be the successor of the Master Servicer, the Special
Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the
Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided a Rating Agency Confirmation
relating to the Certificates and Serviced Companion Loan Securities, if any; provided that none of the Master Servicer,
the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation from any Rating Agency
if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged into or consolidated with a Qualified
Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further, if the
Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency Confirmation
or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the Operating Advisor
or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor or the Asset Representations
Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to
the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable,
is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance with its Regulation
AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall
not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity
under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent
necessary to perform its duties under this Agreement. Any Person into which the Asset Representations Reviewer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which the Asset Representations Reviewer shall be a
party, or any Person succeeding to the business of the Asset Representations Reviewer, shall be the successor of the Asset Representations
Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Asset Representations Reviewer
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided, however, that the Trustee has received a Rating Agency Confirmation
with respect to such successor or surviving Person.

 

Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer nor any Affiliates, partners, shareholders,
directors, officers, employees, members, managers, representatives or agents (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any
liability to the Trust Fund, the Certificateholders,

 

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any
Serviced Companion Loan Noteholders, any party hereto or any third party beneficiary for any action taken, or for refraining from
the taking of any action, in good faith pursuant to this Agreement (including actions taken or not taken at the direction of any
Directing Certificateholder), or for errors in judgment; provided, that this provision shall not protect the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative,
member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer, against any breach of warranties or representations made
herein, or against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence (or
in the case of (x) the Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach
of the Servicing Standard, (y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the
Operating Advisor Standard or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for
a breach of the Asset Review Standard) in the performance of duties or by reason of negligent disregard of obligations or duties
hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor,
the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual
Property Royalty License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular,
CREFC®).

 

The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates,
incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith,
fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder,
on the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers,
employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund
for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine,
foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates, other than any loss, liability
or expense (including legal fees and expenses) (i) incurred by such party by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties thereunder or (ii)
in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members, managers, employees and
agents, incurred in connection with any violation by any of them of

 

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any
state or federal securities law; provided that such indemnified parties shall be paid out of the Collection Account in
accordance with Section 3.06(a) of this Agreement; provided, further, that if such matter relates directly
to any Serviced Whole Loan, such indemnified parties shall be paid first out of the applicable Serviced Whole Loan Collection
Account (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement), and then,
if funds therein are insufficient, out of the Collection Account; provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders.

 

The Depositor shall indemnify
the Operating Advisor (both in its capacity as Operating Advisor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between such
indemnified party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or
negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Operating Advisor
shall indemnify the Depositor (both in its capacity as Depositor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between
such indemnified party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith,
fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Asset Representations
Reviewer agrees to indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs (including, without limitation, reasonable fees and disbursements of counsel incurred in connection with the enforcement
of the Asset Representations Reviewer’s indemnification obligation) judgments, and any other costs, liabilities, fees and
expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Asset
Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard
by the Asset Representations Reviewer of its duties and obligations hereunder or by

 

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reason
of breach of any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor,
as the case may be, shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations
Reviewer shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them
in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights any of the foregoing
Persons may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s defense
of such claim is materially prejudiced thereby.

 

(b)          None of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any obligation
to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties under this Agreement or
(ii) in its opinion may expose it to any expense or liability not recoverable from the Trust Fund; provided, that each of
the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake any such action
that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund
and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor
from the Collection Account in accordance with Section 3.06(a) of this Agreement) no later than 60 days after submitting
such expenses or costs for reimbursement, provided that a failure to reimburse such parties within such 60 days will not
affect or limit such parties’ rights to receive reimbursement hereunder; provided, further, that in the case
of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision of the related
Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the applicable Serviced
Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a) of this
Agreement and the related Intercreditor Agreement.

 

(c)          The terms of this
Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section
6.04     Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating
Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master
Servicer, the Special Servicer and the Operating Advisor may assign their respective rights and delegate their respective
duties and obligations under this Agreement in connection with the sale or transfer of a substantial portion of their
commercial mortgage servicing, asset management or (solely with respect to the Operating Advisor) commercial mortgage
surveillance, portfolio, provided that: (i) the purchaser or transferee accepting such assignment and delegation (A)
shall be an established

 

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mortgage
finance institution, bank or mortgage servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor),
organized and doing business under the laws of the United States of America, any state of the United States of America or the
District of Columbia, authorized under such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor
or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement,
(B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate
Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the
Trustee and the Certificate Administrator an agreement that contains an assumption by such Person of the due and punctual performance
and observance of each covenant and condition to be performed or observed by the Master Servicer, Special Servicer or Operating
Advisor, as applicable under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party;
(ii) the Master Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this
Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate
at which the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component
thereof) is calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating
Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies
in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the
successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)          Except as provided
in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and the Operating
Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon determination that such
duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment of rights and delegation
of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating Advisor, pursuant to Section
6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Master
Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee and the
Certificate Administrator.

 

(c)          The Trustee shall
be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special Servicer
Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall be effective
unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special Servicing
Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled) and all
other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such amounts accrue prior
to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor Master Servicer has deposited
into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master Servicer, an amount equal to
the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph,
in which case the successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as
the

 

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terminated
Master Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

(d)          No resignation
or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding paragraphs of
this Section 6.04 shall become effective until the Trustee or a successor Master Servicer, Special Servicer or Operating
Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating Advisor’s
responsibilities, duties, liabilities and obligations hereunder. If no successor Master Servicer, Special Servicer or Operating
Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special
Servicer or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer
or Operating Advisor shall be treated as Realized Losses.

 

(e)          The Operating
Advisor shall have the right to resign without cost or expense upon the occurrence of the Early Termination Notice Date. The Operating
Advisor shall provide all of the parties to this Agreement and the Controlling Class Representative 30 days prior written notice
of any such resignation pursuant to this Section 6.04(e). If the Operating Advisor resigns pursuant to this Section 6.04(e),
then no replacement Operating Advisor shall be appointed. The resigning Operating Advisor shall be entitled, and subject, to any
rights and obligations that accrued under this Agreement prior to the date of any such resignation (including accrued and unpaid
compensation) and any indemnifications rights arising out of events occurring prior to such resignation.

 

The Operating Advisor
may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the
Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor
Operating Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating
Agency. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have
assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all
costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer
of its duties pursuant to this Section 6.04(e).

 

Section
6.05     Rights of the Depositor and the Trustee in Respect of the Master Servicer and the
Special Servicer. Solely with respect to their performance of their respective duties under this Agreement, the Master
Servicer and the Special Servicer shall afford the Depositor, the Underwriters, the Initial Purchasers, the Certificate
Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal business hours access to all
records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible for such
obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent publicly
available financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other
non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its
sole and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is
not prohibited by applicable law or contract

 

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from
disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer
hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation
of such Person hereunder or exercise any rights of such Person hereunder, provided that the Master Servicer and the Special
Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee.
If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust Fund from the Collection Accounts
(or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such Serviced Whole Loan Collection
Account), as provided in Section 3.06 and Section 6.03(a) hereof to the extent not recoverable from the Master Servicer
or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer (solely
with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely with respect to any action
or failure to act by the Master Servicer) shall have any responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Master Servicer
or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall be under
any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section
6.06     The Master Servicer or Special Servicer as Owners of a Certificate. The Master
Servicer or an Affiliate of the Master Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become
the Holder (or with respect to a Global Certificate, Certificate Owner) of any Certificate with the same rights it would have
if it were not the Master Servicer or the Special Servicer or an Affiliate thereof. If, at any time during which the Master
Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Certificate
Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take action (including for this purpose,
omitting to take action) that (i) is not expressly prohibited by the terms hereof and would not, in the Master
Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken,
might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment, be considered by other
Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not be required to, seek
the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator a written
notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in
each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the
Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the Master
Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt of
such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special
Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator
shall reasonably determine. If at any time Certificateholders holding a majority of the Voting Rights of all
Certificateholders and, if no Control Termination Event has occurred and is continuing, the applicable Directing
Certificateholder (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates
or the Special Servicer or its Affiliates, as applicable) shall have consented in writing to the proposal described in the
written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the written notice, such action
shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from
the Master Servicer or the

 

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Special
Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph. It is
not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section
6.07     The Directing Certificateholder. (a) For so long as no Control Termination Event has
occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the Special Servicer with respect
to all Specially Serviced Loans, (2) the Special Servicer with respect to Performing Loans as to all matters for which the
Master Servicer must obtain the consent or deemed consent of the Special Servicer (other than with respect to Special
Servicer Decisions) or for which the Special Servicer shall process, and (3) the Special Servicer with respect to all
Mortgage Loans for which an extension of maturity is being considered by the Special Servicer or by the Master Servicer
subject to consent or deemed consent of the Special Servicer, and notwithstanding anything herein to the contrary, except as
set forth in, and in any event subject to the second and third paragraphs of this Section 6.07, both (a) the Master
Servicer, solely to the extent it is permitted to take any action constituting a Major Decision or Special Servicer Decision
as set forth in Section 3.26 hereof, shall not be permitted to take any action constituting a Major Decision or
Special Servicer Decision unless it has obtained the prior written consent of the Special Servicer and (b) for so long as no
Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to consent to the
Master Servicer’s taking any of the following actions nor will the Special Servicer itself be permitted to take
any action constituting a Major Decision as to which the Directing Certificateholder has objected in writing within ten (10)
Business Days (or 30 days with respect to clause (j) of the definition of “Major Decision”) after receipt of the
written recommendation and analysis (provided that if such written objection has not been received by the Special
Servicer within such ten (10) Business Day period (or 30 days with respect to clause (j) of the definition of “Major
Decision” or such longer period provided for in any related Intercreditor Agreement but not less than five (5) Business
Days after the time period set forth therein for Directing Holder approval), then the Directing Certificateholder will be
deemed to have approved such action); provided that, if the Special Servicer or Master Servicer (if the Master
Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action,
with respect to the foregoing matters, or any other matter requiring consent of the Directing Certificateholder (if no
Control Termination Event has occurred and is continuing) in this Agreement, is necessary to protect the interests of the
Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a
collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the
Directing Certificateholder, the Master Servicer or the Special Servicer, as the case may be, may take any such action
without waiting for the Directing Certificateholder’s response; provided, however, that the failure of
the Directing Certificateholder or the Operating Advisor to respond will not relieve the Special Servicer from seeking
consent of or consulting with, as applicable, the Directing Certificateholder or the Operating Advisor on any future matters
with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. The Special Servicer is not
required to

 

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obtain
the consent of the Directing Certificateholder for any Major Decision if a Control Termination Event has occurred and is continuing;
provided that, if a Control Termination Event has occurred and is continuing, the Special Servicer shall consult with the
Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the Operating Advisor;
provided, further, that, if a Control Termination Event has occurred and is continuing but no Consultation Termination
Event has occurred and is continuing, the Special Servicer shall consult with the Directing Certificateholder in connection with
any Major Decision and any other matters set forth in this Agreement as to which the consent or approval of the Directing Certificateholder
would have been required or as to which the Directing Certificateholder would have had the right to advise or direct the Special
Servicer or the Master Servicer if no Control Termination Event had occurred and was continuing and consider alternative actions
recommended by the Directing Certificateholder; provided, further, that such consultation with the Directing Certificateholder
or the Operating Advisor is not binding on the Special Servicer.

 

In addition, for so long
as no Control Termination Event has occurred and is continuing, the Directing Certificateholder may direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Certificateholder may deem
advisable or as to which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary,
no such direction, and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master
Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement,
any Intercreditor Agreement or the REMIC Provisions, including without limitation the Special Servicer’s obligation to act
in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund,
the Certificate Administrator or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities
hereunder.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder, or any advice from
the Directing Certificateholder, would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms
of any Mortgage Loan, any Intercreditor Agreement, applicable law, the REMIC Provisions or this Agreement, including without limitation,
the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advice
and notify the Directing Certificateholder, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor. The taking
of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Certificateholder that does not violate any law or the Servicing Standard or any other provisions of this Agreement
or any Intercreditor Agreement will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation
Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the

 

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“Non-Directing
Certificateholder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor
be entitled to the rights of the “Non-Directing Certificateholder” (or similar term) under the related Intercreditor
Agreement.

 

The Directing Certificateholder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action
taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing Certificateholder
shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misfeasance or bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations
or duties.

 

(b)          Notwithstanding
anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing, the Directing Certificateholder
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination Event
has occurred and is continuing but no Consultation Termination Event has occurred, the Directing Certificateholder shall remain
entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer,
Special Servicer and any other applicable party shall consult with the Directing Certificateholder in connection with any action
to be taken or refrained from taking to the extent set forth herein; and (iii) if a Consultation Termination Event has occurred,
the Directing Certificateholder shall have no consultation or consent rights hereunder and no right to receive any notices, reports
or information (other than notices, Voting Rights given to all Certificateholders and rights to receive reports or information
required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder.

 

(c)          The Master Servicer,
the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate Administrator provide
the name of the then-current Directing Certificateholder for any applicable Mortgage Loan or Serviced Whole Loan. Upon such request,
the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request) provide
the name of the then-current Directing Certificateholder to the Master Servicer, the Special Servicer, the Trustee or the Operating
Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current Directing
Certificateholder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the
then-current Directing Certificateholder, then (i) the Certificate Administrator shall determine which Class is the Controlling
Class and (ii) the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request)
request from the Depository, the list of Certificate Owners of the Controlling Class, and the Certificate Administrator shall provide
such list to the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor. Any expenses incurred in connection
with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection
with an event as to which the Directing Certificateholder (or Controlling Class Representative) has review, consent or consultation
rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or in connection
with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of its Operating
Advisor Annual Report to the Controlling Class Representative and (ii) the requesting party has not been

 

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notified
of the identity of the Directing Certificateholder (or Controlling Class Representative) or reasonably believes that the identity
of the Directing Certificateholder (or Controlling Class Representative) has changed, then such expenses shall be at the expense
of the Trust. The Master Servicer, the Special Servicer, the Trustee and the Operating Advisor, shall be entitled to conclusively
rely on any such information so provided.

 

To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Directing Certificateholder or the list
of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as
applicable, shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the
Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

Section 6.08     Rights
of Non-Directing Certificateholders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:

 

(a)          consult with the
related Non-Directing Certificateholder (or its designee or representative) on a strictly non-binding basis, to the extent that
such Non-Directing Certificateholder (or its designee or representative) requests consultation with respect to any “major
decision” or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended
by such Non-Directing Certificateholder (or its designee or representative); provided, that after the expiration of a period
of ten (10) Business Days from the delivery to the related Non-Directing Certificateholder (or its designee or representative)
of written notice of a proposed action, together with copies of the related notice, information or report, the Master Servicer
or Special Servicer, as applicable, shall no longer be obligated to consult with the applicable Non-Directing Certificateholder
(or its designee or representative) (unless the Master Servicer or Special Servicer, as applicable, proposes a new course of action
that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall begin anew
from the date of such proposal and delivery of all information relating thereto). Notwithstanding the foregoing non-binding consultation
rights of the Non-Directing Certificateholder, the Master Servicer or the Special Servicer, as applicable, may take any “major
decision” or “major action” set forth in the related Intercreditor Agreement or any action set forth in the Asset
Status Report before the expiration of the aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer,
as applicable, determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholder
and the related Companion Loan Noteholder. Unless specified otherwise in the related Intercreditor Agreement, neither the Master
Servicer or the Special Servicer shall be obligated at any time to follow or take any alternative actions recommended by the Non-Directing
Certificateholder; and

 

(b)          in addition to
the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing Certificateholder
shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master Servicer
or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or the
Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

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Article
VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section
7.01     Servicer Termination Events. (a) “Master Servicer Termination Event,”
wherever used herein, means any one of the following events:

 

(i)           any
failure by the Master Servicer (A) to make any deposit required to the Collection Account or the Serviced Whole Loan Collection
Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made under the terms of this
Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted (including, without limitation, any
required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable Advance), which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, that to the extent the Master
Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer shall pay the Certificate Administrator
for the account of the Certificate Administrator interest on any amount not timely remitted at the Prime Rate from and including
the applicable required remittance date to, but not including, the date such remittance is actually made), or (C) to remit to any
holder of a Serviced Companion Loan, as and when required by this Agreement or any related Intercreditor Agreement, any amount
required to be so remitted (which failure continues for two Business Days);

 

(ii)          any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of the Master Servicer’s
failure to make a Servicing Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be
force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary
to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse
in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement,
(b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c)
an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Master Servicer
is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

(iii)          any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an

 

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affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)          the
Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer
or of or relating to all or substantially all of its property;

 

(vi)          the
Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)         (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Master Servicer as the sole or a material factor in such rating action, (b) KBRA has (A) qualified, downgraded or withdrawn
its rating or ratings of one or more Classes of Certificates, or (B) placed one or more Classes of Certificates on “watch
status” in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade or withdrawal or “watch
status” placement shall not have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either
of clause (A) or (B), publicly citing servicing concerns with the Master Servicer as the sole or a material factor in such rating
action, or (c) the Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated
to at least that rating within 60 days of the delisting; or

 

(viii)       subject
to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items required to be delivered
by the Master Servicer to the Trustee or the Certificate Administrator under Article X (other than items to be delivered
by a Mortgage Loan Seller Sub-Servicer) by the time required under Article X after any applicable grace periods or (b) any
Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Master Servicer (but excluding any Mortgage Loan Seller Sub-

 

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Servicer) is required to deliver
(any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause (viii));

 

then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x)
the Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (viii)
above upon five (5) Business Days’ notice, shall, terminate all of the rights and obligations of the Master Servicer (other
than as set forth in Section 7.01(d)). In the case of clause (vii), the Certificate Administrator shall be required to notify
Certificateholders and Serviced Companion Loan Noteholders of such Master Servicer Termination Event and request whether such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders favor such termination.

 

If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master Servicer
shall also be terminated as Special Servicer.

 

If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section
7.01(a)(vii) and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials
within five (5) Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer
hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the “request
for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal” materials provided
by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion Loans under
this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer retaining
all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans pursuant to the terms of
the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master Servicer to service
each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced Companion Loan serviced, the excess
of the related Servicing Fee Rate minus the related Excess Servicing Fee Rate (each, a “Servicing Retained Bid”);
and (ii) on the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in accordance
with Section 3.01(c) of this Agreement (each, a “Servicing Released Bid”). The Trustee shall select the
Qualified Bidder with the highest cash Servicing Retained Bid (or, if

 

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none,
the highest cash Servicing Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”)
to act as successor Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation
in accordance with the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then
the Trustee shall repeat the bid process described above (but subject to the above described 45 day time period) until such Rating
Agency Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master
Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided,
that the initial Master Servicer may request and obtain, with the prior written consent of the Directing Certificateholder, an
additional 20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee
an Officer’s Certificate stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion
Loans cannot be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful
Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master Servicer
to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder (net
of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if
the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.

 

The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee
thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this
Agreement.

 

Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials
referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer shall continue
to perform as such and to collect the servicing fee until the conclusion of the process described in this Section 7.01(a).

 

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(b)          “Special
Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)           any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account) any amount
required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided,
that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer Termination
Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer for
any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)          any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of failure to pay
the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event
such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating
to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the Special Servicer, by (a) any other party hereto,
with a copy to each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests
aggregating not less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure
is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable,
will be extended an additional 30 days;

 

(iii)         any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or

 

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liquidation of its affairs, shall have been entered against the Special Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)          the
Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Special Servicer
or of or relating to all or substantially all of its property;

 

(vi)         the
Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)        (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Special Servicer as the sole or a material factor in such rating action, (b) KBRA has (A) qualified, downgraded or withdrawn
its rating or ratings of one or more Classes of Certificates, or (B) placed one or more Classes of Certificates on “watch
status” in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade or withdrawal or “watch
status” placement shall not have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either
of clause (A) or (B), publicly citing servicing concerns with the Special Servicer as the sole or a material factor in such rating
action, or (c) the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated
to at least that rating within 60 days of the delisting; or

 

(viii)       subject
to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under
Article X after any applicable grace periods or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Special Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it
defaults in accordance with the provision of this clause (viii).

 

then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (y) for so long as no Control Termination Event
has occurred and is continuing, the Directing Certificateholder or (z) the Depositor with respect to clause (viii) above upon five
(5) Business Days’ notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights
to indemnification provided in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(b) of
this

 

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Agreement). In the case of clause (vii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special
Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator,
upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall
notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether
such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)          Notwithstanding
Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced Companion Loan and the Master
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee, at
the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint a sub-servicer (or if a sub-servicer
is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such Serviced Whole Loan, but only if
such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing agreement, and the Master
Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect all of the rights and obligations
of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer shall appoint a replacement
sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets the eligibility requirements
of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any) and the eligibility requirements of each Other Pooling and Servicing Agreement.

 

(d)          Notwithstanding
Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced Companion Loan and the Special
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Special Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with respect to the related Serviced Whole
Loan only, but no other Mortgage Loan.

 

(e)          If the Master
Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating Party”)
shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated Party”),
terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other
than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder and any rights
or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing
to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such amounts bear
interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits
of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special Servicer, the right
to

 

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receive
any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(b) of this Agreement. No successor
Special Servicer shall be entitled to such Workout Fee received by the terminated Special Servicer. On or after the receipt by
the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the
Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and to the extent that it is
a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating
Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby authorized and empowered to
execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents,
or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated pursuant to this Section
7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense,
the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating Party to assume
its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting
the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master
Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash amounts which shall
at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, the applicable
Serviced Whole Loan Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box
Account or Cash Collateral Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly
provide the Terminating Party or such successor Master Servicer or successor Special Servicer (which may include the Trustee)
all documents and records reasonably requested by it, such documents and records to be provided in such form as the Terminating
Party or such successor Master Servicer or Special Servicer shall reasonably request (including electronic form), to enable it
to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs and expenses of the
Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor
Master Servicer or successor Special Servicer incurred in connection with transferring the Mortgage Files to the successor Master
Servicer or Special Servicer and amending this Agreement to reflect such succession as successor Master Servicer or successor
Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer,
as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or
Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust
Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the
extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation
to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event
or Special Servicer

 

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Termination
Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has received written notice
thereof or has actual knowledge thereof.

 

Section 7.02     Trustee
to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer
pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Certificateholder as provided in this Section 7.02
or Section 3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under
this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the
responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master
Servicer or Special Servicer by the terms and provisions hereof, provided, that (i) the Terminating Party shall have no
responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer
and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s
failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be considered a termination
event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified
to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master
Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor Special
Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to
its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations
and warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions
of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment
by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage Loan
or any Serviced Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor
Special Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds
relating to the Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s succession
to which such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or
Special Servicer, as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee shall
at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances
and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon),
until such Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case of the Master Servicer,
at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event has occurred and is continuing, the
Controlling Class Representative), or (ii) in the case of the Special Servicer, at least 25% of the aggregate Voting Rights (or,
for so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder), so request in writing
to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder so requests in writing
to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage pools similar
to the Trust Fund, promptly appoint, or petition a court of

 

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competent
jurisdiction to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination Event
has occurred and is continuing, has been approved by the Directing Certificateholder (which approval shall not be unreasonably
withheld) to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption of all
or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; provided
that the Trustee shall obtain a Rating Agency Confirmation with respect to the Certificates and any Serviced Companion Loan Securities.
No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by
such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder,
which appointment has been approved, if no Control Termination Event has occurred and is continuing, by the Directing Certificateholder,
such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer (or the Special Servicer
if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting,
the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer,
the Trustee shall act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make
such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced Companion Loans or otherwise
as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted to the Terminated
Party hereunder, unless no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party
hereunder, in which case additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated
Party shall be treated as Realized Losses. Any successor Special Servicer shall be subject to the rights of the Directing Certificateholder
under Section 3.22(b) of this Agreement. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor
shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee)
for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section
7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of
written notice of any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer
or the Special Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at
their respective addresses appearing in the Certificate Register, the 17g-5 Information Provider (who shall promptly post
such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the
Operating Advisor, the Asset Representations Reviewer and to each Serviced Companion Loan Noteholder at its address appearing
in the Serviced Companion Loan Noteholder Register.

 

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(b)          Within 30 days
after the occurrence of any Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer Termination
Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the Depositor,
the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), and each
Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination Event or Asset Representations
Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination Event or Asset Representations
Reviewer Termination Event shall have been cured or waived.

 

Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as the Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01 of this Agreement, shall have the right, in its own name as Trustee of an express trust, to take all actions now or
hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and
enforce the rights and remedies, of the Certificateholders and, in the case of any Serviced Companion Loan, of the related
Serviced Companion Loan Noteholders (including the institution and prosecution of all judicial, administrative and other
proceedings and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and
costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (and,
in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision
of the related Intercreditor Agreement). Except as otherwise expressly provided in this Agreement, no remedy provided for by
this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any
other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be
deemed to be a waiver of any Servicer Termination Event.

 

Section
7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events;
Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the
Certificates may, together with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected
by such Servicer Termination Event or Operating Advisor Termination Event, as applicable), on behalf of all Holders of
Certificates waive any termination event with respect to the Master Servicer, the Special Servicer or the Operating Advisor
in the performance of its obligations hereunder and its consequences, except a termination event with respect to making any
required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments from the Collection
Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting payments as
received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such
termination event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other termination event or impair any right consequent thereon. Notwithstanding the foregoing, a Master
Servicer Termination Event under Section 7.01(a)(vii) or a Special Servicer Termination Event under Section
7.01(b)(vii) of this Agreement may be waived only with the consent of the Depositor.

 

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Section
7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its
obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x)
within five Business Days of the Master Servicer Termination Event resulting from such failure by the Master Servicer with
respect to Servicing Advances to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with
respect to such Servicing Advances and (y) by 12:00 noon (New York City time) on the related Distribution Date with respect
to P&I Advances pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a) of this
Agreement unless the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution Date.
With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights
with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and
interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable
Advance (without regard to any impairment of any such rights of reimbursement caused by the Master Servicer’s failure
to perform its obligations hereunder); provided, that if Advances made by the Trustee and the Master Servicer shall at
any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such
Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such
Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master
Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a
Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master Servicer
hereunder.

 

Section
7.07     Termination of the Operating Advisor. (a) An “Operating Advisor Termination
Event” means any one of the following events whether any such event shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body:

 

(i) 
         any failure by the Operating Advisor to observe or perform in any
material respect any of its covenants or agreements or the material breach of its representations or warranties under this
Agreement, which failure shall continue unremedied for a period of 30 days after the date on which written notice of such
failure shall have been given to the Operating Advisor by any party hereto or to the Operating Advisor, the Certificate
Administrator and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights; provided,
that with respect to any such failure which is not curable within such 30-day period, the Operating Advisor shall have an
additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the
initial 30-day period and has provided the Trustee and the Certificate Administrator with an Officer’s Certificate
certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;

 

(iii)          any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;

 

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(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;

 

(v)          the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

(vi)          the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting
Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor
under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts
accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor; provided that no such termination shall be effective until
a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate
Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.

 

(b)         Upon (i) the written
direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote to terminate
and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor and (ii) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s Website and
(ii) mail at their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates evidencing
more than 50% of the Voting Rights that exercise their right to vote (provided that Holders of at least 50% of the Voting
Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations of

 

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the
Operating Advisor with respect to the Mortgage Loans under this Agreement by notice in writing to the Operating Advisor, other
than rights and obligations accrued prior to such termination including the right to receive all amounts accrued and owing to
it under this Agreement and other than indemnification rights arising out of events occurring prior to such termination. The provisions
set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit of solely the
Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action based upon
or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to comply with
the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Operating Advisor.

 

(c)          On or after the
receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority and power
under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any and all documents
and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect the purposes
of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating Advisor
resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written notice
of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a successor Operating
Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be
the proposed Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided, that
if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates
shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating
Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator shall
promptly provide such notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder)
within one Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate
of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date
hereof, the Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the
Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class
of Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

(d)          Upon any termination
of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give
written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Certificateholders,
any Serviced Companion Loan Noteholder and, if no Consultation Termination Event has occurred and is continuing, the Controlling
Class Representative and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information

 

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Provider’s
Website pursuant to Section 3.14(d) of this Agreement). If the Operating Advisor is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination).

 

(e)          If there are no
Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates and the Class R Certificates,
then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate without payment of any termination
fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation)
and other than indemnification rights arising out of events occurring prior to such termination). If the Operating Advisor is terminated
pursuant to this Section 7.07(e), then no replacement Operating Advisor shall be appointed. The Trustee shall provide the
Operating Advisor with prompt notice upon its termination pursuant to this Section 7.07(e).

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties
of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee or the
Certificate Administrator shall be construed as a duty and neither the Trustee nor the Certificate Administrator shall be answerable
with respect to its exercise of a permissive right other than its negligence of willful misconduct in the exercise of such a permissive
right. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement shall exercise such of the rights
and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)          The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for
posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them
to determine whether they conform on their face to the requirements of this Agreement; provided, that, the Trustee or the
Certificate Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not
to conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator,
as applicable, shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected
to such Trustee’s or such

 

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Certificate
Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide notice thereof to the
Certificateholders.

 

(c)          None of the Trustee,
the Certificate Administrator or any of their officers, directors, employees, agents or “control” persons within the
meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided that, subject
to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee, the Certificate
Administrator or any such person, from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct or its own bad faith; and provided, further, that:

 

(i)            The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of
the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)           Reserved;

 

(iii)          Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% of the
Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)          Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

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(v)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole Loan,
the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)          Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity satisfactory to it in its sole discretion
against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in
any event require the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner
of performance of, any of the obligations of the Master Servicer, the Special Servicer or the Operating Advisor under this Agreement,
except, in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement.
Neither the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with
its performance of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable
for any loss on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as
the Master Servicer or Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

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Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except
as otherwise provided in Section 8.01 of this Agreement:

 

(i)            The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be fully protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to investigate any statement, representation or warranty of any fact or matter stated in any such document
and may conclusively rely as to the truth of any statements and the correctness of the opinions expressed therein or ascertain
or confirm the genuineness of any such party or parties;

 

(ii)           Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)          (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may be, against
the costs, losses, expenses (including, without limitation, the fees and expenses of its counsel and agents) and liabilities which
may be incurred therein or thereby, provided that nothing contained herein shall relieve the Trustee of the obligations,
upon the occurrence of a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the
Trustee has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree
of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs; and (B) the right of the Trustee and the Certificate Administrator to perform any discretionary act enumerated in
this Agreement shall not be construed as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not
be answerable for other than its own negligence or willful misconduct or bad faith in the performance of any such act;

 

(iv)          None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by the Trustee
or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the Certificate Administrator,
as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken, suffered or omitted by it in
good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to

 

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be authorized or within
the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may be,
not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it by the
terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory
to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master
Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)          The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but shall
not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as the case may
be, may not perform any duties hereunder through any Person that is a Prohibited Party; and

 

(vii)        Other
than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee, the Custodian
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee, the Custodian or the Certificate Administrator,
as applicable, has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(viii)      In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct; and

 

(ix)          Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

(b)         Following the
Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this Agreement,
accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall

 

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have
received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to
the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event or cause the Grantor Trust
to fail to qualify as a grantor trust.

 

(c)          All rights of
action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator, may
be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          Neither the Trustee
nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility of any
Mortgage Loan for purposes of this Agreement.

 

(e)          Neither the Trustee
nor the Certificate Administrator shall be under any obligation on monitor repurchase activity or to independently determine which
Repurchase Requests remain unresolved after 180 days.

 

(f)          Each of the Trustee,
the Certificate Administrator, the Custodian, the Certificate Registrar, the 17g-5 Information Provider, the Paying Agent and the
Authenticating Agent shall be entitled to all of the same rights, protections, immunities and indemnities afforded to the Trustee
or the Certificate Administrator, as the case may be, in each such capacity as if such right, protection, immunity and indemnity
was set forth herein expressly for the benefit of the Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating
Agent, mutatis mutandis.

 

(g)          In order to comply
with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Certificate Administrator
and the Trustee, as the case may be, are required to obtain, verify and record certain information relating to individuals and
entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly, each of the parties
hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from time to time, such
identifying information and documentation as may be available for such party in order to enable the Certificate Administrator and
the Trustee to comply with Applicable Law.

 

(h)          Neither the Trustee
nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special Servicer (unless
the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall only be responsible
for its own actions as Master Servicer or Special Servicer) or of the Depositor, the Operating Advisor or the Asset Representations
Reviewer.

 

(i)           Neither the Trustee
nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund unless it is determined
in a non-appealable decision by a court of competent jurisdiction that the Trustee’s or Certificate

 

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Administrator’s,
as applicable, negligence or willful misconduct was the cause of such insufficiency.

 

(j)          For all purposes
under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to have actual knowledge
or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure or breach of
any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless a Responsible Officer
of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of any event,
act, failure or breach, as applicable, which is in fact such a default is received by the Trustee or the Certificate Administrator
at the respective Corporate Trust Office, and such notice references the Certificates or this Agreement. In the absence of receipt
of such notice and such actual knowledge otherwise obtained, the Trustee, the Custodian and the Certificate Administrator may conclusively
assume that there is no Servicer Termination Event or Asset Representations Reviewer Termination Event.

 

(k)          In making or disposing
of any investment permitted by this Agreement, the Trustee and the Certificate Administrator are each authorized to deal with itself
(in its individual capacity) or with any one or more of its respective Affiliates, in each case on an arm’s-length basis
and on standard market terms, whether it or such Affiliate is acting as a subagent of the Trustee or the Certificate Administrator,
as applicable, or for any third person or dealing as principal for its own account.

 

Section
8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
and the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the
Custodian, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer make no
representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates or any offering
document used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage Loan, or
related document. None of the Trustee, the Certificate Administrator or the Custodian shall at any time have any
responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage, any
Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for
or with respect to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to
Certificateholders under this Agreement. Without limiting the foregoing, neither the Trustee nor the Certificate
Administrator shall be liable or responsible for: (i) the existence, condition and ownership of any Mortgaged Property; (ii)
the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the duties of the Master
Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) or the enforceability thereof; (iii) the
existence of any Mortgage Loan or the contents of the related Mortgage File on any computer or other record thereof (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement); (iv) the validity of the assignment of any Mortgage Loan to the Trust Fund or of any intervening

 

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assignment;
(v) the completeness of any Mortgage File; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the
compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty
or representation prior to the Trustee’s receipt of written notice or other discovery of any non-compliance therewith or
any breach thereof; (vii) any investment of monies by or at the direction of the Master Servicer or any loss resulting therefrom,
the acts or omissions of any of the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Certificate Administrator,
the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer or any Borrower;
any action of the Master Servicer or Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer
or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer taken in the name of the Trustee, except
to the extent such action is taken at the express written direction of the Trustee; (viii) the failure of the Master Servicer
or the Special Servicer or any sub-servicer to act or perform any duties required of them on behalf of the Trust Fund or the Trustee
hereunder; or (ix) any action by or omission of the Trustee or the Certificate Administrator taken at the instruction of the Master
Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement) unless the taking of such action is not permitted by the express terms of this
Agreement; provided, that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective
obligations to perform their duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator
shall not be accountable for the use or application by the Depositor, the Certificate Administrator (in the case of the Trustee
only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of
the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the
Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only),
the Master Servicer or the Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from
the Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution
Account, the Excess Interest Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, the
Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained by or on behalf
of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the
Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer) or to record
this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution of interest
for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate Administrator,
as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate
Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting
the impermissibility) to the effect, that such payment is not

 

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permitted by applicable law. The Depositor is not obligated to monitor
or supervise the performance of the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Section
8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the
Certificate Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any
other capacity may become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers and the Underwriters in banking
transactions, with the same rights it would have if it were not Trustee, Certificate Administrator or such agent, as the case
may be.

 

Section
8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses;
Indemnification. (a) On each Distribution Date, prior to the distribution of amounts to the Certificateholders, the
Certificate Administrator shall be entitled to withdraw and pay the Trustee, the Custodian and itself its respective portion
of the Certificate Administrator/Custodian/Trustee Fee, as reasonable compensation from amounts remitted to the Lower-Tier
Distribution Account (which shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust), for all services rendered in the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties of the Trustee, the Custodian and the Certificate Administrator at the Certificate
Administrator/Custodian/Trustee Fee Rate.

 

(b)          If the Trustee
assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise arising
from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation
to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other than the rights of the
Special Servicer to receive any Workout Fee specified in Section 3.12(b) of this Agreement if the Special Servicer is terminated).

 

(c)          The Trustee, the
Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator pursuant to and in accordance
with any of the provisions of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ), which the Certificate Administrator will be entitled to withdraw from the Distribution
Accounts prior to the distribution to Certificateholders to the extent set forth herein and to the extent such payments are “unanticipated
expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(iii) except any such expense,
disbursement or advance as may arise from its negligence, willful misconduct or bad faith; provided, that, subject to the
last paragraph of Section 8.01 and Section 8.02(a)(iii) of this Agreement, the Trustee, the Custodian or the Certificate
Administrator shall not refuse to perform any of their respective duties hereunder solely as a result of the failure to be paid
their respective portion of the Certificate Administrator/Custodian/Trustee Fee, or the Trustee’s, Custodian’s or Certificate
Administrator’s previously-incurred expenses, as applicable. The term “unanticipated expenses incurred by the REMIC”
shall include any fees, expenses and disbursement of any separate Trustee or co-Trustee appointed hereunder, only to the extent
such fees, expenses and disbursements were not reasonably anticipated as of the Closing Date and are attributable to the Lower-Tier
REMIC, the Upper-Tier REMIC and the losses, liabilities,

 

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damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust,
including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section
4.05 and Section 7.01 of this Agreement.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)          Each of the Certificate
Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special Servicer (each,
for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trustee (both in its capacity as Trustee and individually), the Certificate Administrator (in its capacity as Certificate Administrator,
Paying Agent and individually), the Custodian (in its capacity as custodian and individually) and each of their Affiliates and
each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee,
the Certificate Administrator and the Custodian and each of their Affiliates (each, for purposes of this Section 8.05(d),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified
Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful
misconduct, bad faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master
Servicer or sub-servicer).

 

The Trust Fund shall
indemnify each Indemnified Party from, and hold it harmless against, any and all losses, liabilities, damages, penalties, fines,
forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans or the Certificates
other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party in the performance
of its obligations and duties under this Agreement, (ii) by reason of its negligent disregard of those obligations or duties, or
as may arise from a breach of any representation or warranty of the Indemnified Party made in this Agreement and (iii) as to which
such Indemnified Party or the Custodian, as applicable, is entitled to

 

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indemnification
pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under this Section 8.05(d)
shall be senior to the rights of all Certificateholders.

 

(e)          Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to such
resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)           This Section
8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

 

(g)          Each of the Certificate
Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only, for purposes of this
Section 8.05(g), an “Indemnifying Party A”) shall (severally and not jointly) indemnify the Trust Fund,
the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates and each of the
partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master Servicer and
the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party A”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party A may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified
Party A in any action or proceeding between the Indemnifying Party A and the Indemnified Party A or between the Indemnified Party
A and any third party or otherwise) resulting from the applicable Indemnifying Party A’s willful misconduct, bad faith, fraud
or negligence in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)          The Certificate
Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party B”) shall, solely in its
capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Cantor Fitzgerald & Co. (each, for purposes
of this Section 8.05(h), an “Indemnified Party B”), and hold each of them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
fees and expenses that the Indemnified Party B may sustain in connection with this Agreement (including, without limitation reasonable
fees and disbursements of counsel incurred by the Indemnified Party B in any action or proceeding between the Indemnifying Party
B and the Indemnified Party B or between the Indemnified Party B and any third party or otherwise) related to (i) the applicable
Indemnifying Party B’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by
reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot
reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to
the extent caused by any such willful

 

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misconduct,
bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard referred to in clause
(i) above by the Indemnifying Party B.

 

Section 8.06     Eligibility
Requirements for Trustee and Certificate Administrator.

 

The Trustee and Certificate
Administrator hereunder shall at all times:

 

(i)            be
a corporation, national bank, national banking association or a trust company organized and doing business under the laws of any
state or the United States of America,

 

(ii)           be
authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)          have
a combined capital and surplus of at least $100,000,000,

 

(iv)         be
subject to supervision or examination by federal or state authority and shall not be an Affiliate of the Master Servicer or the
Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the duties of the Master Servicer
or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement), and

 

(v)          not
be a Prohibited Party,

 

(vi)         be
an institution insured by the Federal Deposit Insurance Corporation, and

 

(vii)        have
a rating on its long-term senior unsecured debt of at least “A2” by Moody’s, “A” by Fitch and “A”
by KBRA; provided that the trustee will not become ineligible to serve based on a failure to satisfy such rating requirements
as long as it maintains a long-term unsecured debt rating of no less than “Baa2” by Moody’s and “BBB”
by Fitch, and its short-term debt obligations have a short-term rating of not less than “P-2” from Moody’s and
“F1” by Fitch, and the master servicer maintains a rating of at least “A2” by Moody’s and “A+”
by Fitch provided, further, that if any such institution is not rated by KBRA, such institution maintains an equivalent
(or higher) rating by any two other NRSROs or such other rating with respect to which the Rating Agencies have provided a Rating
Agency Confirmation.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but does
not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall be deemed
to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided that
such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations of the
Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required of the
Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of
this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If the place of

 

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business
from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the
net income of any Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect
either to (i) resign promptly in the manner and with the effect specified in Section 8.07 of this Agreement, (ii) pay such
tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a
tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign promptly in the manner and with
the effect specified in Section 8.07 of this Agreement.

 

Section
8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and
the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Directing Certificateholder and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement). Upon notice of resignation from the Trustee, the Depositor shall promptly appoint a successor
trustee, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement and shall
be, if no Control Termination Event has occurred and is continuing, reasonably acceptable to the Directing Certificateholder.
Upon notice of resignation from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate
administrator, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement. If
no successor trustee or certificate administrator shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as the case may be, may
appoint or petition any court of competent jurisdiction for the appointment of a successor and such petition shall be an
expense of the Trust. Subject to the foregoing sentence the resigning Trustee or the Certificate Administrator, as
applicable, shall bear all reasonable out of pocket costs and expenses of each other party hereto and each Rating Agency in
connection with its resignation.

 

If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement
and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the
Depositor or the

 

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Master
Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee or the Certificate
Administrator, as the case may be, so removed and to the successor. If no successor trustee or certificate administrator shall
have been so appointed and have accepted appointment within 180 days after the giving of such notice of removal, the removed Trustee
or Certificate Administrator may appoint or petition any court of competent jurisdiction for the appointment of a successor trustee
or certificate administrator, as applicable and such petition shall be an expense of the Trust.

 

The Holders of Certificates
entitled to greater than 50% of the Voting Rights may, with cause (at any time with 5 Business Days prior written notice) or without
cause (at any time with 30 days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a
successor by written instrument or instruments, in eight originals, signed by such Holders or their attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator and the successor trustee or
certificate administrator, as applicable.

 

In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage
Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including
the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement, plus interest
at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination or removal).

 

If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement and in
and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation, termination, or
removal shall be effective with respect to each of its other capacities hereunder except its capacity as Trustee or Custodian (but
including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent). In the event that the Person serving as Certificate Administrator is terminated or removed pursuant to this Section
8.07 but such Person is not also removed in its capacity as Trustee and/or Custodian, the fees of the successor Certificate
Administrator shall be that portion of the Certificate Administrator/Custodian/Trustee Fee as agreed to between the Trustee and/or
Custodian and such successor Certificate Administrator.

 

Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (i) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (a) endorse the original executed Mortgage Note

 

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for
each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the
registered holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 or in blank,
and (b) in the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing
Trustee), assign and record such Loan Documents to such successor, and such successor shall review the documents delivered to
it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject
to this Agreement, such endorsement and assignment has been made; (ii) if any original executed Mortgage Note for a Mortgage Loan
was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee and the Custodian
shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or
warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of CFCRE 2016-C4 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 or in blank. If any assignable Loan Document (other than the
Mortgage Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07 without cause,
with respect to the Loan Documents identified in clause (b) of the preceding sentence, the Custodian shall deliver such Loan Document
to the successor trustee and, if appropriate, such Loan Documents shall be recorded at the expense of the Trust (i) prior to the
occurrence and continuance of a Control Termination Event, with the consent of the Controlling Class Representative, (ii) after
the occurrence and continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event,
after consultation with the Controlling Class Representative and the Operating Advisor and (iii) after the occurrence of a Consultation
Termination Event, after consultation with the Operating Advisor and the reasonable cooperation (as determined by the Depositor)
of the Depositor.

 

Section
8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or
certificate administrator shall execute, acknowledge and deliver to the Depositor, the Operating Advisor, the Asset
Representations Reviewer, the Master Servicer, the Certificate Administrator (or in the case of a successor certificate
administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments accepting their
appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator, as
applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein; provided that such successor shall satisfy the
requirements contained in Section 8.06 of this Agreement. The predecessor Trustee or Certificate Administrator, as
applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder,
and the Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such
instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the
successor all such rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may
be, shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor
shall be eligible under the provisions of Section 8.06 of this Agreement.

 

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Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Depositor.

 

(b)          Any successor
trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06 hereof.

 

(c)          Neither the Asset
Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section
8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into
which the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any
Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be
a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the
Certificate Administrator, shall be the successor of the Trustee or the Certificate Administrator, as the case may be,
hereunder; provided that such Person shall be eligible under the provisions of Section 8.06 of this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable, shall notify the other parties
hereto of any such event, and the Certificate Administrator shall post notice of such merger or consolidation to the
Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement and provide notice
of such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions
hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust
Fund or property securing the same may at the time be located or for enforcement actions or where a conflict of interest
arises, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees,
jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions
of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may
consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt
by it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment. Except as required by applicable law, the appointment of a co-Trustee or
separate Trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder. No
co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section
8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall
be required under Section 8.08 hereof.

 

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In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and
co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article
IX

TERMINATION

 

Section
9.01     Termination. (a) The respective obligations and responsibilities of the Master
Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee created hereby with

 

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respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following the earlier to
occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on
any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to this Agreement of the last asset
held by the Trust Fund; provided, that in no event shall the trust created hereby continue beyond the expiration of twenty-one
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the United Kingdom, living on the date hereof.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section
9.01(g), and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special
Servicer and the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c).
For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class,
shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

(b)          The Trust Fund,
the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or otherwise disposed
of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning of Section 860F(a)(4)(A)
of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the applicable Notice of Termination
is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall terminate on a Distribution Date
occurring not more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section
9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement shall constitute the adoption
of the plan of complete liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator
in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the
Lower-Tier REMIC or the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible for filing the final
Tax Returns for each Trust REMIC and for the Grantor Trust for the period ending with such termination, and shall retain books
and records with respect to the Trust REMICs and the Grantor Trust for the same period of retention for which it maintains its
own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports required by this Section.

 

(c)          The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated

 

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Termination
Date, which shall be on or after the Early Termination Notice Date, by purchasing on such date all, but not less than all, of
the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any
Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

(i)            100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)           the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the
last day of the month preceding such Distribution Date;

 

(iii)          all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

(iv)          the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Custodian/Trustee Fees, the CREFC®
Intellectual Property Royalty License Fees and Trust Fund expenses.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the
Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable, not
later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution on
the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of
any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement,
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred thereto
on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article
IX.

 

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For purposes of this
Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class, shall act on behalf
of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and
the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the
Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee
and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).

 

(d)          If the Trust Fund
has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate Administrator
shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates, based
on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to the Holders
of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to distribute in full the Certificate
Balance of each Class of Certificates, together with amounts required to be distributed on such Distribution Date pursuant to Section
4.01(b) of this Agreement; provided, that, if no such Classes of Certificates are then outstanding, the final distribution
shall be made (i) to the Holders of the Class R Certificates (in respect of the Class LTR Interest) of any amount remaining in
the Collection Accounts, the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates (in respect of
the Class UTR Interest) of any amount remaining in the Upper-Tier Distribution Account.

 

(e)          Notice of any
termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to Certificateholders
(with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers, the Operating Advisor, the Asset
Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)),
at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days, prior to the Anticipated
Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)            specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)           specify
the amount of any such final distribution, if known; and

 

(iii)          state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

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(f)           Any funds not
distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set
aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.
If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall not have
been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall
mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the termination of the
Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with this Section 9.01. Any amounts remaining in the Excess Interest Distribution Account representing Excess
Interest shall be distributed to the Holders of the Class V Certificates.

 

(g)          Following the
date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional
Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights
of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the
parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such Sole Certificateholder
pays to the Certificate Administrator as additional compensation an amount equal to one day of interest calculated at the Prime
Rate on the aggregate Certificate Balance of the Sequential Pay Certificates as of the first day of the current calendar month
and such Sole Certificateholder pays to the Master Servicer as additional compensation an amount equal to (i) the product of (a)
the Prime Rate, (b) the aggregate Certificate Balance of the then outstanding Certificates (other than any Class of Class X Certificates,
the Class V Certificates and the Class R Certificates) as of the date of the exchange and (c) three, divided by (ii) 360, for the
Mortgage Loans and any REO Properties remaining in the Trust Fund and such payments shall be treated as made by the Sole Certificateholder
directly to the Certificate Administrator and the Master Servicer and not

 

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through or by either of the Trust REMICs; provided,
further, that if the Holders of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates have assigned their Voting Rights to the “Sole Certificateholder”, then the Sole Certificateholder may
exchange the Class E, Class F and Class G Certificates for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a), and the Holders of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates shall be entitled to exchange those Certificates for consideration in an amount
to be agreed by the Sole Certificateholder and the Holders of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates (the “Class X Payoff Amount”); provided, that the Class X Payoff Amount shall
consist solely of cash or other assets otherwise payable or deliverable by the Trust to the Sole Certificateholder and to no other
Person. If the Sole Certificateholder elects to exchange all of the then-outstanding Certificates (other than (i) the Class X-D
Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only
taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class
X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund in accordance with the preceding sentence, such
Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates is to occur, shall
deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee hereunder through
the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable
to the respective parties hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution
Accounts pursuant to Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on deposit
in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account on such Servicer Remittance Date from the Collection Account pursuant
to Section 3.05 of this Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made
and following the surrender of all the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights
of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) on the final Distribution Date to
the Certificate Administrator, the Custodian shall (i) upon receipt of a Request for Release from the Master Servicer, release
to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and (ii) if the Sole Certificateholder has only taken
an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates pursuant to the definition of “Sole Certificateholder”, upon receipt of the Class X-D Certificates, Class
X-E Certificates, Class X-F Certificates and Class X-G Certificates, release the Class X Payoff Amount to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates, and the Trust Fund shall be liquidated
in accordance with this Article IX; provided, that the release of the Class X

 

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Payoff Amount to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates shall be deemed to be delivery of the
Class X Payoff Amount by the Trust to the Sole Certificateholder and by the Sole Certificateholder to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates. The remaining Mortgage Loans and REO
Properties are deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant to this Article IX. Solely
for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC
for an amount equal to the remaining Certificate Balance of its Certificates (other than the Class V and Class R Certificates),
plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts
distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)          [Reserved].

 

(i)       
   The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the
Operating Advisor, upon termination of the Issuing Entity.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
10.01     Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section
10.11, Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17,
the parties hereto acknowledge and agree that the purpose of this Article X is to facilitate compliance by the
Depositor (and any Other Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions
of Regulation AB and related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or
the Trustee shall exercise its rights to request delivery of information or other performance under these provisions other
than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the
Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties to this Agreement
acknowledge that interpretations of the requirements of Regulation AB may change over time due to interpretive guidance
provided by the Commission or its staff, and agree to comply, subject to Section 10.02, with reasonable requests made
by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced
Companion Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under
these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require
compliance and are not “grandfathered” and do not mandate compliance). In connection with the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
and any Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, subject to the preceding
sentence, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, the
Trustee and any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion Loan, as
applicable, to deliver or make available to the Depositor, the Certificate Administrator, the Trustee and any such Other
Depositor or Other Trustee, as applicable (including any of their assignees or designees), any and all information in its
possession and necessary in the reasonable

 

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good faith determination of the Depositor, the Certificate Administrator, the
Trustee or such Other Depositor or Other Trustee, as applicable, to permit the Depositor or such Other Depositor, as
applicable, to comply with the provisions of Regulation AB, together with such disclosure relating to the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and
the Trustee, as applicable, and any Servicing Function Participant, or the Servicing of the Mortgage Loans (other than a
Non-Serviced Mortgage Loan) (or, if applicable, the related Serviced Companion Loan), reasonably believed by the Depositor,
the Certificate Administrator, the Trustee or the related Other Depositor or the related Other Trustee, as applicable, in
good faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period of
time to comply with any written request made under this Section 10.01, but in any event, shall, upon reasonable
advance written request, provide information in sufficient time to allow the Depositor, the Certificate Administrator or the
Trustee, as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section
10.02     Notification Requirements and Deliveries in Connection
with securitization of a Serviced Companion Loan. (a) Any other provision of this Article X to the contrary
notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article X, in connection
with the requirements contained in this Article X that provide for the delivery of information and other items to, and
the cooperation with, the Other Depositor and Other Trustee of any Other Securitization that includes a Serviced Companion
Loan and is subject to Regulation AB, no party hereunder shall be obligated to provide any such items to or cooperate with
such Other Depositor or Other Trustee until the Other Depositor or Other Trustee of such Other Securitization has provided
each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other Depositor or
Other Trustee to comply with related filing obligations, provided that (i) such Other Depositor or Other Trustee, as
applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written notice,
obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05 of this
Agreement and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required to
be delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is
subject to Exchange Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be
delivered (insofar as such information or other items are not expressly identified herein); provided, that if Exchange
Act reporting is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice
to such effect. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset
Representations Reviewer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of
such Other Securitization (above and beyond their expressed duties hereunder) shall be the responsibility of such Other
Depositor or Other Securitization. The parties hereto shall have the right to request written confirmation from the Other
Depositor or Other Trustee of such Other Securitization as to whether Regulation AB or the Exchange Act requires the delivery
of the items identified in this Article X to such Other Depositor and Other

 

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Trustee of such Other Securitization prior
to providing any of the reports or other information required to be delivered under this Article X in connection
therewith and if any such party makes such a request, then (i) upon such requesting party’s receipt of such written
confirmation, such requesting party shall comply with the deadlines for delivery set forth in this Article X
with respect to such Other Securitization and (ii) until such requesting party’s receipt of such written confirmation,
such party shall not be required to deliver such items. The parties hereunder shall also have the right to require that such
Other Depositor provide them with the contact details of such Other Depositor, Other Trustee and any other parties to the
Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)          Each of the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request given
in accordance with the terms of Section 10.02(a) above, and subject to a right of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials, permit a holder
of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate
by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion in the
disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)          The Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 10.02(a) above, shall each timely provide (to the extent the reasonable out-of-pocket cost thereof
is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any Other Securitization
that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect
to the updated description referred in Section 10.02(b) with respect to such party, substantially identical to those, if
any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to the securitization of a Serviced
Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)          Each of the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 10.02(a) above, shall provide (to the extent the reasonable out-of-pocket cost thereof is paid
or caused to be paid by the applicable party set forth below in this Section 10.02(d)) to the Other Depositor and the Other
Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization to comply in a timely manner with
applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their

 

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respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this CFCRE 2016-C4 Mortgage Trust
securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.02(d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section
10.03      Information to be Provided by the Master Servicer and the
Special Servicer. (a) For so long as the Trust is subject to the reporting requirements of the Exchange Act and for so
long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the
Exchange Act (in addition to any requirements contained in Section 10.09) in connection with the succession to the
Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing Function Participant is a
servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as contemplated by this
Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which the Master Servicer, Special
Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed as a sub-servicer
(other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that
is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section 3.22 or Section
7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect to the foregoing
clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the foregoing
clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to
pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to any Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a
succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably
practicable) prior to the effective date of such succession or appointment as long as such disclosure prior to such effective
date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the second Business
Day after such

 

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effective date, but in no event later than the time required pursuant to Section 10.09, (x) written
notice to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor related to
any Other Securitization that includes a Serviced Companion Loan) of such succession or appointment, (y) in writing and in
form and substance reasonably satisfactory to the Trustee, the Certificate Administrator and the Depositor (or any Other
Trustee or Other Depositor of any Other Securitization that includes a Serviced Companion Loan), all information relating to
such successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its
reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Companion
Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such
information that are substantially similar to those delivered by the Master Servicer or the Special Servicer, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other
disclosure materials relating to this Trust.

 

Section
10.04      Information to be Provided by the Trustee. (a) For so long as the Trust is
subject to the reporting requirements of the Exchange Act, (in addition to any requirements contained in Section
10.09) in connection with the succession to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by
any Person (i) into which the Trustee may be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate
Trustee pursuant to Section 8.10, or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the
Trustee (with respect to the foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause
(iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to pay
the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to the Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 calendar days prior to the
effective date of such succession or appointment as long as such disclosure prior to such effective date would not be
violative of any applicable law or confidentiality agreement, otherwise immediately following such effective date, but in no
event later than the time required pursuant to Section 10.09, (x) written notice to the Depositor, and to the
Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, of such succession or
appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and to the Other Depositor
related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably requested by the
Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K
with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those
delivered by the Trustee or their respective counsel, in connection with the information concerning such party in the
Prospectus and/or any other disclosure materials relating to this Trust.

 

Section
10.05      Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall, and each of the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee, as applicable, shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller

 

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Sub-Servicer) with which it has entered
into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to, reasonably
cooperate with the Certificate Administrator and the Depositor (and any Other Trustee or Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan) in connection with the Certificate Administrator’s and
Depositor’s (or such Other Trustee’s or Other Depositor’s) good faith efforts to satisfy the Trust’s
(or such Other Securitization’s) reporting requirements under the Exchange Act.

 

(b)          [Reserved]

 

(c)          With respect to
any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the Master Servicer
and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor or Special Servicer,
beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated financial statements
of such “significant obligor” for any calendar year, beginning for the calendar year following such notice from the
Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two
(2) Business Days prior to the related “significant obligor” NOI Quarterly Filing Deadline or seven (7) Business Days
prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs
twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more
Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of
the “significant obligor”, together with the net operating income of such “significant obligor” for the
applicable period as calculated by the Master Servicer in accordance with CREFC® guidelines and (B) if such financial
statement receipt occurs less than twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline
or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such
financial statements of the “significant obligor”, together with the net operating income of such “significant
obligor” for the applicable period as reported by the related Mortgagor in such financial statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten (10) Business Days after the date such financial information
is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify the Other Depositor with
respect to such Other Securitization that includes the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement
to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the
related Mortgage Loan documents.

 

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The Master Servicer shall
(and shall cause any related Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor that
such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or
Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing
its attempts to obtain this information to the certificate administrator and Other Depositor related to such Other Securitization.
This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified
in the related Other Pooling and Servicing Agreement.

 

Section
10.06      Form 10-D Filings. Within 15 days after each
Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and
file on behalf of the Trust any Form 10-D required by the Exchange Act and the rules and regulations of the Commission
thereunder, in form and substance as required by the Exchange Act and such rules and regulations. A duly
authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any
disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional
Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D
Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV)
absent such reporting, direction and approval after the date hereof. The Certificate Administrator shall include in any Form
10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator by the
Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets
of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties and (ii)
a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and the
Commission assigned “Central Index Key” number for each such filer. The Certificate Administrator and the
Depositor shall be entitled together to determine the manner of the presentation of such information (including the dates as
of which such information is presented) in accordance with applicable laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and the
Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually

 

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known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on Schedule
IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached
hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related Form 10-D, provide
prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable on Form 10-D
for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party. No later than the 7th calendar
day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Additional Form 10-D Disclosure on Form 10-D; provided that if the Certificate Administrator does not receive a response
from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-D Disclosure.
Other than to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Schedule IV of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any
reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable commercial efforts to provide such copy to the Depositor by
the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the
Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval
of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor
shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature
thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day after the
related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other time as the Depositor
and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-D. If a Form 10-D cannot
be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section
4.02(b), make available on the Certificate Administrator’s website a final executed copy of each Form 10-D prepared and
filed by the Certificate Administrator. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D is contingent upon such
parties (and any Additional Servicer or Servicing Function Participant) observing all applicable deadlines in the performance of
their duties under this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare or file such Form 10-D where such failure results from
the Certificate Administrator’s inability

 

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or failure to receive on a timely basis any information from any other party hereto
needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing, no later than the 5th calendar day after the related Distribution Date during
any year in which the Trust is required to file a Form 10-D if the answer to the questions should be “no” and if no
such notice is received by the Certificate Administrator, it shall check “yes”; provided that if the failure
of the Depositor to have filed such required reports arises in connection with the securitization contemplated by this Agreement,
the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared
or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided,
further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the
Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice,
in which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting period: Name: Michael Brown, Telephone: (212) 610-2357. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01, the Certificate
Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period in which such Asset
Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate Administrator’s Website
not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To the extent the Certificate
Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form 10-D relating
to the reporting period in which such request was received a Special Notice regarding the request to communicate, and such Special
Notice is required to include the following and no more than the following: (a) the name of the Certificateholder or Certificate
Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator
has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this

 

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Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

Section
10.07      Form 10-K Filings. Within 90 days after the end of each fiscal year of the
Trust or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
understood that the fiscal year for the Trust ends on December 31st of each year), commencing with fiscal year 2016, the
Certificate Administrator shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the
Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to
the Certificate Administrator within the applicable time frames set forth in this Agreement:

 

(i)     
     an annual compliance statement for each applicable Certifying Servicer, as described under Section
10.11, including disclosure regarding any noncompliance and the nature and status thereof;

 

(ii)          (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria described
under Section 10.12 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance
(including whether such instance of noncompliance involved the servicing of the assets backing the Certificates issued pursuant
to this Agreement and any steps taken to remedy such instance of noncompliance), or if any Reporting Servicer’s report on
assessment of compliance with servicing criteria described under Section 10.12 is not included as an exhibit to such Form
10-K, disclosure that such report is not included and an explanation as to why such report is not included;

 

(iii)          (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)         a
Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure
(other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting
and approval.

 

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Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller written notice of any change in the identity of any
Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer,
as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional
Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan seller
with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable, shall
provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1, commencing in March 2017, (i) the parties listed on Schedule V hereto shall be required to provide to the
Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer)
(and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion Loan), to the
extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect
to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such party in
such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other
Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in
the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related
Form 10-K, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable
on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from the applicable

 

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party. No later than
March 10th, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional
Form 10-K Disclosure on Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than
to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to monitor or
enforce the performance by the parties listed on Schedule V of their duties under this paragraph or proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable
fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 15th calendar day of March (or if such day is not a Business Day, the immediately following
Business Day), the Certificate Administrator shall forward electronically a copy of the Form 10-K to the Depositor for review and
approval. Within four Business Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City
time, on the 4th Business Day prior to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor
shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature
thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii)
such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing
such Form 10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed
on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth
in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b),
make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.07 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article
X. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form
10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any information
needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith
or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing, no later than the 15th calendar day of March during any year in which the
Trust is required to file a Form 10-K if the answer to the questions should be “no”, and if no such notice is received
by the Certificate Administrator, it

 

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shall check “yes”; provided that if the failure of the Depositor to have
filed such required reports arises in connection with the securitization contemplated by this Agreement, the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
representations in preparing, executing and/or filing any Form 10-K.

 

Section
10.08      Sarbanes-Oxley Certification. Each Form 10-K shall
include a certification (the “Sarbanes-Oxley Certification”), as set forth in Exhibit W attached
hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each Reporting Servicer shall, and each
Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any
party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to provide to the Person who signs the
Sarbanes-Oxley Certification for the Trust or any Other Securitization that includes a Serviced Companion Loan (the
“Certifying Person”), by March 1st of each year commencing in 2017 in which the Trust is subject to the
reporting requirements of the Exchange Act and of each year in which any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, a certification (each, a “Performance
Certification”), in the form attached hereto as Exhibit O, Exhibit P, Exhibit Q, Exhibit
R, Exhibit S, Exhibit T, Exhibit U or Exhibit V, as applicable, upon which the Certifying Person,
the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates
(collectively with the Certifying Person, “Certification Parties”) can reasonably rely. The senior officer
in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust. The Certifying
Person at the Depositor can be contacted at CCRE Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New
York 10022, Attention: Anthony Orso, Fax: (212) 610-3623. If any Reporting Servicer is terminated or resigns pursuant to the
terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer shall provide a Performance
Certification to the Certifying Person pursuant to this Section 10.08 with respect to the period of time it was
subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the Trustee shall not be
required to deliver a Performance Certification with respect to any period during which there was no Relevant
Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness
of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any
other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed pursuant to
Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

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Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided pursuant
to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section
10.09      Form 8-K Filings. Within four (4) Business Days after the occurrence of an
event requiring disclosure (the “8-K Filing Deadline”) under Form 8-K (each a “Reportable
Event”), to the extent it receives the Form 8-K Disclosure Information described below, the Certificate
Administrator shall, at the direction of the Depositor, prepare and file on behalf of the Trust any Form 8-K, as required by
the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com, provided that the Depositor shall
file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a
Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth
on Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to
the Depositor and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other
Securitization that includes a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The
Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information (other than such Form 8-K Disclosure Information which is to be reported by it as set forth on Schedule
VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the
case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC. The Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information
on Form 8-K by the end of business on the 2nd Business Day after the

 

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Reportable Event; provided that if the Certificate
Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor will be
deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that the Certificate
Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure Information,
it shall notify the Depositor that it has not received such information and, provided, further, that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement. The Depositor will
be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 4th Business
Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is
permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b). After filing
with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on its internet website
a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.09 related to the timely preparation
and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance of their duties under
this Section 10.09. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such failure
results from the Certificate Administrator’s inability or failure to receive approved Form 8-K Disclosure Information within
the applicable timeframes set forth in this Section 10.09 and not resulting from the Certificate Administrator’s own
negligence, bad faith or willful misconduct (provided that to the extent that the Certificate Administrator is notified of such
Reportable Event and it does not receive the necessary Form 8–K Disclosure Information, it will notify the Depositor that
it has not received such information and further provided that the limitation on liability provided by this sentence shall
not be applicable if the Reportable Event relates to the Certificate Administrator or any party that the Certificate Administrator
has engaged to perform its obligations under this Agreement).

 

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Section
10.10      Suspension of Exchange Act Filings; Incomplete Exchange
Act Filings; Amendments to Exchange Act Reports. (a) If at any time the Trust is permitted to suspend its reporting
obligations under the Exchange Act, on or before January 30 of the first year in which the Certificate Administrator is able
to do so under applicable law, the Depositor shall direct the Certificate Administrator to prepare and file any form
necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting period
occurring after the filing of such form, except with respect to the Other Securitization, the obligations of the parties to
this Agreement under Section 10.01, Section 10.03, Section 10.06, Section 10.07, Section
10.08 and Section 10.09 shall be suspended. The Certificate Administrator shall provide prompt notice to the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer
and the Mortgage Loan Sellers that such form has been filed.

 

(b)          If the Certificate
Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D or Form 10-K
required to be filed by this Agreement because required disclosure information either was not delivered to it or was delivered
to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate Administrator shall promptly
notify (which notice may be sent by fax or by email notwithstanding the provisions of Section 12.04) shall include the identity
of those Reporting Servicers who either did not deliver such information or delivered such information to it after the delivery
deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such delivery. In the case
of Form 10-D and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor and the Certificate Administrator to
prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange Act. In
the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure Information and upon
the approval and direction of the Depositor, include such disclosure information on the next Form 10-D that is required to be filed
on behalf of the Trust. In the event that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, the Certificate
Administrator shall notify the Depositor and such other parties as needed and such parties shall cooperate to prepare any necessary
Form 8-K/A, Form 10-D/A or Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable parties to
the Other Securitization that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, such party shall cooperate
in preparation of any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D
or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.10 related to the timely preparation and filing of a Form 12b-25 or any
amendment to Form 8-K, 10-D or 10-K is contingent upon the Master Servicer, the Special Servicer and the Depositor performing their
duties under this Section. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, Form
10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a
timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or
any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

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Section
10.11      Annual Compliance Statements. (a) The Master Servicer, the Special Servicer,
the Custodian, the Certificate Administrator, any Additional Servicer and each Servicing Function Participant (if such
Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a
“Certifying Servicer”) shall, and the Master Servicer, the Special Servicer, the Custodian and the
Certificate Administrator shall use commercially reasonable efforts to cause each Additional Servicer and each Servicing
Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii)
of Regulation AB) (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has
entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan),
to deliver to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special
Servicer only), the Other Trustee, the Other Depositor and the 17g-5 Information Provider (who shall post such report to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of
each year, commencing in 2017, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such
Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying
Servicer’s performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement
in the case of an Additional Servicer, has been made under such officer’s supervision and (B) that, to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this
Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, in
all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof.

 

(b)          With respect to
any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator shall use
commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced Mortgage
Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.

 

(c)          Promptly after
receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult with each
Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment of any of
the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying Servicers
or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery
of, any such Officer’s Certificate until April 15, in any given year so long as it has received written confirmation from
the Depositor that a Form 10-K is not required to be filed in respect of the Trust or any Other Securitization that includes a
Serviced Companion Loan for the preceding calendar year. If any Certifying Servicer is terminated or resigns pursuant to the terms
of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such Certifying Servicer shall provide the Officer’s
Certificate pursuant to this Section 10.11 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement, as the case may be.

 

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Section 10.12      Annual
Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in March 2017, the Master
Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of any Mortgage Loan),
the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which any Relevant Servicing
Criteria was applicable to it), the Operating Advisor and each Servicing Function Participant (each, a “Reporting Servicer”),
each at its own expense, shall furnish (and each Reporting Servicer, as applicable, shall use commercially reasonable efforts
to cause, by March 1st each Servicing Function Participant (other than (x) a party to this Agreement or (y) a Mortgage Loan Seller
Sub-Servicer), with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor (and to the Other
Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5 Information Provider
(who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this
Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and
the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance with the Relevant
Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving such party that
contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing
Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing
Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the
period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 10.07, including, if
there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure
and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report
on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies
of all compliance reports delivered pursuant to this Section 10.12 shall be made available to any Privileged Person by the
Certificate Administrator pursuant to Section 4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information
Provider pursuant to Section 3.16(d)  of this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization that includes a Serviced Companion Loan) for
which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and such other trustee),
each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13) of
each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such other trustee).

 

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Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function
Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address the Relevant
Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible
for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable to it. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor or any Servicing
Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports until April 15 in
any given year so long as it has received written confirmation from the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case
of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar
year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing
Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.12
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may
be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13 from the
Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance described
in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described in Section
10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any such assessment of
compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced
Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related
to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment
of compliance as described in this Section and an attestation as described in Section 10.13 for any

 

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year that the Trust
formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator shall
notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator such assessment
of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.

 

Section
10.13      Annual Independent Public Accountants’ Servicing Report. By March 1st,
of each year, commencing in March 2017, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than
(x) a party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), each at such Servicing Function
Participant’s own expense, a registered public accounting firm (which may also render other services to the Master
Servicer, the Special Servicer, the Operating Advisor and such Servicing Function Participant, as the case may be) and that
is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate
Administrator, the Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a
Serviced Companion Loan), the Operating Advisor (in the case of the Special Servicer only) and the 17g-5 Information
Provider (who shall post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of
this Agreement) to the effect that (i) it has obtained a representation regarding certain matters from the management of such
Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Relevant Servicing
Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance with
standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such
Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it
cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant
Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted
use language. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual independent public
accountants’ servicing report with respect to any period during which there was no Relevant Servicing Criteria
applicable to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization that
includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related Reporting
Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable
to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under
any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that
each assessment submitted pursuant to Section 10.12 is coupled with an attestation meeting the requirements of this Section
and notify the Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) of
any exceptions; provided, that the Certificate Administrator shall not be responsible for confirming whether any particular Reporting
Servicer has certified to all of the Relevant Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver,
or to endeavor to cause the

 

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delivery of, such reports until April 15 in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion
Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

Section
10.14      Exchange Act Reporting Indemnification. Each of the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if not the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan), their
respective directors and officers, and each other person who controls any such entity within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other
liabilities, including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any
claim or litigation arising out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor
related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other
Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X by the
time required after giving effect to any applicable grace period or cure period, (ii) any untrue statement or alleged untrue
statement of a material fact contained in any information (x) regarding such party or any Servicing Function Participant,
Additional Servicer or subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any
such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party
to prepare such information and (z) delivered by or on behalf of such party in connection with the performance of such
party’s obligations described in this Article X, or the omission or alleged omission to state in any such
information a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, that the applicable party shall be entitled to participate in any action arising out of the
foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy, as applicable, in
connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing Function
Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or
Certificate Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan)
under this Article X by the time required after giving effect to any applicable grace period and cure period or (iv)
any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to

 

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evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such
Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney
or other agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of such report, the
Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party.
Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in
the Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor
(which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate
a response and/or resolution with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function
Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected
Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor
on all correspondence with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the
Commission of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another
with respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid
by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially 

 

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reasonable efforts to cause each Servicing
Function Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has
entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to indemnify
and hold harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach
of its obligations to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation
reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act
Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than (x) a party to this Agreement or (y) any Mortgage Loan Seller Sub-Servicer) with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) Mortgage Loan Seller Sub-Servicers) with which it has entered into
a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to agree to the foregoing
indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have

 

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agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval
shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does
not require an admission of fault by the indemnified party, without the consent of the indemnified party.

 

Section
10.15      Amendments. This Article X may be amended by the written consent of
all the parties hereto pursuant to Section 12.07 for purposes of complying with Regulation AB without, in each case,
any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder,
notwithstanding anything to the contrary contained in this Agreement.

 

Section
10.16       Exchange Act Report Signatures; Delivery of Notices; Interpretation of
Grace Periods. (a) Each Form 8-K report, Form 10-D report and Form 10-K report shall be signed by the Depositor in
accordance with procedures to be agreed upon by the Depositor and the Certificate Administrator. The signing party at the
Depositor can be contacted at CCRE Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New York 10022,
Attention: Anthony Orso, Fax: (212) 610-3623.

 

(b)          Notwithstanding
anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
X shall be properly given if sent by facsimile to (212) 610-3623, Attention: Anthony Orso, with a copy to Cadwalader, Wickersham
& Taft LLP, Attention: Lisa Pauquette (or such other number as the Depositor may instruct) and/or by email to aorso@cantor.com,
with a copy to lisa.pauquette@cwt.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate
Administrator under this Article X shall be properly given if sent by facsimile to (866) 807-8670, Attention: CFCRE 2016-C4,
or such other number as the Certificate Administrator may instruct and/or by email to cmbs.transactions@usbank.com (or such
other email address as the Certificate Administrator may instruct).

 

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    (c)          For the avoidance
of doubt:

 

(i)          Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace period provided
for in this Article X, provided, that if any such party fails to comply with the delivery requirements of this Article
X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event with respect
to such party; and

 

(ii)         Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust is
not required to file Exchange Act reports.

 

(d)          If the Certificate
Administrator or the Depositor does not receive the Annual Assessment Report and/or the Annual Attestation Report with respect
to any Servicing Function Participant, or with respect to any Servicing Function Participant retained or engaged by a party hereto
that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may be, by March
1st of any year during which an Annual Report on Form 10-K is required to be filed with the Commission with respect to the Trust,
then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function Participant
or the party hereto that retained or engaged such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer
Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator (if
the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes of
this Article X and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either any writing
forwarded to such party or, in the case of the Master Servicer and the Special Servicer, notwithstanding the provisions of Section
12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be forwarded to all of the following
e-mail addresses for the applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable email
address as provided in writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other e-mail
addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator
and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such
notice to be delivered to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification
requirements as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything
herein to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer or the Special Servicer of any
liability under Section 7.01(a)(viii) or Section 7.01(b)(viii), respectively, for the failure of any Servicing Function
Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

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Section
10.17       Termination of the Certificate Administrator. Notwithstanding anything
to the contrary contained in this Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such
direction, terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article X; provided that (a) such termination shall not be
effective until a successor certificate administrator shall have accepted the appointment, (b) the Certificate Administrator
may not be terminated if it cannot perform its obligations due to its failure to properly prepare or file on a timely basis
any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the
Certificate Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement
any information, approval, direction or signature from any other party hereto needed to prepare, arrange for execution or
file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any form 12b-25 not resulting from its
own negligence, bad faith or willful misconduct, (c) the Certificate Administrator may not be terminated if, following the
Certificate Administrator’s failure to comply with any of such obligations under Section 10.06, Section
10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13 on or prior to the dates
by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in
accordance with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the Certificate
Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K,
Form 10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then
the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 10.17 on the
date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Article
XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01          Asset
Review.

 

(a)          On or prior to
each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the Periodic Loan File, the
 Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined
to have occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders and each other party to
this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI shall be delivered
by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website, by mailing such notice
to the Certificateholder’s addresses appearing in the Certificate Register in the case of Definitive Certificates and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include in
the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following statement describing the
events that caused the Asset Review Trigger to occur: “As of the Distribution Date, the following mortgage loans identified
below (such identification to include the Loan Number, the Mortgage Loan name and the current principal balance) are 60 or more
days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On

 

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each Distribution
Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on information provided
to it by the Master Servicer or the Special Servicer, as the case may be, shall determine whether (1) any additional Mortgage Loan
has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) an Asset Review Trigger has ceased
to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2) or
(3), deliver such information in a written notice (which may be via email) substantially in the form attached hereto as
Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least (i) a majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice as provided in Section 12.05 thereof to all parties to this Agreement, the Underwriters,
the Mortgage Loan Sellers, the Directing Certificateholder and the other Certificateholders (the “Asset Review Notice”).
In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review
Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer
will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan
after the expiration of such 150-day period, (B) a new additional Asset Review Trigger has occurred as a result or an Asset Review
Trigger is otherwise is in effect, (C) the Certificate Administrator has received any Asset Review Vote Election after the occurrence
of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150
days after the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote
Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as
described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator
in connection with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate
Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i) Upon receipt
of such notice of an Asset Review Notice, the Custodian (with respect to clauses (1) – (5) below for Non-Specially
Serviced Loans), the Master Servicer (with respect to clause (6) below for Non-Specially Serviced Loans) and the Special
Servicer (with respect to Specially Serviced Loans), in each case to the extent in such party’s possession, will be required
to promptly, but in no event later than 10 Business Days (except with respect to clause (6)) after receipt of such notice
from the Certificate Administrator, provide the following materials to the Asset Representations Reviewer (collectively, with the
Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this

 

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Agreement
saved by the Certificate Administrator to the Secure File System or posted to the Certificate Administrator’s website, as
applicable, the “Review Materials”):

 

(1)          a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)          a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)          a
copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)          a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)          a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and

 

(6)          any
other related documents or information that are reasonably requested by the Asset Representations Reviewer to be delivered by
the Master Servicer or the Special Servicer, as applicable, in the time frame as described below.

 

(ii)          In
addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines that
the Review Materials provided to it with respect to any Mortgage Loan are missing any documents or information required to complete
any Test in connection with its completion of the Asset Review of such Mortgage Loan, the Asset Representations Reviewer shall
promptly, but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) –
(5) above, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to
Specially Serviced Loans), as applicable, of such missing documents and information, and request the Master Servicer or the Special
Servicer, as applicable, promptly, but in no event later than 10 Business Days after receipt of such notification from the Asset
Representations Reviewer, to deliver to the Asset Representations Reviewer such missing documents and information to the extent
in its possession. In the event any missing documents or information are not provided by the Master Servicer or Special Servicer,
as applicable, within such 10 Business Day period, the Asset Representations Reviewer will request such documents or information
from the related Mortgage Loan Seller. The Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement
to deliver such additional documents and information only to the extent such information is in the possession of such party; provided
that no information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged
or internal communications must be provided.

 

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(iii)         The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the asset representations reviewer) and is determined by the Asset Representations
Reviewer in its good faith sole discretion (“Unsolicited Information”) relevant to the Asset Review conducted
pursuant to this Section 11.01 hereof.

 

(iv)        Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File saved to the Secure
File System with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan in
accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit
JJ (each such procedure, a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset
Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue
to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a new Affirmative
Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)         The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)        In
the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and
such missing information and documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan
Seller, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans) within 10 days upon request by the Asset Representations Reviewer, the Asset Representations Reviewer shall list
such missing information and documents in its preliminary report setting forth the preliminary results of the application of the
Tests and the reasons why such missing information and documents are necessary to complete a Test and (if the Asset Representations
Reviewer has so concluded) that the absence of such information and documents shall be deemed to be a failure of such Test. The
Asset Representations Reviewer shall provide such preliminary report to the Master Servicer or the Special Servicer, as applicable,
and the related Mortgage Loan Seller. If the preliminary report indicates that any of the representations and warranties fails
or is deemed to fail any Test,

 

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the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise
refute the failure. Any information and documents provided or explanations given to support a Test pass conclusion shall be sent
by the related Mortgage Loan Seller to the Asset Representations Reviewer with any information and documents received from the
Mortgage Loan Seller or explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty
has not failed a Test or the Mortgage Loan Seller’s claim that any missing information and documents in the Review Materials
are not required to complete a Test. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare
a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to the
related Mortgage Loan.

 

(viii)      The
Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence Files in
the Secure File System is provided to the Asset Representations Reviewer by the Certificate Administrator or (y) the 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement and the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30
days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of
the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event shall the Asset Representations Reviewer
be required to determine whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights
it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Enforcing Servicer
pursuant to Section 2.03(g) of this Agreement.

 

(ix) 
      In addition, in the event that the Asset Representations Reviewer does not receive any information
or documentation that it requested from the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer
(with respect to Specially Serviced Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations
Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended), the Asset Representations
Reviewer shall prepare the Asset Review Report solely based on the information received by the Asset Representations Reviewer
with respect to the related Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently
obtain any such information from any party to this Agreement or otherwise.

 

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(x)          Within
30 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine, based
on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Special Servicer
determines that a Material Defect exists, the Special Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(d).

 

(c)          The Asset Representations
Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged Information”
received from any party to this Agreement or any Mortgage Loan Seller (including, without limitation, in connection with the review
of the Mortgage Loans) and shall not disclose such Privileged Information to any Person (including Certificateholders), other than
(1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement
with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception.
Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating
that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior
written consent of the Special Servicer other than pursuant to a Privileged Information Exception. In addition, the Asset Representations
Reviewer will be required to keep all documents and information in connection with an Asset Review that are provided by the related
Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and will not disclose such documents or information
except (i) for purposes of complying with its duties and obligations under this Agreement or (ii) (a) if such documents or information
become generally available and known to the public other than as a result of a disclosure directly or indirectly by the Asset Representations
Reviewer, (b) it is reasonable and necessary for the Asset Representations Reviewer to disclose such documents or information in
working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such documents or information was
already known to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation and/or (d) the Asset
Representations Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document or information.

 

(d)          The Asset Representations
Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents
or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent or subcontractor
may (1) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees,
compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with due diligence
or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset
Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with
the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue
of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the
same extent and under the same terms and conditions as if

 

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the Asset Representations Reviewer alone were performing its obligations
under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor
providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

 

(e)          The Asset Representations
Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer of all or substantially
all of their Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee accepting such assignment
and delegation (A) is an established Eligible Asset Representations Reviewer, organized and doing business under the laws of the
United States of America, any state of the United States of America or the District of Columbia, authorized under such laws to
perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession that is permitted
under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement that contains an
assumption by such person of the due and punctual performance and observance of each covenant and condition to be performed or
observed by the asset representations reviewer under this Agreement from and after the date of such agreement and (C) is not be
a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations under
this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset Representations
Reviewer Monitor Fee or the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not
exceed the rate then in effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs
and expenses of each other party to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of
such assignment and delegation, the purchaser or transferee shall provide notice to each party to this Agreement and then will
be the successor asset representations reviewer hereunder.

 

Section 11.02       Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)          As compensation
for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset Representations
Reviewer Monitor Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be equal to
the product of the Asset Representations Reviewer Monitor Fee Rate and the Stated Principal Balance of the Mortgage Loans and any
REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same manner as
interest is calculated on such Mortgage Loans.

 

(b)          As compensation
for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent Loan, the Asset
Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged by the Asset Representations
Reviewer or any successor asset representations reviewer for similar consulting assignments and any related costs and expenses;
provided that the total payment to the asset representations reviewer will not be greater than the Asset Representations
Reviewer Cap (the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations Reviewer will
be required to provide to the Certificate Administrator and the Master Servicer an officer’s certificate setting forth the
Asset Representations Reviewer Asset Review Fee for the related

 

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Collection Period, provided that the Asset Representations
Reviewer will not be required to deliver an officer’s certificate for any Collection Period in which no Asset Representations
Reviewer Asset Review Fee is charged.

 

With respect to an individual
Asset Review Trigger and the Mortgage Loans that are Delinquent Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Cap” will equal the sum of: (i) $9,500 multiplied by
the number of Subject Loans, plus (ii) $1,500 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property
per Subject Loan, plus (iii) $1,000 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,000
per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license
agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end
Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no
longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review.

 

(c)          The related Mortgage
Loan Seller with respect to each Delinquent Loan that is subject to an Asset Review shall pay the portion of the Asset Representations
Reviewer Asset Review Fee attributable to the Delinquent Loan contributed by it, as allocated on the basis of the hourly charges
and costs and expenses incurred with respect to its related Delinquent Loans; provided that if the total charge for the
Asset Representations Reviewer on an hourly fee plus costs and expenses basis would exceed the Asset Representations Reviewer Cap,
each Mortgage Loan Seller’s required payment shall be reduced pro rata according to its proportion of the total charges
until the aggregate amount owed by all Mortgage Loan Sellers is equal to the Asset Representations Reviewer Cap; provided,
however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount within 90 days of receipt of
an invoice from the Asset Representations Reviewer following its completion of the applicable Asset Review, such fee shall be paid
by the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer
or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided, further, that
notwithstanding any payment of such fee by the issuing entity to the Asset Representations Reviewer, such fee shall remain an obligation
of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall pursue remedies against
such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of such amounts from such Mortgage
Loan Seller or its insolvency estate. Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect
to a Delinquent Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review
and that is repurchased or substituted by the related Mortgage Loan Seller, and such portion of the Purchase Price received shall
be used to reimburse the Asset Representations Reviewer or the Trust, as the case may be, for such fees pursuant to Section
11.02(b).

 

(d)          The Asset Representations
Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section
11.03       Resignation of the Asset Representations Reviewer.
The Asset Representations Reviewer may resign and be
discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and the
17g-5 Information Provider. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset

 

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representations reviewer that is an Eligible Asset Representations Reviewer. If no successor asset representations
reviewer shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for the
appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset
Representations Reviewer will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in
connection with its resignation.

 

(b)          The Asset Representations
Reviewer shall have the right to resign without cost or expense upon the occurrence of the Early Termination Notice Date. The Asset
Representations Reviewer shall provide all of the parties to this Agreement and the Controlling Class Representative 30 days prior
written notice of any such resignation pursuant to this Section 11.03(b). If the Asset Representations Reviewer resigns pursuant
to this Section 11.03(b), then no replacement Asset Representations Reviewer shall be appointed. The resigning Asset Representations
Reviewer shall be entitled, and subject, to any rights and obligations that accrued under this Agreement prior to the date of any
such resignation (including accrued and unpaid compensation) and any indemnification rights arising out of events occurring prior
to such resignation.

 

Section
11.04       Restrictions of the Asset Representations Reviewer. Neither the Asset
Representations Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset
Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the
activities of the Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s
investment activities and (B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust
and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding
its investment activities.

 

Section 11.05       Termination
of the Asset Representations Reviewer.

 

(a)          An “Asset
Representations Reviewer Termination Event” means any one of the following events whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)          any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for
a period of 30 days after the date on which written notice of such failure , requiring the same to be remedied, shall have been
given to the Asset Representations Reviewer by any party hereto or to the Asset Representations Reviewer and the Trustee by the
Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided
that any such failure that is not curable within such thirty (30) day period, the Asset Representations Reviewer shall have
an additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure

 

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such failure within the initial thirty
(30) day period and has provided the Trustee and the Certificate Administrator with an officer’s certificate certifying that
it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)         any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)        any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the Asset
Representations Reviewer by any party to this Agreement;

 

(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of 60 days;

 

(v)         the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction of holders
of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction
Amounts), the Trustee shall, terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement,
other than rights and obligations accrued prior to such termination (including the right to receive all amounts accrued and owing
to it under this Agreement) and other than indemnification rights (arising out of

 

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events occurring prior to such termination),
by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable
costs and expenses of itself and of each other party to this Agreement in connection with its termination due to an Asset Representations
Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer
Termination Event of which it becomes aware. For the avoidance of doubt, neither the Trustee nor the Certificate Administrator
shall be required to monitor the performance of the Asset Representations Reviewer.

 

(b)          Upon (i) the written
direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any
Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor
asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate
Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering
such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and
to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders
at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the written direction
of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without regard to the application of any Appraisal
Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this
Agreement (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification
rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and
appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on
the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of the Voting Rights
elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations reviewer
will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)          The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 11.03
of this Agreement and the Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the
Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a replacement Asset Representations Reviewer
that is an Eligible Asset Representations Reviewer selected by such Certificateholders subject to and in accordance with this Section
11.05. The Trustee may rely on a certification by the replacement asset representations advisor that it is an Eligible Asset
Representations Reviewer. Notwithstanding the foregoing, if the Trustee is unable to find a successor Asset Representations Reviewer
within 30 days of the termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement.
The Trustee shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the

 

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Trustee uses commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure
is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

On or after the receipt
by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall upon the written direction
of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class
of Certificates appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer selected
by such Certificateholders. The Trustee shall provide written notice of the appointment of an Asset Representations Reviewer to
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Directing Certificateholder
and each Certificateholder within one Business Day of such appointment.

 

(d)          Upon any termination
of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who
shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan Sellers,
the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).

 

(e)          For the avoidance
of doubt, neither the Trustee nor the Certificate Administrator shall have a duty to monitor or investigate whether an Asset Representations
Reviewer Termination Event has occurred or been remedied and shall be protected in relying on any such written notice received
by a Responsible Officer in accordance with this Section 11.05.

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01       Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one
and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF), any other electronic format or by facsimile transmission shall be as effective as delivery of a manually
executed original counterpart of this Agreement.

 

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Section
12.02      Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.

 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership of a
Certificate.

 

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Section
12.03      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
12.04      Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A
TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY
ASSIGNMENT.

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section
12.05      Notices. Unless otherwise specified in this Agreement, all demands, notices
and communications hereunder shall be in writing, shall be deemed to have been given upon receipt (except that notices to
Holders of Class R Certificates or Holders of any Class of Certificates no longer held through a Depository and instead held
in registered,

 

     -438-

     

    

 

definitive form shall be deemed to have been given upon being sent by first-class mail, postage prepaid or by
overnight courier) as follows:

 

If to the Trustee, to:

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

If to the Certificate Administrator,
to:

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

For Certificate Transfer Purposes:

U.S. Bank National Association

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services - CFCRE 2016-C4

If to the Custodian, to:

U.S. Bank National Association

1133 Rankin Street, Suite 1100

St. Paul, Minnesota 55116

Attention: Document Custody Services - CFCRE 2016-C4

 

If to the Depositor, to:

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

     -439-

     

    

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette

 

If to the Operating Advisor,
to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Asset Representations
Reviewer, to:

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Master Servicer, to:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

     -440-

     

    

 

with a copy to:

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

For items regarding the Rating Agency Q&A Forum and Document Request Tool to: RAinvRequests@wellsfargo.com

and

For items regarding the Investor Q&A Forum to: REAMInvestorRelations@wellsfargo.com

 

If to the Special Servicer, to:

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with copies to:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

If to Cantor Commercial Real
Estate Lending L.P., as Mortgage Loan Seller, to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

     -441-

     

    

 

with an electronic copy to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

E-mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to BSP, as Mortgage Loan Seller,
to:

Benefit Street Partners CRE Finance LLC

9 West 57th Street

Suite 4920

New York, New York 10019

Attention: Micah Goodman and Tiffany Putman

 

With a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino

 

If to SG, as Mortgage Loan Seller,
to:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

 

with a copy to:

Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

     -442-

     

    

 

If to Cantor Fitzgerald &
Co., as Initial Purchaser or Underwriter, to:

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attention: Stephen Merkel and Shawn Matthews

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to CastleOak Securities, L.P.,
as Initial Purchaser or Underwriter, to:

 

			CastleOak Securities, L.P.

110 East 59th Street, 2nd Floor

New York, New York 10022

Attention: Philip Ippolito

 

If to Goldman, Sachs & Co.,
as Initial Purchaser or Underwriter, to:

 

			Goldman, Sachs & Co.

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

If to Citigroup Global Markets
Inc., as Initial Purchaser or Underwriter, to:

 

			Citigroup Global Markets Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:

RREF III Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

with a copy to:

 

     -443-

     

    

 

RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

If to the 17g-5 Information Provider,
electronically to:

17g5informationprovider@usbank.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “CFCRE 2016-C4 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Solely to the extent
the provisions herein contemplate electronic delivery of information, such information shall be transmitted via electronic mail
with a subject reference to include “CFCRE 2016-C4 Mortgage Trust” (or substantially similar language) (i) in the case
of the Depositor, to aorso@cantor.com, (ii) in the case of the Trustee, to cmbstransactions@usbank.com, (iii) in the case of the
Certificate Administrator, to the email address specified on the Certificate Administrator’s Website (and, if no such email
address is specified therein, to cmbstransactions@usbank.com ), (iv) in the case of the Operating Advisor, to cmbs.notices@parkbridgefinancial.com,
(v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com, (vi) in the case of the Master
Servicer to commercial.servicing@wellsfargo.com, (vii) in the case of the Special Servicer, to liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com;
niral.shah@rialtocapital.com and adam.singer@rialtocapital.com, (viii) in the case of Cantor Commercial Real Estate Lending, L.P.,
to legal@ccre.com and aorso@cantor.com, (ix) in the case of Benefit Street Partners CRE Finance LLC, to BSPSecuritization@provequity.com
and m.goodman@provequity.com, (x) in the case of Société Générale, to Jim.Barnard@sgcib.com, (xi) in
the case of Cantor Fitzgerald & Co., to smatthews@cantor.com and smerkel@cantor.com, (xii) in the case of CastleOak Securities,
L.P., to pji@castleoaklp.com, (xiii) in the case of Goldman, Sachs & Co, to leah.nevison@gs.com, (xiv) in the case of Citigroup
Global Markets Inc., to paul.t.vanderslice@citi.com, (xv) in the case of the initial Controlling Class Representative, to joseph.bachkosky@rialtocapital.com
with a copy to josh.cromer@rialtocapital.com and (xvi) in the case of the 17g-5 Information Provider, to 17g5informationprovider@usbank.com;
or, in the case of the parties to this Agreement, to such other electronic mail address as such party shall specify by written
notice (which may be electronic) to the other parties hereto.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact

 

     -444-

     

    

 

information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section
12.06      Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the
extent permitted by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section
12.07      Notice to the Depositor and Each Rating Agency. (a) The Certificate
Administrator shall use commercially reasonable efforts to promptly provide notice, promptly furnish or otherwise make
available to the Depositor, the Underwriters, the Initial Purchasers, the Directing Certificateholder (if no Consultation
Termination Event has occurred and is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and
the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with
respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)          any
material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;

 

(ii)    
    the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)        the
repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)          The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing Certificateholder
and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)          notice
of the final payment to any Class of Certificateholders;

 

(ii)         notice
of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve Account;
and

 

     -445-

     

    

 

(iii)         each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)          The Master Servicer
shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s
Website) and the related Other 17g-5 Information Provider (if any):

 

(i)           a
copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of this
Agreement;

 

(ii)          notice
of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

(iii)         a
copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

(iv)         any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)          any
change in the lien priority of a Mortgage Loan;

 

(vi)         any
new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)        any
material damage to a Mortgaged Property; and

 

(viii)       any
amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)          Any party required
to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written
notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed below, promptly
following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate Administrator and
Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided that such other
information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.14(d).
Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in
writing.

 

Notices to each Rating Agency
shall be addressed as follows:

 

     -446-

     

    

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.

 

Section
12.08     Amendment. This Agreement or any Custodial Agreement may be amended at any time by
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan
Noteholders:

 

(i)           to
cure any ambiguity or to correct any manifest error;

 

(ii)          to
cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement any
provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)         to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax

 

     -447-

     

    

 

on
the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;

 

(v)          to
modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to
a Person that is not a Permitted Transferee;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates);

 

(vii)        to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification
does not adversely affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency
Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation

 

     -448-

     

    

 

that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

 

(ix)         to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and

 

(x)          to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);

 

provided that
any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the
Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each
Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

(i)           reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

     -449-

     

    

 

(ii)          reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

(iii)          adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

(iv)         change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to such extent as
shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If neither the Depositor
nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be effective with the consent
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and
the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders and Serviced
Companion Loan Noteholders.

 

It shall not be necessary
for the consent of Certificateholders under this Section 12.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and, if applicable,

 

     -450-

     

    

 

Serviced Companion Loan Noteholders, shall
be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method shall always be by affirmation
and in writing.

 

Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any Whole
Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause an Adverse REMIC Event or cause the Grantor Trust
to fail to qualify as a grantor trust, or cause a tax to be imposed on any such Grantor Trust.

 

Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively
upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such
amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for any purpose described
in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of any Whole Loan,
any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement))
confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations
Reviewer may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s,
the Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties or immunities under this Agreement.

 

Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation, in the case of
a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial Purchaser or Underwriter
without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable or (ii) which adversely
affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations of any Companion
Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator shall
furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters
and the Initial Purchasers.

 

     -451-

     

    

 

In connection with any
amendment pursuant to this Agreement, no later than one Business Day following the effective date of such amendment, the Certificate
Administrator shall provide a copy of the executed amendment to each Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced Companion Loan (which may be by email) together with a copy of such amendment in EDGAR compatible format.

 

Section
12.09     Confirmation of Intent. It is the express intent of the parties hereto that the
conveyance of the Trust Fund (including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders
as contemplated by this Agreement be treated for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It
is, further, not the intention of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to
the Trustee to secure a debt or other obligation of the Depositor. However, if, notwithstanding the intent of the parties,
the Trust Fund is held to continue to be property of the Depositor then (a) this Agreement shall also be deemed to be a
security agreement under applicable law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant
by the Depositor to the Trustee on behalf of Certificateholders of a first priority security interest in, and the Depositor
hereby grants to the Trustee a security interest in, all of the Depositor’s right, title and interest in and to,
whether now owned or existing or hereafter acquired or arising, the property identified in clauses (i) through (xiv) of the
definition of “Trust Fund” and all proceeds thereof; (c) the possession by the Trustee (or the Custodian on its
behalf) of Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel
paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security
interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding such
property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the
Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request
and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of
the Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security
interest is a perfected security interest of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether any of
the Certificates are sold, pledged or assigned.

 

Section
12.10     No Intended Third-Party Beneficiaries. Except as specified in Section 12.12
of this Agreement, no Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any
Underwriter or any Certificateholder shall have any rights with respect to the enforcement of any of the rights or
obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically state that no Borrower,
Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
12.11     Entire Agreement. This Agreement (and, with respect to each Whole Loan, together
with the related Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements
and

 

     -452-

     

    

 

conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with
any of the terms hereof.

 

Section
12.12     Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the
Master Servicer and the Special Servicer acknowledge that (i) each Mortgage Loan Seller and Cantor Fitzgerald & Co. are
third party beneficiaries with respect to Section 8.05(h) of this Agreement, the obligations of any party to this
Agreement to deliver information to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information
Provider to post information to the 17g-5 Information Provider’s Website (or make available to the NRSROs the items
referenced in Section 3.13(c) and (d)) and the express obligations of any party hereto to deliver documents, notices,
information or funds to a Mortgage Loan Seller, (ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section
2.01, Section 2.02, Section 2.03 and Section 12.08 of this Agreement and its rights as a Privileged
Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary with respect to its rights to receive
any notices, documents, certifications and/or information hereunder and its rights under Section 12.08 of this
Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary in
respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder of a Companion Loan, the
related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers under the
applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to
any provision herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan
Service Provider and the provisions regarding the coordination of Advances and (vi) each of the Non-Serviced Mortgage
Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary
under this Agreement with respect to any provisions herein relating to (1) the reimbursement of any nonrecoverable advances
made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification of each applicable
Other Servicer, Other Special Servicer and Other Trustee pursuant to Section 1.04 of this Agreement against any
claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with the related Other Pooling and Servicing Agreement and this Agreement that relate
solely to its servicing of the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section
4.07(e) of this Agreement regarding advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07,
as applicable, of this Agreement.

 

[NO FURTHER TEXT ON THIS
PAGE]

 

     -453-

     

    

 

IN WITNESS WHEREOF, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

 

	 	CCRE COMMERCIAL MORTGAGE SECURITIES,
L.P.,

       as Depositor
	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
Title: Principal Executive Officer

 

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

       as Master Servicer
	 	 
	 	By: 	/s/ Nachette Hadden
	 	 	Name:  Nachette Hadden
Title: Director
	 	 	 
	 	RIALTO CAPITAL ADVISORS, LLC,
        as Special Servicer
	 	 	 
	 	By: 	/s/ Cheryl Baizan 
	 	 	Name: Cheryl Baizan 
Title: Chief Financial Officer

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

	 	U.S.
BANK National Association,

       as Trustee, Certificate Administrator and Paying Agent 	 
	 	 	 
	 	By: 	/s/ Christopher J. Nuxoll
	 	 	Name: Christopher J. Nuxoll
Title: Vice President
	 	 	 
	 	U.S.
BANK NATIONAL ASSOCIATION,

       as Custodian
	 	 	 
	 	By: 	/s/ Kevin E. Brown
	 	 	Name: Kevin E. Brown
Title: Assistant Vice President

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Operating Advisor
	 	 	 	 	 
	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By: Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ Robert J. Spinna Jr.
	 	 	 	 	
        Name: Robert J. Spinna Jr.

        Title: Managing Member

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 	 	 
	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By: Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ Robert J. Spinna Jr.
	 	 	 	 	
        Name: Robert J. Spinna Jr.

        Title: Managing Member

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

 

	STATE OF NY	)
	 	:       ss.:
	COUNTY OF NY     	)

On the 16
day of May in the year 2016, before me, the undersigned, personally appeared Anthony Orso, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that
such individual made such appearance before the undersigned in the NY, NY (insert the city or other political subdivision and the
state or county or other place the acknowledgement was taken).

 

	 	 	 /s/ Megan C Feeney
	 	 	Name:  

                                                           Title:   

	 	 	 
		 	
        MEGAN C FEENEY

NOTARY PUBLIC

        Exp. January 26, 2019

        SUFFOLK COUNTY

        No. 01FE6318641

        STATE OF NEW YORK

	 This instrument
    prepared by:	 
	 	 
	 	 
	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                   
	 	 
		 	 

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

	STATE OF NORTH CAROLINA 	)
	 	) :      ss.
	COUNTY OF
    MECKLENBURG    	)

On this 10
day of May, 2016, personally appeared before me Nachette Hadden, to me known (or proved to me on the basis of satisfactory evidence)
to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within and foregoing
instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes
therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her signature on the instrument
the entity upon behalf of which she acted, executed the instrument.

	 	 	 /s/ Erica L. Smith
	 	 	Name:  

                                                           Title:   

	 	 	 
		 	
        ERICA L. SMITH

        NOTARY PUBLIC

        Gaston County

        North Carolina

        My Commission Expires 7/15/2017

	 	 
	 	 
	 	 
	

My Commission expires:	 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

  

	STATE OF FLORIDA	)
	 	:       ss.:
	COUNTY OF MIAMI-DADE     	)

On the
11th day of May in the year 2016, before me, the undersigned, personally appeared Cheryl Baizan, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument, and that such individual made such appearance before the undersigned in the City of Miami (insert
the city or other political subdivision and the state or county or other place the acknowledgement was taken).

 

	 	 	 /s/ Lori Buckler
	 	 	Name:   Lori
    Buckler 

Title:     Notary Public
	 	 	 
	This
    instrument prepared by:	 	
        LORI BUCKLER

        My Commission Expires

        February 2, 2018

        #FF 059264

        Bonded Thru

        Notary Public Underwriters

        NOTARY PUBLIC, STATE OF FLORIDA

	 	 
	 	 
	

	 
		 	 
	 	 	 

	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                  

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF ILLINOIS	)
	 	:      ss.:
	COUNTY OF COOK     	)

On the 10th
day of May in the year 2016, before me, the undersigned, personally appeared Christopher J. Nuxoll, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned
in the City of Chicago (insert the city or other political subdivision and the state or county or other place the acknowledgement
was taken).

 

	

	 	 /s/ Vicky Eaton
	 	 	Name
    :   Vicky Eaton 

Title:      Notary Public
	 	 	 
	OFFICIAL
    SEAL 

    VICKY EATON

    Notary Public-State of Illinois 

    My Commission Expires Apr 17, 2019	 	 
	 	 	 
	This
    instrument prepared by:	 	 
	 	 
	 	 
	 	 
	

	 	 
	 	 	 

	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                  

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF MINNESOTA 	)
	 	)       ss.:
	COUNTY OF DAKOTA 	)

On the 10th
day of May in the year 2016, before me, the undersigned, personally appeared Kevin E. Brown, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned
in the City of Saint Paul, MN.

 

	 	 	 /s/ Channara So 
	 C
    SO CHANNARA 

    NOTARY PUBLIC-MINNESOTA

    MY COMMISSION EXPIRES 1/31/2017	 	Name:   Channara
    So 
 Title:     Notary Public 
	 	 	 
		 	 
	 	 
	 	 
	 	 
		 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF NEW YORK	)
	 	)       ss.:
	COUNTY OF NEW YORK 	)

On this 9th
day of May 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally
appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member
of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge
Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under
authority of said entity and on behalf of such entity.

WITNESS my
hand and seal hereto affixed the day and year first above written.

	

	 	 /s/ Cathy Pampinella 
	 	 	NOTARY PUBLIC in and for the State of New York
	
	 	 
	CATHY
    PAMPINELLA

    Notary Public, State of New York

    Registration #01PA6303022

    Qualified in Suffolk County 

    Commission Expires May 12, 2018	 	 
	 	 	 
	[SEAL]	 	
        

	 	 
	 	 
	 	 
	My Commission
expires:                                                           	 	 
	(Date)		 
		 	 
	This instrument
     prepared by:	 	 
	 	 	 
	 	 	 
	Name:          Cadwalader,
    Wickersham & Taft LLP 

    Address:    200 Liberty Street                   

                        New York, New
    York  10281  	 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

  

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-1-1

     

    

 

CFCRE
2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class
    A-1 Pass-Through Rate: 1.501%	 	CUSIP:12531Y
AJ7 

                            

        ISIN:US12531YAJ73 

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-1 Certificates: $32,507,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 10, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan
    that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage
    Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: January 2021	 	No.:
    A-1-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the
Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator (in such capacity, the “Certificate
Administrator”) and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”),
Park Bridge Lender Services LLC, as operating advisor (the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class
A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

     A-1-2

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available

 

     A-1-3

     

    

 

funds
to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of

 

     A-1-4

     

    

 

Leases,
Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan
Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the
Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets
credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into
the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate

 

     A-1-5

     

    

 

Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any

 

     A-1-6

     

    

 

provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such

 

     A-1-7

     

    

 

extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders ofe Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any

 

     A-1-8

     

    

 

			rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the
                                                                            consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30

 

     A-1-9

     

    

 

	 	 	days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and
Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii)
the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling
and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the

 

     A-1-10

     

    

 

Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-1-11

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
May __, 2016  

	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not 

 in its individual capacity but solely as 

Certificate Administrator
	 	
		By:
	 	Authorized
Signatory

   

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May __, 2016  

	 	 
	 	U.S.
                                                                      BANK NATIONAL ASSOCIATION, not  in 

its individual capacity but solely as 

Authenticating Agent

	 	
		By:
	 	Authorized
Signatory

  

     A-1-12

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-2-1

     

    

 

 

CFCRE
2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class
    A-2 Pass-Through Rate: 2.707%	 	CUSIP:12531Y
                                         AK4

                            

        

        ISIN:US12531YAK47

        

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-2 Certificates: $24,787,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 10, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan
    that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage
    Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: May 2021	 	No.:
    A-2-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the
Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator (in such capacity, the “Certificate
Administrator”) and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”),
Park Bridge Lender Services LLC, as operating advisor (the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class
A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-2-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and

 

     A-2-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security

 

     A-2-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-2-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-2-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

     A-2-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-2-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating
                                                                            Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

     A-2-9

     

    

 

	 	 	(less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and
Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii)
the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling
and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-2-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-2-11

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
May __, 2016 

	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not 

 in its individual capacity but solely as 

Certificate Administrator
	 	
		By:
	 	Authorized
Signatory

   

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May __, 2016 

	 	 
	 	U.S.
                                                                      BANK NATIONAL ASSOCIATION, not  in 

its individual capacity but solely as 

Authenticating Agent

	 	
		By:
	 	Authorized
Signatory

 

     A-2-12

     

    

 

 

EXHIBIT A-3

 

FORM OF CLASS A-SB CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-3-1

     

    

 

 

CFCRE 2016-C4 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class A-SB Pass-Through Rate: 3.091%	 	
        CUSIP:12531Y AL2 

         

        ISIN:    US12531YAL20

         

	Original Aggregate Certificate Balance of the Class A-SB Certificates: $46,464,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: September 2025	 	No.: A-SB-[__]

  

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by
first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

    A-3-2

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available

 

    A-3-3

     

    

 

funds
to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any

 

    A-3-4

     

    

 

indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess
Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any
amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any
environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with
respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the
Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D
Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As
provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-3-5

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-3-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-3-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-3-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage
Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances
previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-3-9

     

    

 

			(less any P&I Advances previously made on account of interest); and

  

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-3-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-SB Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-3-12

     

    

 

EXHIBIT A-4

 

FORM OF CLASS A-3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-4-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class A-3 Pass-Through Rate: 3.014%	 	
        CUSIP:12531Y AM0 

         

        ISIN:     US12531YAM03

         

	Original Aggregate Certificate Balance of the Class A-3 Certificates: $200,000,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: January 2026	 	No.: A-3-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-4-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-4-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-4-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-4-5

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-4-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-4-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(vi)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(vii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(viii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(ix)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(x)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-4-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-4-9

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-4-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-4-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-3 Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-4-12

     

    

 

EXHIBIT A-5

 

FORM OF CLASS A-4 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1 

     

    

  

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class A-4 Pass-Through Rate: 3.283%	 	
        CUSIP:12531Y AN8

         

        ISIN:    US12531YAN85

         

	Original Aggregate Certificate Balance of the

Class A-4 Certificates: $230,220,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: February 2026	 	No.: A-4-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-5-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-5-3 

     

    

 

having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-5-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-5-5 

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-5-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-5-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-5-8 

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-5-9 

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-5-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created
by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class A-3 Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory
	

 

    A-5-12 

     

    

 

EXHIBIT A-6

 

FORM OF CLASS A-M CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER
CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-6-1 

     

    

  

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through Rate: 3.691%	 	
        CUSIP:12531Y AU2

         

        ISIN:    US12531YAU29

         

	Original Aggregate Certificate Balance of the

Class A-M Certificates: $62,997,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: March 2026	 	No.: A-M-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-M Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-6-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

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having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-6-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

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No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

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Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-6-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-6-8 

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-6-9 

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-6-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created
by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-M Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

  

    A-6-12 

     

    

 

EXHIBIT A-7

 

FORM OF CLASS A-HR CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-7-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-HR

 

	Class A-HR Pass-Through Rate:  3.121%	 	
        CUSIP:12531Y AP3

         

        ISIN:    US12531YAP34

         

	Original Aggregate Certificate Balance of the Class A-HR Certificates:
    $54,000,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2024	 	No.: A-HR-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-HR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-7-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-HR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-HR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United

 

     A-7-3

     

    

 

States
and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing
at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor
in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.This Certificate is limited in right of payment to, among other things, certain collections and recoveries
in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow

 

     A-7-4

     

    

 

Accounts,
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the
rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the
Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii)
the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

     A-7-5

     

    

 

Pooling
and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling
and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse
the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents
and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and
Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require
payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with
any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the

 

     A-7-6

     

    

 

Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
hereof to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any

 

     A-7-7

     

    

 

such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

     A-7-8

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent, or to avoid or minimize the imposition of any additional
material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as
evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification
or to avoid or minimize the imposition of any such taxes, and would not adversely affect in any material respect the interest of
any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing 

 

     A-7-9

     

    

 

Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC®
Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class XP-A Notional Amount, the Class X-A Notional
Amount, the Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B,
Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of
the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and
Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

     A-7-10

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-7-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-HR Certificate to be duly executed.

 

Dated: May __, 2016

	 	 	 
	 	U.S. BANK
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-HR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

	 	 	 
	 	U.S. BANK
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-8-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through Rate:  4.147%	 	
        CUSIP:12531Y AV0

         

        ISIN:    US12531YAV02

         

	Original Aggregate Certificate Balance of the Class B Certificates:
    $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  April 2026	 	No.: B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

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the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and

 

     A-8-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

     A-8-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C
Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect
of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for
purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-8-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-8-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating

 

     A-8-7

     

    

 

Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-8-8

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date 

 

     A-8-9

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-8-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-8-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-8-12

     

    

 

EXHIBIT A-9

 

FORM OF CLASS C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-9-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through Rate:  Equal to the WAC Rate	 	
        CUSIP:12531Y AW8

         

        ISIN:US12531YAW84

         

	Original Aggregate Certificate Balance of the Class C Certificates:
    $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  April 2026	 	No.: C-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-9-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and

 

     A-9-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

     A-9-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C
Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect
of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for
purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-9-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-9-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating

 

     A-9-7

     

    

 

Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-9-8

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date 

 

     A-9-9

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-9-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-9-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-9-12

     

    

 

EXHIBIT A-10

 

FORM OF CLASS D [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-10-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates only.

 

     A-10-2

     

    

 

CFCRE 2016-C4 MORTGAGE TRUSTE COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through Rate: Equal to the WAC Rate	 	
        CUSIP:     12531Y AE85

          U1578T AE36

          12531Y AZ17

         

        ISIN:        US12531YAE868

         USU1578TAE399

         US12531YAZ1610

         

	Original Aggregate Certificate Balance of the Class D Certificates:
    $45,148,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  May 2026	 	No.: D-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

     A-10-3

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

 

     A-10-4

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

     A-10-5

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing
Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution
Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest
earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent
such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from
certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

     A-10-6

     

    

 

Such
Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that

 

     A-10-7

     

    

 

(a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
(v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an
Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at
the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of
Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of
Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the
Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has
changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and,
with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

     A-10-8

     

    

 

relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any
material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate
is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

     A-10-9

     

    

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

     A-10-10

     

    

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

     A-10-11

     

    

 

respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on
behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling
and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the
Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing
Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with
Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date
hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-10-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class D Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-10-13

     

    

 

EXHIBIT A-11

 

FORM OF CLASS E [RULE 144A] 1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-11-1

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL

 

     A-11-2

     

    

 

REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

     A-11-3

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates only.

 

     A-11-4

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate: 3.500%	 	
        CUSIP:     12531Y AF55

          U1578T AF06

          12531Y BA57

         

        ISIN:        US12531YAF518

         USU1578TAF049

         US12531YBA5510

         

	Original Aggregate Certificate Balance of the Class E
Certificates: $20,999,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

     A-11-5

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

     A-11-6

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

     A-11-7

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing
Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution
Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest
earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent
such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from
certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

     A-11-8

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

     A-11-9

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating

 

     A-11-10

     

    

 

Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

     A-11-11

     

    

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated 

 

     A-11-12

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and

 

     A-11-13

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the
case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the
Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of
(a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the
United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-11-14

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-11-15

     

    

 

EXHIBIT A-12

 

FORM OF CLASS F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates only. 

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

  

    A-12-1 

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-12-2 

     

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-12-3 

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For Reg S Global Certificates only.

 

    A-12-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F

 

	Class F Pass-Through Rate: 3.500%.	 	
        CUSIP:    12531Y AG35

        U1578T AG86

        12531Y BB37

         

        ISIN:       US12531YAG358

        USU1578TAG869

        US12531YBB3910

         

	Original Aggregate Certificate Balance of the Class F Certificates:
    $9,450,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: F-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

    A-12-5 

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest Accrual
Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-12-6 

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-12-7 

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-12-8 

     

    

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided

 

    A-12-9 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-12-10 

     

    

 

Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions
of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3
in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant
to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-12-11 

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-12-12 

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and

 

    A-12-13 

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders
of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i)
the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and
Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created by the
Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-14 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class F Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class F Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-12-15 

     

    

 

EXHIBIT A-13

 

FORM OF CLASS G [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates only.

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-13-1 

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-13-2 

     

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-13-3 

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For Reg S Global Certificates only.

 

    A-13-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G

 

	Class G Pass-Through Rate: 3.500%.	 	
        CUSIP:    12531Y AH15

        U1578T AH66

        12531Y BC17

         

        ISIN:       US12531YAH188

        USU1578TAH699

        US12531YBC1210

         

	Original Aggregate Certificate Balance of the Class G Certificates: $37,798,889	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: G -[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

    A-13-5 

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest Accrual
Period (as defined below), interest on the Class G Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-13-6 

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-13-7 

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-13-8 

     

    

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided

 

    A-13-9 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-13-10 

     

    

 

Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions
of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3
in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant
to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-13-11 

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-13-12 

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and

 

    A-13-13 

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the
case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the
Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in
no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class G Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-13-15 

     

    

 

EXHIBIT A-14

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X- A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate: Variable	 	
        CUSIP:     12531Y AQ1

         

        ISIN:         US12531YAQ17

         

	Original Aggregate Certificate Balance of the Class X-A Certificates:
    $596,975,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: March 2026	 	No.: X-A-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-14-2 

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-14-3 

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-14-4 

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-14-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-14-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-14-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-14-8 

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-14-9 

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders
of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i)
the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in 

 

    A-14-10 

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by
the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

  

    A-14-12 

     

    

 

EXHIBIT A-15

 

FORM OF CLASS X-HR CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-HR CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-HR CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-HR CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-HR

 

	Class X-HR Pass-Through Rate: Variable	 	
        CUSIP:     12531Y AR9

         

        ISIN:         US12531YAR99

         

	Original Aggregate Certificate Balance of the Class X-HR Certificates: $54,000,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: November 2024	 	No.: X-HR-[_]

 

This certifies that [______] is
the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to
the Class X-HR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

    A-15-2 

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-HR Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-HR Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately

 

    A-15-3 

     

    

 

available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at
the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as
such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of

 

    A-15-4 

     

    

 

Leases,
Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account,
the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets
credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into
the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-15-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust
REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel
(at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under
the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in
any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not

 

    A-15-6 

     

    

 

consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any
material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to
modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and,
for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such
industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses

 

    A-15-7 

     

    

 

(iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-15-8 

     

    

 

satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent, or to avoid or minimize the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to avoid
or minimize the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-15-9 

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from

 

    A-15-10 

     

    

 

the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-HR Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-HR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-15-12 

     

    

 

EXHIBIT A-16

 

FORM OF CLASS X-B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-B

 

	Class X-B Pass-Through Rate: Variable	 	
        CUSIP:      12531Y AS7

         

        ISIN:         US12531YAS72

         

	Original Aggregate Certificate Balance of the Class X-B Certificates: $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: April 2026	 	No.: X-B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-16-2 

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-16-3 

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-16-4 

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-16-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-16-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-16-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-16-8 

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-16-9 

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in

 

    A-16-10 

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by
the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-B Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-16-12 

     

    

EXHIBIT A-17

 

FORM OF CLASS X-C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-C CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-17-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-C

 

	Class X-C Pass-Through Rate: Variable	 	
        CUSIP:  12531Y AT5

         

        ISIN:      US12531YAT55

         

	Original Aggregate Certificate Balance of the

Class X-C Certificates: $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: April 2026	 	No.: X-C-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-17-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-C Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-17-3 

     

    

 

having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-17-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-17-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-17-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-17-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-17-8 

     

    

 

such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-17-9 

     

    

 

(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in

 

    A-17-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-C Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-17-12 

     

    

 

EXHIBIT A-18

 

FORM OF CLASS X-D [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-18-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-D CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-18-2 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-D

 

	Class X-D Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AA65

           U1578T AA16

           12531Y
BD97

         

        ISIN:     US12531YAA648

           USU1578TAA179

           US12531YBD9410

         

	Original Aggregate Notional Balance of the

Class X-D Certificates: $45,148,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-D-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-18-3 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-18-4 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-18-5 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-18-6 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-18-7 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-18-8 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-18-9 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-18-10 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-18-11 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-12 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-18-13 

     

    

 

EXHIBIT A-19

 

FORM OF CLASS X-E [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-19-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-E CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

    A-19-2 

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

    A-19-3 

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-19-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E

 

	Class X-E Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AB45

           U1578T AB96

           12531Y
BE77

         

        ISIN:     US12531YAB488

           USU1578TAB999

           US12531YBE7710

         

	Original Aggregate Notional Balance of the

Class X-E Certificates: $20,999,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-19-5 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-19-6 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-19-7 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-19-8 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-19-9 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-19-10 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-19-11 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-19-12 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-19-13 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-19-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-E Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-19-15 

     

    

 

EXHIBIT A-20

 

FORM OF CLASS X-F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-20-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-F CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

    A-20-2 

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

    A-20-3 

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-20-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-F

 

	Class X-F Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AC25

           U1578T AC76

           12531Y
BF47

         

        ISIN:     US12531YAC218

           USU1578TAC729

           US12531YBF4310

         

	Original Aggregate Notional Balance of the

Class X-F Certificates: $9,450,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-F-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-20-5 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-F Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-20-6 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-20-7 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-20-8 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-20-9 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-20-10 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-20-11 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-20-12 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-20-13 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-20-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-F Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-20-15 

     

    

 

EXHIBIT A-21

 

FORM OF CLASS X-G [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-21-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-G CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

     A-21-2

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-21-3

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

     A-21-4

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-G

 

	Class X-G Pass-Through Rate: Variable	 	
        CUSIP:   12531Y
AD05

U1578T AD56

12531Y BG27

         

        ISIN:      US12531YAD048

        USU1578TAD559

        US12531YBG2610

         

	Original Aggregate Notional Balance of the Class X-G Certificates:
    $37,798,889	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-G-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

 

     A-21-5

     

    

 

master
servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the
“Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-C, Class A-M, Class B, Class C, Class X-D, Class
X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-G Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

     A-21-6

     

    

 

related
Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means,
with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.
Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

     A-21-7

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

     A-21-8

     

    

 

Such
Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

     A-21-9

     

    

 

(a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any
of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any
material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

     A-21-10

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

     A-21-11

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

     A-21-12

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

     A-21-13

     

    

 

respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-21-14

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-G Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized Signatory

 

     A-21-15

     

    

  

EXHIBIT A-22

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS “RESIDUAL INTERESTS” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE
OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY,
AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR
AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM
IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE
TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY
OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY
COME DUE IN THE FUTURE, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, AND (E) IT
UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THE CLASS R CERTIFICATES IN EXCESS OF ANY CASH FLOW GENERATED BY
THE CLASS R CERTIFICATE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE
OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.
BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS
SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR

 

     A-22-1

     

    

 

MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE
OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON” AND “PARTNERSHIP REPRESENTATIVE”
OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY IN FACT AND
AGENT FOR THE TAX MATTERS PERSON THE “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE PROVIDED IN THE POOLING AND SERVICING
AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP REPRESENTATIVE” FOR PURPOSES
OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN

 

     A-22-2

     

    

 

OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE
ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON
BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM
SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     A-22-3

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.: R-[__]	 	Percentage Interest: [__]%
	 	 	 
	 	 	
        CUSIP:12531Y AY41

         

        ISIN:    US12531YAY412

 

This certifies that [_______]
is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust
Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder will
be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that there
will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions
on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

1
For Rule 144A Certificates

2
For Rule 144A Certificates

 

     A-22-4

     

    

 

This Class R Certificate represents
the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be the tax matters person
pursuant to Treasury Regulations Section 1.860F-4(d) and the “partnership representative” (within the meaning of Code
Section 6223, to the extent such provision applies to the Trust REMICs) of each Trust REMIC. If more than one Holder shall hold
an equal Percentage Interest in the Class R Certificates larger than that held by any other Holder, the first such Holder to have
acquired such Class R Certificates shall be such tax matters person and “partnership representative”. The Certificate
Administrator shall act as attorney-in-fact and agent for the tax matters person and “partnership representative” of
the Lower-Tier REMIC and the Upper-Tier REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance
hereof, is deemed to have consented to the Certificate Administrator’s appointment in such capacities and agrees to execute
any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection
with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six

 

     A-22-5

     

    

 

months
after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders,
at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificates
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining
such funds and of contacting Certificateholders shall be paid out of the assets which remain held. If within two years after the
second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Certificate
Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts
for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing
Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under
certain circumstances, and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited

 

     A-22-6

     

    

 

by
the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and
(xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling
and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate

 

     A-22-7

     

    

 

Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any
of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any
material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency,

 

     A-22-8

     

    

 

as
evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the
status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard

 

     A-22-9

     

    

 

to
Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of

 

     A-22-10

     

    

 

Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,

 

     A-22-11

     

    

 

Class
A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class
X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of
the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each
REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement
by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-22-12

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class R Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class R Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized Signatory

 

     A-22-13

     

    

  

EXHIBIT A-23

 

FORM OF CLASS V CERTIFICATE

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE

 

     A-23-1

     

    

 

REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED
TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

     A-23-2

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS V

 

	No.: V-1	 	Percentage Interest: [_____]%
	 	 	 
	 	 	
        CUSIP:   12531Y
AX61

U1578T AJ22

12531Y BH03

 

This certifies that [__________] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class V Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a beneficial interest
in a portion of a grantor trust under subpart E, part I of subchapter J of the Internal Revenue Code of 1986, as amended (the “Code”),
which portion includes the Excess Interest and any proceeds thereof in the Class V Distribution Account. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding

 

 

1
For Rule 144A Certificates

2
For Regulation S Certificates

3
For IAI Certificates

 

     A-23-3

     

    

 

sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class V Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an

 

     A-23-4

     

    

 

agent,
take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject
to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders
thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts
to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class
R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and
Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred
to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of
such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower).

 

     A-23-5

     

    

 

As
provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or

 

     A-23-6

     

    

 

be
consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the
Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing
Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing
Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06

 

     A-23-7

     

    

 

and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to
any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

     A-23-8

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such
taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced
Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange
Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

     A-23-9

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class XP-A Notional Amount, the Class X-A Notional Amount, the
Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C, Class D and Class E Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an assignment
of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F Certificates pursuant to the definition of “Sole
Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and

 

     A-23-10

     

    

 

Servicing
Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the
anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of
the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-23-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class V Certificate to be duly executed.

 

Dated: June __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class V Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: June __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-23-12

     

    

 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    

 

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Servicing Fee Rate
	 	 	 	 	Mortgage Loan	 	 	 	 	 	 	 	 	 	 	 	Mortage	 	Original Principal	 	Cut-off Date 	 	Maturity Date	 	Due	 	Current Monthly	 	Master Servicing	 	Primary Servicing
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Street Address	 	City	 	State	 	Zip Code	 	Rate	 	Balance	 	Stated Principal Balance	 	or ARD	 	Date 	 	Debt Service	 	Fee Rate	 	Fee Rate
	1	 	CCRE1	 	CCRE	 	OZRE Leased Fee Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.3000%	 	70,000,000	 	70,000,000	 	02/06/2026	 	6	 	254,317	 	0.00250%	 	0.00250%
	1.01	 	CCRE1.01	 	CCRE	 	300 Arboretum Place	 	300 Arboretum Place	 	North Chesterfield	 	VA	 	23236	 	 	 	5,078,236	 	5,078,236	 	 	 	 	 	 	 	 	 	 
	1.02	 	CCRE1.02	 	CCRE	 	700 East Gate Drive	 	700 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	3,982,930	 	3,982,930	 	 	 	 	 	 	 	 	 	 
	1.03	 	CCRE1.03	 	CCRE	 	6802 Paragon Place	 	6802 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	3,684,211	 	3,684,211	 	 	 	 	 	 	 	 	 	 
	1.04	 	CCRE1.04	 	CCRE	 	6800 Paragon Place	 	6800 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	3,654,339	 	3,654,339	 	 	 	 	 	 	 	 	 	 
	1.05	 	CCRE1.05	 	CCRE	 	2100 West Laburnum Avenue	 	2100 West Laburnum Avenue	 	Richmond	 	VA	 	23227	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.06	 	CCRE1.06	 	CCRE	 	7501 Boulder View Drive	 	7501 Boulder View Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.07	 	CCRE1.07	 	CCRE	 	7300 Beaufont Springs Drive	 	7300 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.08	 	CCRE1.08	 	CCRE	 	4870 Sadler Road	 	4870 Sadler Road	 	Glen Allen	 	VA	 	23060	 	 	 	2,130,868	 	2,130,868	 	 	 	 	 	 	 	 	 	 
	1.09	 	CCRE1.09	 	CCRE	 	12015 Lee Jackson Memorial Highway	 	12015 Lee Jackson Memorial Highway	 	Fairfax	 	VA	 	22033	 	 	 	2,091,038	 	2,091,038	 	 	 	 	 	 	 	 	 	 
	1.10	 	CCRE1.1	 	CCRE	 	6806 Paragon Place	 	6806 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	2,071,124	 	2,071,124	 	 	 	 	 	 	 	 	 	 
	1.11	 	CCRE1.11	 	CCRE	 	925 Harvest Drive	 	925 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,792,319	 	1,792,319	 	 	 	 	 	 	 	 	 	 
	1.12	 	CCRE1.12	 	CCRE	 	555 Croton Road	 	555 Croton Road	 	King of Prussia	 	PA	 	19406	 	 	 	1,692,745	 	1,692,745	 	 	 	 	 	 	 	 	 	 
	1.13	 	CCRE1.13	 	CCRE	 	980 Harvest Drive	 	980 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,593,172	 	1,593,172	 	 	 	 	 	 	 	 	 	 
	1.14	 	CCRE1.14	 	CCRE	 	309 Fellowship Road	 	309 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,354,196	 	1,354,196	 	 	 	 	 	 	 	 	 	 
	1.15	 	CCRE1.15	 	CCRE	 	11781 Lee Jackson Memorial Highway	 	11781 Lee Jackson Memorial Highway	 	Fairfax	 	VA	 	22033	 	 	 	1,294,452	 	1,294,452	 	 	 	 	 	 	 	 	 	 
	1.16	 	CCRE1.16	 	CCRE	 	305 Fellowship Road	 	305 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,204,836	 	1,204,836	 	 	 	 	 	 	 	 	 	 
	1.17	 	CCRE1.17	 	CCRE	 	701 East Gate Drive	 	701 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.18	 	CCRE1.18	 	CCRE	 	920 Harvest Drive	 	920 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.19	 	CCRE1.19	 	CCRE	 	4880 Sadler Road	 	4880 Sadler Road	 	Glen Allen	 	VA	 	23060	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.20	 	CCRE1.2	 	CCRE	 	1025 Boulders Parkway	 	1025 Boulders Parkway	 	North Chesterfield	 	VA	 	23225	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.21	 	CCRE1.21	 	CCRE	 	2201 Tomlynn Street	 	2201 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.22	 	CCRE1.22	 	CCRE	 	2240-2250 Butler Pike	 	2240-2250 Butler Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.23	 	CCRE1.23	 	CCRE	 	7401 Beaufont Springs Drive	 	7401 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.24	 	CCRE1.24	 	CCRE	 	2511 Brittons Hill Road	 	2511 Brittons Hill Road	 	Richmond	 	VA	 	23230	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.25	 	CCRE1.25	 	CCRE	 	4805 Lake Brook Drive	 	4805 Lake Brook Drive	 	Glen Allen	 	VA	 	23060	 	 	 	1,025,605	 	1,025,605	 	 	 	 	 	 	 	 	 	 
	1.26	 	CCRE1.26	 	CCRE	 	4401 Fair Lakes Court	 	4401 Fair Lakes Court	 	Fairfax	 	VA	 	22033	 	 	 	1,015,647	 	1,015,647	 	 	 	 	 	 	 	 	 	 
	1.27	 	CCRE1.27	 	CCRE	 	2812 Emerywood Parkway	 	2812 Emerywood Parkway	 	Richmond	 	VA	 	23294	 	 	 	995,733	 	995,733	 	 	 	 	 	 	 	 	 	 
	1.28	 	CCRE1.28	 	CCRE	 	9100 Arboretum Parkway	 	9100 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	995,733	 	995,733	 	 	 	 	 	 	 	 	 	 
	1.29	 	CCRE1.29	 	CCRE	 	500 Enterprise Road	 	500 Enterprise Road	 	Horsham	 	PA	 	19044	 	 	 	935,989	 	935,989	 	 	 	 	 	 	 	 	 	 
	1.30	 	CCRE1.3	 	CCRE	 	303 Fellowship Road	 	303 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	906,117	 	906,117	 	 	 	 	 	 	 	 	 	 
	1.31	 	CCRE1.31	 	CCRE	 	9011 Arboretum Parkway	 	9011 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.32	 	CCRE1.32	 	CCRE	 	910 Harvest Drive	 	910 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.33	 	CCRE1.33	 	CCRE	 	7325 Beaufont Springs Drive	 	7325 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.34	 	CCRE1.34	 	CCRE	 	1 Progress Drive	 	1 Progress Drive	 	Horsham	 	PA	 	19044	 	 	 	796,586	 	796,586	 	 	 	 	 	 	 	 	 	 
	1.35	 	CCRE1.35	 	CCRE	 	2260 Butler Pike	 	2260 Butler Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	796,586	 	796,586	 	 	 	 	 	 	 	 	 	 
	1.36	 	CCRE1.36	 	CCRE	 	140 West Germantown Pike	 	140 West Germantown Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	736,842	 	736,842	 	 	 	 	 	 	 	 	 	 
	1.37	 	CCRE1.37	 	CCRE	 	307 Fellowship Road	 	307 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	736,842	 	736,842	 	 	 	 	 	 	 	 	 	 
	1.38	 	CCRE1.38	 	CCRE	 	9210 Arboretum Parkway	 	9210 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	657,183	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.39	 	CCRE1.39	 	CCRE	 	2221 Dabney Road	 	2221 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	657,184	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.40	 	CCRE1.4	 	CCRE	 	9200 Arboretum Parkway	 	9200 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	657,183	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.41	 	CCRE1.41	 	CCRE	 	815 East Gate Drive	 	815 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	637,269	 	637,269	 	 	 	 	 	 	 	 	 	 
	1.42	 	CCRE1.42	 	CCRE	 	120 West Germantown Pike	 	120 West Germantown Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	627,312	 	627,312	 	 	 	 	 	 	 	 	 	 
	1.43	 	CCRE1.43	 	CCRE	 	4364 South Alston Avenue	 	4364 South Alston Avenue	 	Durham	 	NC	 	27713	 	 	 	577,525	 	577,525	 	 	 	 	 	 	 	 	 	 
	1.44	 	CCRE1.44	 	CCRE	 	308 Harper Drive	 	308 Harper Drive	 	Moorestown	 	NJ	 	08057	 	 	 	567,568	 	567,568	 	 	 	 	 	 	 	 	 	 
	1.45	 	CCRE1.45	 	CCRE	 	2251 Dabney Road	 	2251 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	557,610	 	557,610	 	 	 	 	 	 	 	 	 	 
	1.46	 	CCRE1.46	 	CCRE	 	2212 Tomlynn Street	 	2212 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	557,610	 	557,610	 	 	 	 	 	 	 	 	 	 
	1.47	 	CCRE1.47	 	CCRE	 	2256 Dabney Road	 	2256 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	448,080	 	448,080	 	 	 	 	 	 	 	 	 	 
	1.48	 	CCRE1.48	 	CCRE	 	2246 Dabney Road	 	2246 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	448,080	 	448,080	 	 	 	 	 	 	 	 	 	 
	1.49	 	CCRE1.49	 	CCRE	 	2244 Dabney Road	 	2244 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	438,122	 	438,122	 	 	 	 	 	 	 	 	 	 
	1.50	 	CCRE1.5	 	CCRE	 	2130 Tomlynn Street	 	2130 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	418,208	 	418,208	 	 	 	 	 	 	 	 	 	 
	1.51	 	CCRE1.51	 	CCRE	 	2161 Tomlynn Street	 	2161 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	398,293	 	398,293	 	 	 	 	 	 	 	 	 	 
	1.52	 	CCRE1.52	 	CCRE	 	2248 Dabney Road	 	2248 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	398,293	 	398,293	 	 	 	 	 	 	 	 	 	 
	1.53	 	CCRE1.53	 	CCRE	 	2112 Tomlynn Street	 	2112 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	368,421	 	368,421	 	 	 	 	 	 	 	 	 	 
	1.54	 	CCRE1.54	 	CCRE	 	2277 Dabney Road	 	2277 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	368,421	 	368,421	 	 	 	 	 	 	 	 	 	 
	1.55	 	CCRE1.55	 	CCRE	 	9211 Arboretum Parkway	 	9211 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	358,464	 	358,464	 	 	 	 	 	 	 	 	 	 
	1.56	 	CCRE1.56	 	CCRE	 	2240 Dabney Road	 	2240 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	199,147	 	199,147	 	 	 	 	 	 	 	 	 	 
	1.57	 	CCRE1.57	 	CCRE	 	817 East Gate Drive	 	817 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	149,360	 	149,360	 	 	 	 	 	 	 	 	 	 
	1.58	 	CCRE1.58	 	CCRE	 	161 Gaither Drive	 	161 Gaither Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	149,360	 	149,360	 	 	 	 	 	 	 	 	 	 
	2	 	CCRE2	 	CCRE	 	Hyatt Regency St. Louis at The Arch	 	315 Chestnut Street	 	St. Louis	 	MO	 	63102	 	4.5450%	 	54,000,000	 	54,000,000	 	11/06/2024	 	6	 	275,056	 	0.00250%	 	0.00250%
	3	 	CCRE3	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	215 West 34th Street and 218 West 35th Street	 	New York	 	NY	 	10001	 	4.2210%	 	45,000,000	 	45,000,000	 	01/06/2026	 	6	 	160,486	 	0.00250%	 	0.00000%
	4	 	CCRE4	 	CCRE	 	AG Life Time Fitness Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.9040%	 	45,000,000	 	45,000,000	 	12/06/2025	 	6	 	186,454	 	0.00250%	 	0.00250%
	4.01	 	CCRE4.01	 	CCRE	 	Life Time - Florham Park, NJ	 	14 Fernwood Road	 	Florham Park	 	NJ	 	07932	 	 	 	6,667,784	 	6,667,784	 	 	 	 	 	 	 	 	 	 
	4.02	 	CCRE4.02	 	CCRE	 	Life Time - Westwood, MA	 	44 Harvard Street	 	Westwood	 	MA	 	02090	 	 	 	6,516,929	 	6,516,929	 	 	 	 	 	 	 	 	 	 
	4.03	 	CCRE4.03	 	CCRE	 	Life Time - Vernon Hills, IL	 	680 Woodlands Parkway	 	Vernon Hills	 	IL	 	60061	 	 	 	5,536,373	 	5,536,373	 	 	 	 	 	 	 	 	 	 
	4.04	 	CCRE4.04	 	CCRE	 	Life Time - Lakeville, MN	 	18425 Dodd Boulevard	 	Lakeville	 	MN	 	55044	 	 	 	4,404,961	 	4,404,961	 	 	 	 	 	 	 	 	 	 
	4.05	 	CCRE4.05	 	CCRE	 	Life Time - Sterling, VA	 	44610 Prentice Drive	 	Sterling	 	VA	 	20166	 	 	 	4,057,995	 	4,057,995	 	 	 	 	 	 	 	 	 	 
	4.06	 	CCRE4.06	 	CCRE	 	Life Time - Vestavia Hills, AL	 	3051 Healthy Way	 	Vestavia Hills	 	AL	 	35243	 	 	 	3,846,799	 	3,846,799	 	 	 	 	 	 	 	 	 	 
	4.07	 	CCRE4.07	 	CCRE	 	Life Time - Beachwood, OH	 	3850 Richmond Road	 	Beachwood	 	OH	 	44122	 	 	 	3,680,858	 	3,680,858	 	 	 	 	 	 	 	 	 	 
	4.08	 	CCRE4.08	 	CCRE	 	Life Time - Dublin, OH	 	3825 Hard Road	 	Dublin	 	OH	 	43016	 	 	 	3,469,661	 	3,469,661	 	 	 	 	 	 	 	 	 	 
	4.09	 	CCRE4.09	 	CCRE	 	Life Time - Ellisville, MO	 	3058 Clarkson Road	 	Ellisville	 	MO	 	63017	 	 	 	3,424,405	 	3,424,405	 	 	 	 	 	 	 	 	 	 
	4.10	 	CCRE4.1	 	CCRE	 	Life Time - Woodstock, GA	 	14200 Highway 92	 	Woodstock	 	GA	 	30188	 	 	 	3,394,234	 	3,394,234	 	 	 	 	 	 	 	 	 	 
	5	 	CCRE5	 	CCRE	 	Renaissance Cincinnati	 	36 East 4th Street	 	Cincinnati	 	OH	 	45202	 	5.3190%	 	34,200,000	 	34,035,002	 	02/06/2026	 	6	 	206,337	 	0.00250%	 	0.00000%
	6	 	CCRE6	 	CCRE	 	One Commerce Plaza	 	99 Washington Avenue	 	Albany	 	NY	 	12210	 	5.3335%	 	33,000,000	 	32,854,864	 	01/06/2026	 	6	 	183,938	 	0.00250%	 	0.00250%
	7	 	CCRE7	 	CCRE	 	GMR Portfolio	 	Various	 	Various	 	Various	 	Various	 	5.2200%	 	32,097,400	 	32,097,400	 	04/06/2026	 	6	 	176,647	 	0.00250%	 	0.00250%
	7.01	 	CCRE7.01	 	CCRE	 	Marina Towers	 	709 South Harbor City Boulevard	 	Melbourne	 	FL	 	32901	 	 	 	9,270,000	 	9,270,000	 	 	 	 	 	 	 	 	 	 
	7.02	 	CCRE7.02	 	CCRE	 	Star Medical Center	 	4100 Mapleshade Lane	 	Plano	 	TX	 	75075	 	 	 	9,250,000	 	9,250,000	 	 	 	 	 	 	 	 	 	 
	7.03	 	CCRE7.03	 	CCRE	 	1310 Wolf Park Drive	 	1310 Wolf Park Drive	 	Germantown	 	TN	 	38138	 	 	 	3,255,211	 	3,255,211	 	 	 	 	 	 	 	 	 	 
	7.04	 	CCRE7.04	 	CCRE	 	7668B Airways Boulevard	 	7668B Airways Boulevard	 	Southaven	 	MS	 	38671	 	 	 	2,959,283	 	2,959,283	 	 	 	 	 	 	 	 	 	 
	7.05	 	CCRE7.05	 	CCRE	 	Surgical Institute of Michigan	 	33545 Cherry Hill Road	 	Westland	 	MI	 	48186	 	 	 	2,850,000	 	2,850,000	 	 	 	 	 	 	 	 	 	 
	7.06	 	CCRE7.06	 	CCRE	 	1324 Wolf Park Drive	 	1324 Wolf Park Drive	 	Germantown	 	TN	 	38138	 	 	 	2,071,498	 	2,071,498	 	 	 	 	 	 	 	 	 	 
	7.07	 	CCRE7.07	 	CCRE	 	3350 North Germantown Road	 	3350 North Germantown Road	 	Bartlett	 	TN	 	38133	 	 	 	1,361,270	 	1,361,270	 	 	 	 	 	 	 	 	 	 
	7.08	 	CCRE7.08	 	CCRE	 	2999 Centre Oak Way	 	2999 Centre Oak Way	 	Germantown	 	TN	 	38138	 	 	 	1,080,138	 	1,080,138	 	 	 	 	 	 	 	 	 	 

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Servicing Fee Rate
	 	 	 	 	Mortgage Loan	 	 	 	 	 	 	 	 	 	 	 	Mortage	 	Original Principal	 	Cut-off Date 	 	Maturity Date	 	Due	 	Current Monthly	 	Master Servicing	 	Primary Servicing
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Street Address	 	City	 	State	 	Zip Code	 	Rate	 	Balance	 	Stated Principal Balance	 	or ARD	 	Date 	 	Debt Service	 	Fee Rate	 	Fee Rate
	8	 	CCRE8	 	CCRE	 	AvidXchange	 	Various	 	Charlotte	 	NC	 	28206	 	5.0940%	 	31,200,000	 	31,200,000	 	05/06/2026	 	6	 	175,916	 	0.00250%	 	0.00250%
	8.01	 	CCRE8.01	 	CCRE	 	AvidXchange Music Factory	 	900, 950 and 1000 NC Music Factory Boulevard	 	Charlotte	 	NC	 	28206	 	 	 	22,650,000	 	22,650,000	 	 	 	 	 	 	 	 	 	 
	8.02	 	CCRE8.02	 	CCRE	 	Silver Hammer Building	 	817, 820 and 920 Hamilton Street	 	Charlotte	 	NC	 	28206	 	 	 	8,550,000	 	8,550,000	 	 	 	 	 	 	 	 	 	 
	9	 	CCRE9	 	CCRE	 	Madbury Commons	 	17-21 Madbury Road	 	Durham	 	NH	 	03824	 	4.9290%	 	29,000,000	 	29,000,000	 	01/06/2026	 	6	 	154,422	 	0.00250%	 	0.00250%
	10	 	SG10	 	SG	 	GFH Brennan Industrial Portfolio	 	Various	 	Various	 	Various	 	Various	 	5.0500%	 	28,512,500	 	28,512,500	 	03/01/2026	 	1	 	153,934	 	0.00250%	 	0.00250%
	10.01	 	SG10.01	 	SG	 	Cumberland	 	5501-5523 North Cumberland Avenue	 	Chicago	 	IL	 	60656	 	 	 	7,085,208	 	7,085,208	 	 	 	 	 	 	 	 	 	 
	10.02	 	SG10.02	 	SG	 	UMIP Jefferson Hwy	 	8401 Jefferson Highway	 	Maple Grove	 	MN	 	55369	 	 	 	3,121,237	 	3,121,237	 	 	 	 	 	 	 	 	 	 
	10.03	 	SG10.03	 	SG	 	UMIP W 27th Street	 	7309 West 27th Street	 	St. Louis Park	 	MN	 	55426	 	 	 	2,793,507	 	2,793,507	 	 	 	 	 	 	 	 	 	 
	10.04	 	SG10.04	 	SG	 	Main	 	6709 Main Street	 	Union	 	IL	 	60180	 	 	 	2,528,202	 	2,528,202	 	 	 	 	 	 	 	 	 	 
	10.05	 	SG10.05	 	SG	 	Trolley Industrial	 	22701 Trolley Industrial Drive	 	Taylor	 	MI	 	48180	 	 	 	2,060,016	 	2,060,016	 	 	 	 	 	 	 	 	 	 
	10.06	 	SG10.06	 	SG	 	UMIP N 107th Street	 	9160 North 107th Street	 	Milwaukee	 	WI	 	53224	 	 	 	1,810,317	 	1,810,317	 	 	 	 	 	 	 	 	 	 
	10.07	 	SG10.07	 	SG	 	Addison	 	11440 Addison Avenue	 	Franklin Park	 	IL	 	60131	 	 	 	1,451,375	 	1,451,375	 	 	 	 	 	 	 	 	 	 
	10.08	 	SG10.08	 	SG	 	Pagemill	 	11477 Pagemill Road	 	Dallas	 	TX	 	75243	 	 	 	1,232,889	 	1,232,889	 	 	 	 	 	 	 	 	 	 
	10.09	 	SG10.09	 	SG	 	UMIP Xeon Street	 	11385 Xeon Street Northwest	 	Coon Rapids	 	MN	 	55448	 	 	 	1,201,676	 	1,201,676	 	 	 	 	 	 	 	 	 	 
	10.10	 	SG10.1	 	SG	 	8402-8440 Jackson	 	8402-8440 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	998,796	 	998,796	 	 	 	 	 	 	 	 	 	 
	10.11	 	SG10.11	 	SG	 	Jackson Pagosa	 	3316-3346 North Pagosa Court	 	Indianapolis	 	IN	 	46226	 	 	 	967,583	 	967,583	 	 	 	 	 	 	 	 	 	 
	10.12	 	SG10.12	 	SG	 	8520-8630 Jackson	 	8520-8630 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	936,371	 	936,371	 	 	 	 	 	 	 	 	 	 
	10.13	 	SG10.13	 	SG	 	Common	 	16000 Common Road	 	Roseville	 	MI	 	48066	 	 	 	905,159	 	905,159	 	 	 	 	 	 	 	 	 	 
	10.14	 	SG10.14	 	SG	 	8710-8768 Jackson	 	8710-8768 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	780,309	 	780,309	 	 	 	 	 	 	 	 	 	 
	10.15	 	SG10.15	 	SG	 	Dolton	 	2150 Dolton Road	 	Calumet City	 	IL	 	60409	 	 	 	639,854	 	639,854	 	 	 	 	 	 	 	 	 	 
	11	 	CCRE11	 	CCRE	 	NorCal Grocery Portfolio	 	Various	 	Various	 	CA	 	Various	 	5.6000%	 	26,500,000	 	26,471,536	 	04/06/2026	 	6	 	152,131	 	0.00250%	 	0.00250%
	11.01	 	CCRE11.01	 	CCRE	 	1745, 1775, 1799 Story Road	 	1745, 1775, 1799 Story Road	 	San Jose	 	CA	 	95122	 	 	 	17,425,219	 	17,406,502	 	 	 	 	 	 	 	 	 	 
	11.02	 	CCRE11.02	 	CCRE	 	1437 Freedom Boulevard	 	1437 Freedom Boulevard	 	Watsonville	 	CA	 	95076	 	 	 	3,758,381	 	3,754,344	 	 	 	 	 	 	 	 	 	 
	11.03	 	CCRE11.03	 	CCRE	 	950 East Alisal Street	 	950 East Alisal Street	 	Salinas	 	CA	 	93905	 	 	 	3,143,373	 	3,139,997	 	 	 	 	 	 	 	 	 	 
	11.04	 	CCRE11.04	 	CCRE	 	40 South Rengstorff Avenue	 	40 South Rengstorff Avenue	 	Mountain View	 	CA	 	94040	 	 	 	1,592,187	 	1,590,476	 	 	 	 	 	 	 	 	 	 
	11.05	 	CCRE11.05	 	CCRE	 	4340 Bond Street (Parking)	 	4340 Bond Street	 	Oakland 	 	CA	 	94601	 	 	 	580,841	 	580,217	 	 	 	 	 	 	 	 	 	 
	12	 	CCRE12	 	CCRE	 	NMS Los Angeles Multifamily Portfolio	 	Various	 	Various	 	CA	 	Various	 	4.9380%	 	25,000,000	 	25,000,000	 	09/06/2025	 	6	 	104,304	 	0.00250%	 	0.00000%
	12.01	 	CCRE12.01	 	CCRE	 	Luxe at 1548	 	1548 6th Street	 	Santa Monica	 	CA	 	90401	 	 	 	5,666,667	 	5,666,667	 	 	 	 	 	 	 	 	 	 
	12.02	 	CCRE12.02	 	CCRE	 	Luxe at 1539	 	1539 4th Street	 	Santa Monica	 	CA	 	90401	 	 	 	5,479,167	 	5,479,167	 	 	 	 	 	 	 	 	 	 
	12.03	 	CCRE12.03	 	CCRE	 	Luxe at 1759	 	1759 Beloit Avenue	 	Los Angeles	 	CA	 	90025	 	 	 	4,895,833	 	4,895,833	 	 	 	 	 	 	 	 	 	 
	12.04	 	CCRE12.04	 	CCRE	 	NMS at Northridge	 	9710 Zelzah Avenue	 	Northridge	 	CA	 	91325	 	 	 	4,479,167	 	4,479,167	 	 	 	 	 	 	 	 	 	 
	12.05	 	CCRE12.05	 	CCRE	 	NMS at Warner Center	 	21021 Vanowen Street	 	Canoga Park	 	CA	 	91303	 	 	 	3,187,500	 	3,187,500	 	 	 	 	 	 	 	 	 	 
	12.06	 	CCRE12.06	 	CCRE	 	NMS at Superior	 	17089 Superior Street	 	Northridge	 	CA	 	91325	 	 	 	1,291,667	 	1,291,667	 	 	 	 	 	 	 	 	 	 
	13	 	BSP13	 	BSP	 	Broadstone Plaza II	 	2779-2799 East Bidwell Street	 	Folsom	 	CA	 	95630	 	4.5600%	 	24,000,000	 	24,000,000	 	11/06/2025	 	6	 	122,462	 	0.00250%	 	0.00250%
	14	 	SG14	 	SG	 	Marketplace at Kapolei	 	590 Farrington Highway	 	Kapolei	 	HI	 	96707	 	4.8500%	 	22,613,000	 	22,613,000	 	05/01/2026	 	1	 	119,327	 	0.00250%	 	0.00250%
	15	 	CCRE15	 	CCRE	 	GSP MHP Portfolio II	 	Various	 	Various	 	Various	 	Various	 	4.7235%	 	21,940,000	 	21,723,756	 	09/06/2025	 	6	 	114,099	 	0.00250%	 	0.00000%
	15.01	 	CCRE15.01	 	CCRE	 	Grayson Village MHP	 	17240 Dumfries Road	 	Dumfries	 	VA	 	22026	 	 	 	11,640,000	 	11,525,274	 	 	 	 	 	 	 	 	 	 
	15.02	 	CCRE15.02	 	CCRE	 	Pleasant Hills MHP	 	234 Hill Drive	 	Hamburg	 	PA	 	19526	 	 	 	8,825,000	 	8,738,019	 	 	 	 	 	 	 	 	 	 
	15.03	 	CCRE15.03	 	CCRE	 	Northwood Manor MHP	 	1300 York Haven Road	 	York Haven	 	PA	 	17370	 	 	 	1,475,000	 	1,460,462	 	 	 	 	 	 	 	 	 	 
	16	 	CCRE16	 	CCRE	 	Marriott University Park	 	480 Wakara Way	 	Salt Lake City	 	UT	 	84108	 	5.8600%	 	21,400,000	 	21,340,243	 	03/06/2026	 	6	 	136,055	 	0.00250%	 	0.00250%
	17	 	BSP17	 	BSP	 	5353 West Bell Road	 	5353 West Bell Road	 	Glendale	 	AZ	 	85308	 	4.1100%	 	19,700,000	 	19,700,000	 	01/06/2026	 	6	 	68,410	 	0.00250%	 	0.00250%
	18	 	SG18	 	SG	 	Hilton Garden Inn Las Vegas	 	7830 South Las Vegas Boulevard	 	Las Vegas	 	NV	 	89123	 	5.0210%	 	18,000,000	 	18,000,000	 	05/01/2026	 	1	 	96,859	 	0.00250%	 	0.00250%
	19	 	CCRE19	 	CCRE	 	Racine Dental	 	1101 South Airline Road	 	Mount Pleasant	 	WI	 	53406	 	4.9725%	 	17,250,000	 	17,078,475	 	11/06/2025	 	6	 	100,566	 	0.00250%	 	0.00250%
	20	 	CCRE20	 	CCRE	 	3 Executive Campus	 	3 Executive Campus	 	Cherry Hill	 	NJ	 	08002	 	5.1000%	 	16,650,000	 	16,650,000	 	05/06/2026	 	6	 	90,401	 	0.00250%	 	0.00250%
	21	 	CCRE21	 	CCRE	 	Johnson Crossing & Shops at Westwind	 	Various	 	Fond du Lac	 	WI	 	Various	 	5.1000%	 	16,395,000	 	16,395,000	 	05/06/2026	 	6	 	89,017	 	0.00250%	 	0.00000%
	21.01	 	CCRE21.01	 	CCRE	 	Johnson Crossing	 	1115 East Johnson Street	 	Fond du Lac	 	WI	 	54935	 	 	 	13,545,000	 	13,545,000	 	 	 	 	 	 	 	 	 	 
	21.02	 	CCRE21.02	 	CCRE	 	Shops at Westwind	 	N6663 Rolling Meadows Drive	 	Fond du Lac	 	WI	 	54937	 	 	 	2,850,000	 	2,850,000	 	 	 	 	 	 	 	 	 	 
	22	 	BSP22	 	BSP	 	Travelers Office Tower II	 	26533 Evergreen Road	 	Southfield	 	MI	 	48076	 	4.6200%	 	16,000,000	 	16,000,000	 	01/06/2026	 	6	 	62,456	 	0.00250%	 	0.00250%
	23	 	BSP23	 	BSP	 	601 West Polk	 	601 West Polk Street	 	Chicago	 	IL	 	60607	 	4.4700%	 	15,000,000	 	15,000,000	 	04/06/2026	 	6	 	56,651	 	0.00250%	 	0.00250%
	24	 	CCRE24	 	CCRE	 	Binz Building	 	1001 and 1015 Texas Avenue	 	Houston	 	TX	 	77002	 	4.4100%	 	14,750,000	 	14,750,000	 	05/06/2026	 	6	 	112,159	 	0.00250%	 	0.00250%
	25	 	SG25	 	SG	 	Home Depot - Elk Grove Village	 	600 Meacham Road	 	Elk Grove	 	IL	 	60007	 	4.6710%	 	10,945,000	 	10,945,000	 	11/01/2025	 	1	 	43,195	 	0.00250%	 	0.00250%
	26	 	BSP26	 	BSP	 	Bailey’s Ridge Apartments	 	4750 Bailey’s Ridge Drive	 	Prince George	 	VA	 	23875	 	5.2300%	 	10,180,000	 	10,111,896	 	11/06/2025	 	6	 	56,088	 	0.00250%	 	0.00250%
	27	 	BSP27	 	BSP	 	Great Escape Plaza	 	17200-17290 Royalton Road	 	Strongsville	 	OH	 	44136	 	4.7300%	 	10,000,000	 	10,000,000	 	01/06/2026	 	6	 	52,044	 	0.00250%	 	0.00250%
	28	 	BSP28	 	BSP	 	36 Newburgh Road	 	36 Newburgh Road	 	Hackettstown	 	NJ	 	07840	 	5.1500%	 	9,550,000	 	9,550,000	 	03/06/2026	 	6	 	52,146	 	0.00250%	 	0.00250%
	29	 	CCRE29	 	CCRE	 	Albuquerque Tortilla	 	4300 Alexander Boulevard Northeast and 1700 Desert Surf Circle Northeast	 	Albuquerque	 	NM	 	87107	 	5.3460%	 	9,375,000	 	9,343,164	 	02/06/2026	 	6	 	52,328	 	0.00250%	 	0.00250%
	30	 	CCRE30	 	CCRE	 	Wharfside Village	 	4-A Cruz Bay	 	St John	 	VI	 	00830	 	5.7500%	 	9,000,000	 	9,000,000	 	04/06/2021	 	6	 	52,522	 	0.00250%	 	0.00250%
	31	 	CCRE31	 	CCRE	 	Fresenius Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.9600%	 	8,800,000	 	8,800,000	 	03/06/2026	 	6	 	47,025	 	0.00250%	 	0.00250%
	31.01	 	CCRE31.01	 	CCRE	 	Fresenius Farmville	 	500 Sunchase Boulevard	 	Farmville	 	VA	 	23901	 	 	 	3,444,677	 	3,444,677	 	 	 	 	 	 	 	 	 	 
	31.02	 	CCRE31.02	 	CCRE	 	Fresenius Albany	 	110 Logan Court	 	Albany	 	GA	 	31707	 	 	 	2,928,076	 	2,928,076	 	 	 	 	 	 	 	 	 	 
	31.03	 	CCRE31.03	 	CCRE	 	Fresenius Coweta County	 	65 Francis Way	 	Sharpsburg	 	GA	 	30277	 	 	 	2,427,247	 	2,427,247	 	 	 	 	 	 	 	 	 	 
	32	 	CCRE32	 	CCRE	 	Yuma Mesa Shopping Center 	 	301 West 16th Street 	 	Yuma	 	AZ	 	85364	 	5.5000%	 	7,575,000	 	7,559,542	 	03/06/2026	 	6	 	43,010	 	0.00250%	 	0.00250%
	33	 	BSP33	 	BSP	 	Colinas Del Bosque North	 	7700 Forest Hill Drive	 	Fort Worth	 	TX	 	76140	 	5.2200%	 	7,500,000	 	7,458,568	 	12/06/2025	 	6	 	41,276	 	0.00250%	 	0.00250%
	34	 	BSP34	 	BSP	 	Dallas Multifamily Portfolio	 	Various	 	Dallas	 	TX	 	75241	 	5.4100%	 	7,375,000	 	7,375,000	 	01/06/2026	 	6	 	44,893	 	0.00250%	 	0.00250%
	34.01	 	BSP34.01	 	BSP	 	Mountain Creek View Apartments	 	5821 Bonnie View Road	 	Dallas	 	TX	 	75241	 	 	 	6,000,000	 	6,000,000	 	 	 	 	 	 	 	 	 	 
	34.02	 	BSP34.02	 	BSP	 	Highland Hills	 	5850 Highland Hills Drive	 	Dallas	 	TX	 	75241	 	 	 	1,375,000	 	1,375,000	 	 	 	 	 	 	 	 	 	 
	35	 	SG35	 	SG	 	Hampton Inn Palm Desert	 	74900 Gerald Ford Drive	 	Palm Desert	 	CA	 	92211	 	4.6600%	 	7,000,000	 	7,000,000	 	05/01/2026	 	1	 	36,137	 	0.00250%	 	0.00250%
	36	 	CCRE36	 	CCRE	 	Gables at Lakeside	 	1209 Bermuda Lakes Lane	 	Kissimmee	 	FL	 	34741	 	5.5370%	 	7,000,000	 	6,970,439	 	01/06/2021	 	6	 	39,908	 	0.00250%	 	0.00250%
	37	 	CCRE37	 	CCRE	 	Boardwalk Apartments	 	6400 Northwest Expressway	 	Oklahoma City	 	OK	 	73132	 	4.8455%	 	6,625,000	 	6,625,000	 	11/06/2025	 	6	 	27,123	 	0.00250%	 	0.00250%
	38	 	CCRE38	 	CCRE	 	Athens Sentry Self Storage	 	2375 Lexington Road	 	Athens	 	GA	 	30605	 	5.4510%	 	6,075,000	 	6,075,000	 	05/06/2021	 	6	 	34,307	 	0.00250%	 	0.00000%
	39	 	SG39	 	SG	 	Banderas Corporate Center	 	30211 Avenida de las Banderas	 	Rancho Santa Margarita	 	CA	 	92688	 	4.8320%	 	5,700,000	 	5,700,000	 	05/01/2026	 	1	 	30,016	 	0.00250%	 	0.00250%
	40	 	CCRE40	 	CCRE	 	Concord Place Apartments	 	151 Dawes Street	 	Oshkosh	 	WI	 	54901	 	5.1000%	 	3,120,000	 	3,108,910	 	02/06/2026	 	6	 	16,940	 	0.00250%	 	0.00250%
	41	 	CCRE41	 	CCRE	 	Lakeview Terrace	 	1191 High Avenue	 	Oshkosh	 	WI	 	54901	 	5.2500%	 	2,580,000	 	2,571,081	 	02/06/2026	 	6	 	14,247	 	0.00250%	 	0.00250%
	42	 	CCRE42	 	CCRE	 	Inland Suites Memphis	 	Various	 	Memphis	 	TN	 	Various	 	5.5000%	 	5,200,000	 	5,200,000	 	05/06/2026	 	6	 	33,243	 	0.00250%	 	0.00250%
	42.01	 	CCRE42.01	 	CCRE	 	Inland Suites Elvis	 	1218 Winchester Road	 	Memphis	 	TN	 	38116	 	 	 	2,785,714	 	2,785,714	 	 	 	 	 	 	 	 	 	 
	42.02	 	CCRE42.02	 	CCRE	 	Inland Suites Lamar	 	3913 Lamar Avenue	 	Memphis	 	TN	 	38118	 	 	 	2,414,286	 	2,414,286	 	 	 	 	 	 	 	 	 	 
	43	 	BSP43	 	BSP	 	Casa Bella Apartments	 	2970 Peavy Road	 	Dallas	 	TX	 	75228	 	5.4000%	 	4,700,000	 	4,700,000	 	05/06/2026	 	6	 	26,392	 	0.00250%	 	0.00250%
	44	 	CCRE44	 	CCRE	 	Hurley Way	 	2020 Hurley Way	 	Sacramento	 	CA	 	95825	 	5.1500%	 	4,500,000	 	4,490,107	 	03/06/2026	 	6	 	24,571	 	0.00250%	 	0.00000%
	45	 	CCRE45	 	CCRE	 	Stein Mart Plaza Westlake	 	25001-25099 Center Ridge Road 	 	Westlake	 	OH	 	44145	 	4.9650%	 	4,100,000	 	4,079,148	 	02/06/2026	 	6	 	23,885	 	0.00250%	 	0.00250%
	46	 	BSP46	 	BSP	 	FBI Reno	 	980 Sandhill Road	 	Reno	 	NV	 	89521	 	5.3000%	 	4,100,000	 	4,074,105	 	01/06/2026	 	6	 	24,690	 	0.00250%	 	0.00250%
	47	 	BSP47	 	BSP	 	New Candlelight Apartments	 	1006 Harvard Drive Southeast	 	Warren	 	OH	 	44484	 	5.2700%	 	3,930,000	 	3,912,497	 	01/06/2026	 	6	 	21,750	 	0.00250%	 	0.00250%
	48	 	CCRE48	 	CCRE	 	Marsh Creek Village	 	6780 Roswell Road	 	Sandy Springs	 	GA	 	30328	 	5.2670%	 	3,600,000	 	3,580,303	 	12/06/2025	 	6	 	19,917	 	0.00250%	 	0.00250%
	49	 	CCRE49	 	CCRE	 	Wilco Center	 	10409 Canyon Road East	 	Puyallup	 	WA	 	98373	 	5.2145%	 	2,800,000	 	2,781,210	 	11/06/2025	 	6	 	15,400	 	0.00250%	 	0.00250%
	50	 	BSP50	 	BSP	 	Frankfort Plaza	 	21000 Frankfort Square Road	 	Frankfort	 	IL	 	60423	 	5.3000%	 	2,550,000	 	2,536,143	 	12/06/2025	 	6	 	14,160	 	0.00250%	 	0.00250%

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Interest	 	 	 	Marketplace at Kapolei	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Mortgage Loan	 	 	 	Accrual 	 	Letter of 	 	 	 	Part of	 	Leasehold	 	Current Mezzanine	 	 	 	 	 	 	 	 	 
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Method	 	Credit	 	Post-ARD Revised Rate	 	Loan Combination	 	Interest	 	or Subordinate Debt	 	Sub Servicer Name	 	Sub Servicer Cashiering	 	Sub Servicer Fee Rate	 	Earnout/Holdback	 
	1	 	CCRE1	 	CCRE	 	OZRE Leased Fee Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	1.01	 	CCRE1.01	 	CCRE	 	300 Arboretum Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.02	 	CCRE1.02	 	CCRE	 	700 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.03	 	CCRE1.03	 	CCRE	 	6802 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.04	 	CCRE1.04	 	CCRE	 	6800 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.05	 	CCRE1.05	 	CCRE	 	2100 West Laburnum Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.06	 	CCRE1.06	 	CCRE	 	7501 Boulder View Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.07	 	CCRE1.07	 	CCRE	 	7300 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.08	 	CCRE1.08	 	CCRE	 	4870 Sadler Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.09	 	CCRE1.09	 	CCRE	 	12015 Lee Jackson Memorial Highway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.10	 	CCRE1.1	 	CCRE	 	6806 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.11	 	CCRE1.11	 	CCRE	 	925 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.12	 	CCRE1.12	 	CCRE	 	555 Croton Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.13	 	CCRE1.13	 	CCRE	 	980 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.14	 	CCRE1.14	 	CCRE	 	309 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.15	 	CCRE1.15	 	CCRE	 	11781 Lee Jackson Memorial Highway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.16	 	CCRE1.16	 	CCRE	 	305 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.17	 	CCRE1.17	 	CCRE	 	701 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.18	 	CCRE1.18	 	CCRE	 	920 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.19	 	CCRE1.19	 	CCRE	 	4880 Sadler Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.20	 	CCRE1.2	 	CCRE	 	1025 Boulders Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.21	 	CCRE1.21	 	CCRE	 	2201 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.22	 	CCRE1.22	 	CCRE	 	2240-2250 Butler Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.23	 	CCRE1.23	 	CCRE	 	7401 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.24	 	CCRE1.24	 	CCRE	 	2511 Brittons Hill Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.25	 	CCRE1.25	 	CCRE	 	4805 Lake Brook Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.26	 	CCRE1.26	 	CCRE	 	4401 Fair Lakes Court	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.27	 	CCRE1.27	 	CCRE	 	2812 Emerywood Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.28	 	CCRE1.28	 	CCRE	 	9100 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.29	 	CCRE1.29	 	CCRE	 	500 Enterprise Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.30	 	CCRE1.3	 	CCRE	 	303 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.31	 	CCRE1.31	 	CCRE	 	9011 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.32	 	CCRE1.32	 	CCRE	 	910 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.33	 	CCRE1.33	 	CCRE	 	7325 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.34	 	CCRE1.34	 	CCRE	 	1 Progress Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.35	 	CCRE1.35	 	CCRE	 	2260 Butler Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.36	 	CCRE1.36	 	CCRE	 	140 West Germantown Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.37	 	CCRE1.37	 	CCRE	 	307 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.38	 	CCRE1.38	 	CCRE	 	9210 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.39	 	CCRE1.39	 	CCRE	 	2221 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.40	 	CCRE1.4	 	CCRE	 	9200 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.41	 	CCRE1.41	 	CCRE	 	815 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.42	 	CCRE1.42	 	CCRE	 	120 West Germantown Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.43	 	CCRE1.43	 	CCRE	 	4364 South Alston Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.44	 	CCRE1.44	 	CCRE	 	308 Harper Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.45	 	CCRE1.45	 	CCRE	 	2251 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.46	 	CCRE1.46	 	CCRE	 	2212 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.47	 	CCRE1.47	 	CCRE	 	2256 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.48	 	CCRE1.48	 	CCRE	 	2246 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.49	 	CCRE1.49	 	CCRE	 	2244 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.50	 	CCRE1.5	 	CCRE	 	2130 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.51	 	CCRE1.51	 	CCRE	 	2161 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.52	 	CCRE1.52	 	CCRE	 	2248 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.53	 	CCRE1.53	 	CCRE	 	2112 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.54	 	CCRE1.54	 	CCRE	 	2277 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.55	 	CCRE1.55	 	CCRE	 	9211 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.56	 	CCRE1.56	 	CCRE	 	2240 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.57	 	CCRE1.57	 	CCRE	 	817 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.58	 	CCRE1.58	 	CCRE	 	161 Gaither Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	2	 	CCRE2	 	CCRE	 	Hyatt Regency St. Louis at The Arch	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	3	 	CCRE3	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.00250%	 	No	 
	4	 	CCRE4	 	CCRE	 	AG Life Time Fitness Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	4.01	 	CCRE4.01	 	CCRE	 	Life Time - Florham Park, NJ	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.02	 	CCRE4.02	 	CCRE	 	Life Time - Westwood, MA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.03	 	CCRE4.03	 	CCRE	 	Life Time - Vernon Hills, IL	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.04	 	CCRE4.04	 	CCRE	 	Life Time - Lakeville, MN	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.05	 	CCRE4.05	 	CCRE	 	Life Time - Sterling, VA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.06	 	CCRE4.06	 	CCRE	 	Life Time - Vestavia Hills, AL	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.07	 	CCRE4.07	 	CCRE	 	Life Time - Beachwood, OH	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.08	 	CCRE4.08	 	CCRE	 	Life Time - Dublin, OH	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.09	 	CCRE4.09	 	CCRE	 	Life Time - Ellisville, MO	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.10	 	CCRE4.1	 	CCRE	 	Life Time - Woodstock, GA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	5	 	CCRE5	 	CCRE	 	Renaissance Cincinnati	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.02000%	 	Yes	 
	6	 	CCRE6	 	CCRE	 	One Commerce Plaza	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	7	 	CCRE7	 	CCRE	 	GMR Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	7.01	 	CCRE7.01	 	CCRE	 	Marina Towers	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.02	 	CCRE7.02	 	CCRE	 	Star Medical Center	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.03	 	CCRE7.03	 	CCRE	 	1310 Wolf Park Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.04	 	CCRE7.04	 	CCRE	 	7668B Airways Boulevard	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.05	 	CCRE7.05	 	CCRE	 	Surgical Institute of Michigan	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.06	 	CCRE7.06	 	CCRE	 	1324 Wolf Park Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.07	 	CCRE7.07	 	CCRE	 	3350 North Germantown Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.08	 	CCRE7.08	 	CCRE	 	2999 Centre Oak Way	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Interest	 	 	 	Marketplace at Kapolei	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Mortgage Loan	 	 	 	Accrual 	 	Letter of 	 	 	 	Part of	 	Leasehold	 	Current Mezzanine	 	 	 	 	 	 	 	 	 
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Method	 	Credit	 	Post-ARD Revised Rate	 	Loan Combination	 	Interest	 	or Subordinate Debt	 	Sub Servicer Name	 	Sub Servicer Cashiering	 	Sub Servicer Fee Rate	 	Earnout/Holdback	 
	8	 	CCRE8	 	CCRE	 	AvidXchange	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	8.01	 	CCRE8.01	 	CCRE	 	AvidXchange Music Factory	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	CCRE8.02	 	CCRE	 	Silver Hammer Building	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	9	 	CCRE9	 	CCRE	 	Madbury Commons	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	10	 	SG10	 	SG	 	GFH Brennan Industrial Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	10.01	 	SG10.01	 	SG	 	Cumberland	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	SG10.02	 	SG	 	UMIP Jefferson Hwy	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.03	 	SG10.03	 	SG	 	UMIP W 27th Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.04	 	SG10.04	 	SG	 	Main	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.05	 	SG10.05	 	SG	 	Trolley Industrial	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.06	 	SG10.06	 	SG	 	UMIP N 107th Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.07	 	SG10.07	 	SG	 	Addison	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.08	 	SG10.08	 	SG	 	Pagemill	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.09	 	SG10.09	 	SG	 	UMIP Xeon Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.10	 	SG10.1	 	SG	 	8402-8440 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.11	 	SG10.11	 	SG	 	Jackson Pagosa	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.12	 	SG10.12	 	SG	 	8520-8630 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.13	 	SG10.13	 	SG	 	Common	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.14	 	SG10.14	 	SG	 	8710-8768 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.15	 	SG10.15	 	SG	 	Dolton	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11	 	CCRE11	 	CCRE	 	NorCal Grocery Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	11.01	 	CCRE11.01	 	CCRE	 	1745, 1775, 1799 Story Road	 	 	 	 	 	 	 	 	 	Fee Simple/Leasehold	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	CCRE11.02	 	CCRE	 	1437 Freedom Boulevard	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	CCRE11.03	 	CCRE	 	950 East Alisal Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	CCRE11.04	 	CCRE	 	40 South Rengstorff Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	CCRE11.05	 	CCRE	 	4340 Bond Street (Parking)	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12	 	CCRE12	 	CCRE	 	NMS Los Angeles Multifamily Portfolio	 	Actual/360	 	7,000,000	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.00250%	 	No	 
	12.01	 	CCRE12.01	 	CCRE	 	Luxe at 1548	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	CCRE12.02	 	CCRE	 	Luxe at 1539	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.03	 	CCRE12.03	 	CCRE	 	Luxe at 1759	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.04	 	CCRE12.04	 	CCRE	 	NMS at Northridge	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.05	 	CCRE12.05	 	CCRE	 	NMS at Warner Center	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.06	 	CCRE12.06	 	CCRE	 	NMS at Superior	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	13	 	BSP13	 	BSP	 	Broadstone Plaza II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	14	 	SG14	 	SG	 	Marketplace at Kapolei	 	Actual/360	 	None	 	6.8500%	 	No	 	Leasehold	 	None	 	 	 	No	 	NAP	 	No	 
	15	 	CCRE15	 	CCRE	 	GSP MHP Portfolio II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.05000%	 	No	 
	15.01	 	CCRE15.01	 	CCRE	 	Grayson Village MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	CCRE15.02	 	CCRE	 	Pleasant Hills MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	15.03	 	CCRE15.03	 	CCRE	 	Northwood Manor MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	16	 	CCRE16	 	CCRE	 	Marriott University Park	 	Actual/360	 	None	 	No	 	No	 	Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	17	 	BSP17	 	BSP	 	5353 West Bell Road	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	18	 	SG18	 	SG	 	Hilton Garden Inn Las Vegas	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	 	 	No	 	NAP	 	No	 
	19	 	CCRE19	 	CCRE	 	Racine Dental	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	20	 	CCRE20	 	CCRE	 	3 Executive Campus	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	21	 	CCRE21	 	CCRE	 	Johnson Crossing & Shops at Westwind	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.05000%	 	No	 
	21.01	 	CCRE21.01	 	CCRE	 	Johnson Crossing	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	21.02	 	CCRE21.02	 	CCRE	 	Shops at Westwind	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	22	 	BSP22	 	BSP	 	Travelers Office Tower II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	23	 	BSP23	 	BSP	 	601 West Polk	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	24	 	CCRE24	 	CCRE	 	Binz Building	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	25	 	SG25	 	SG	 	Home Depot - Elk Grove Village	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	26	 	BSP26	 	BSP	 	Bailey’s Ridge Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	27	 	BSP27	 	BSP	 	Great Escape Plaza	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	28	 	BSP28	 	BSP	 	36 Newburgh Road	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	29	 	CCRE29	 	CCRE	 	Albuquerque Tortilla	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	30	 	CCRE30	 	CCRE	 	Wharfside Village	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	31	 	CCRE31	 	CCRE	 	Fresenius Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	31.01	 	CCRE31.01	 	CCRE	 	Fresenius Farmville	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	31.02	 	CCRE31.02	 	CCRE	 	Fresenius Albany	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	31.03	 	CCRE31.03	 	CCRE	 	Fresenius Coweta County	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	32	 	CCRE32	 	CCRE	 	Yuma Mesa Shopping Center 	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	33	 	BSP33	 	BSP	 	Colinas Del Bosque North	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	34	 	BSP34	 	BSP	 	Dallas Multifamily Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	Yes	 
	34.01	 	BSP34.01	 	BSP	 	Mountain Creek View Apartments	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	34.02	 	BSP34.02	 	BSP	 	Highland Hills	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	35	 	SG35	 	SG	 	Hampton Inn Palm Desert	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	36	 	CCRE36	 	CCRE	 	Gables at Lakeside	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	37	 	CCRE37	 	CCRE	 	Boardwalk Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	38	 	CCRE38	 	CCRE	 	Athens Sentry Self Storage	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.07000%	 	No	 
	39	 	SG39	 	SG	 	Banderas Corporate Center	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	40	 	CCRE40	 	CCRE	 	Concord Place Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	41	 	CCRE41	 	CCRE	 	Lakeview Terrace	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	42	 	CCRE42	 	CCRE	 	Inland Suites Memphis	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	42.01	 	CCRE42.01	 	CCRE	 	Inland Suites Elvis	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	CCRE42.02	 	CCRE	 	Inland Suites Lamar	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	43	 	BSP43	 	BSP	 	Casa Bella Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	44	 	CCRE44	 	CCRE	 	Hurley Way	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.07000%	 	No	 
	45	 	CCRE45	 	CCRE	 	Stein Mart Plaza Westlake	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Pinnacle Capital Mortgage	 	Non-Cashiering	 	0.04000%	 	No	 
	46	 	BSP46	 	BSP	 	FBI Reno	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	47	 	BSP47	 	BSP	 	New Candlelight Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	RiverCore Capital	 	Non-Cashiering	 	0.05000%	 	No	 
	48	 	CCRE48	 	CCRE	 	Marsh Creek Village	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	49	 	CCRE49	 	CCRE	 	Wilco Center	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	50	 	BSP50	 	BSP	 	Frankfort Plaza	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 

 

    			 

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

 

                                     ,
being first duly sworn, deposes and says:

 

1.             That he/she is
a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.             That the Purchaser’s
Taxpayer Identification Number is                             .

 

3.             That the Purchaser
of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class R (the “Class
R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing Agreement, dated as of
May 1, 2016 (the “Pooling and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities,
L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer,
Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association,
as certificate administrator, paying agent and custodian, or is acquiring the Class R Certificate for the account of, or as agent
(including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person or entity an
affidavit substantially in the form of this affidavit.

 

4.             That the Purchaser
historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.             That the Purchaser
understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow generated by the
Class R Certificate.

 

6.             That the Purchaser
will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit substantially
in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in paragraph 3,
paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the requirements
set forth in paragraph 4 hereof.

 

7.             That the Purchaser
is not a Disqualified Non-U.S. Person and is not purchasing the Class R Certificate for the account of, or as an agent (including
as a broker,

 

    C-1-1 

     

    

 

nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.

 

8.             That the Purchaser
agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy the
requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.       
     That, if a “tax matters person” or “partnership representative” is required to be
designated with respect to the Upper-Tier REMIC or Lower-Tier REMIC, the Purchaser agrees to act as “tax matters
person” or “partnership representative” and to perform the functions of “tax matters partner”
or “partnership representative” of the Upper-Tier REMIC or Lower-Tier REMIC pursuant to Section 4.04 of the
Pooling and Servicing Agreement, and agrees to the irrevocable designation of the Certificate Administrator as the
Purchaser’s agent in performing the function of “tax matters person,” “tax matters partner” or
“partnership representative.”

 

10.           The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning registration
of the transfer and exchange of the Class R Certificate.

 

11.           The Purchaser
will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within
the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.           Check the applicable
paragraph:

 

☐     
      The present value of the anticipated tax liabilities associated with holding the Class R
Certificate, as applicable, does not exceed the sum of:

 

  (i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

  (ii)         the
present value of the expected future distributions on such Certificate; and

 

  (iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

    C-1-2 

     

    

 

☐            The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

  (i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

  (ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

  (iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

  (iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐            None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     .

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    C-1-3 

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

 

_________________________________

 

NOTARY PUBLIC

 

COUNTY OF _____________________

 

STATE OF _______________________

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

  

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class R

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

U.S. Bank, National Association

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates:, Series 2016-C4
                                         Class [     ]

 

Ladies and Gentlemen:

 

This
letter is delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells
Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National Association,
as trustee, and U.S. Bank National Association, as certificate administrator, paying agent and custodian, on behalf of the holders
of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Certificates”)
with respect to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of Class [_____] Certificates, in certificated fully registered
form (such registered interest, the “Certificate”). Terms used but not defined herein shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

			[For Institutional Accredited Investors only] 1. The Purchaser is an institutional “accredited
investor” within the meaning of Rule 501 (a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of
1933, as amended (the “Securities Act”), or an entity in which all of the equity owners are such accredited
investors (an “Institutional Accredited Investor”), and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts
for which the Purchaser is acting are each able to bear the economic risk of the investment. The Purchaser is acquiring the Certificate
for its own account or for one or more accounts (each of which is an Institutional Accredited Investor) as to each of which the
Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by
it in connection with this transfer.

 

    D-1-1 

     

    

 

			[For Qualified Institutional Buyers only] 1. The Purchaser is a “qualified institutional
buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as
amended (the “Securities Act”). The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of
Rule 144A.

 

		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Individual Certificate) has not been registered under the Securities Act,
by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted
transactions) as expressed herein.

 

		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated May 6, 2016, relating
to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred to
therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

    D-1-2 

     

    

 

		7.	Check one of the following:

 

		☐	The
Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

		☐	The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on
the Certificate(s). The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor
form), which identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S.
Tax Person, (ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed
copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and
state that interest and original issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S.
trade or business. The Purchaser agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E,
IRS Forms W-8IMY or]* IRS Forms W-8ECI[, as the case may be]*, any applicable successor IRS forms, or such other certifications
as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or
becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

	 	 	 	 
	 	  (a) by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:
	 	 	 
	 	  Account number:	 	 
	 	 	 
	 	  Institution:	 	 
	 	 
	 	  (b) by mailing a check or draft to the following address:

 

 

 

		*	Delete for Class R.

 

		**	Only to be filled out by
Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-3 

     

    

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

    D-1-4 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class [   
                                         ]

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$____ initial Notional Balance][ or _____% Percentage Interest] of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to
the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), among CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as
asset representations reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate
administrator, paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set
forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the
Depositor, the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account or
a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s
investment in the collective investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by
Section 3(42) of ERISA, or Similar Law), an insurance company using assets of separate accounts or general accounts which are deemed
pursuant to ERISA or any Similar Law to include assets of Plans, or other person acting on behalf of any such Plan or using the
assets of

 

    D-2-1 

     

    

 

any such Plan, other than (except in the case of the Class V and Class R Certificates) an insurance company using the
assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate by such
insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407 of ERISA and Code Section 4975
under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law,
and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability (including obligations
or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements
shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ____ day of ___, 20 __.

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2-2 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

  

[Date]

 

U.S. Bank National Association 

1133 Rankin Street,
Suite 100 

St. Paul, Minnesota 55116 

Attention: Bondholder
Services - CFCRE 2016-C4 Mortgage Trust

 

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

	 	 	 	 	 	 
	 	 Mortgagor’s Name:	 	 
	 	 	 
	 	 Address:	 	 
	 	 	 
	 	 Asset No.:	 	 

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	_____    	  1.	Mortgage
Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special Servicer] hereby certifies that all
amounts received in connection with the Mortgage Loan have been or will be, following such [Master Servicer’s] [Special
Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the
Mortgage File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

 

	_____    	  2.	The
Mortgage Loan is being foreclosed.

 

	_____    	  3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

 

    E-1 

     

    

 

[Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or
otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the
Mortgage Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required
by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

	 	 	 
	 	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) (EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction, on behalf of the holders of the CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class [_] (the “Certificates”) in connection
with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)          the offer of the
Transferred Interest was not made to a person in the United States;

 

[(2)        at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    G-1 

     

    

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:’	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

  

    G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-1 

     

    

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer
                                         of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)         at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

  

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    I-1 

     

    

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated: _______________, 20___

 

    I-2 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

 

 

* Select appropriate depositary.

 

    J-1 

     

    

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________, 20__

 

    J-2 

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

 

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	DATES	  	ADMINISTRATOR	 
    
	 
    	Payment
    Date: 	Jun 10, 2016	First
    Payment Date:	  Jun
    10, 2016	  	  	  	  	 
    
	 
    	Prior
    Payment:	  	Closing
    Date:	  May
    18, 2016	  	  	Name:	 	 
    
	 
    	Next
    Payment:	Jul 12, 2016	Final Distribution Date:	Apr 10, 2026	  	  	Title:	 	 
    
	 
    	Record
    Date:	May 31, 2016	 
    	  	  	  	  	  	 
    
	   Determination
Date:	Jun 6, 2016	 
    	  	  	  	Address:	  	 
    
	 
    	  	 
    	  	  	  	  	  	 
    
	 
    	TABLE
    OF CONTENTS	  	  	  	 
    
	 
    	Payment Detail	Page 1	  	  	Phone:	  	 
    
	 
    	Factor Detail	Page 2	  	  	Email:	  	 
    
	 
    	Principal
    Detail	Page 3	  	  	Website:	  	 
    
	 
    	Interest Detail	Page 4	  	  	  	 
    
	 
    	Reconciliation
    of Funds	Page 5	  	  	 	 
    
	 
    	Miscellaneous Detail	Page 6	  	  	PARTIES
    TO THE TRANSACTION	 
    
	 
    	Bond Collateral Realized Loss Reconciliation	Page 7	  	  	  	  	 
    
	 
    	Historical
    Delinquency & Liquidation (Stated)	Page 8	  	  	Sponsor:	  Cantor Commercial Real Estate Lending, L.P.	 
    
	 
    	Historical Liquidation Loss Loan Detail	Page 9	  	  		  Benefit Street Partners CRE Finance LLC	 
    
	 
    	Interest Adjustment
    Reconciliation	Page 10	  	  		  Société Générale, a société anonyme	 
    
	 
    	Appraisal
    Reduction Report	Page 11	  	  	Depositor:	  CCRE
Commercial Mortgage Securities, L.P.	 
    
	 
    	Loan Level
    Detail	Page 12	  	  	Trustee:	  U.S. Bank
National Association	 
    
	 
    	Historical Loan Modification Report	Page 13	  	  	Certificate
    Administrator:	  U.S. Bank
National Association	 
    
	 
    	REO Status Report	Page 14	  	  	Custodian:	  U.S. Bank
    National Association	 
    
	 
    	REO Additional Detail	Page 15	  	  	Master
    Servicer:	  Wells Fargo
    Bank, National Association	 
    
	 
    	Defeased Loan Detail	Page 16	  	  	Special
    Servicer:	  Rialto
Capital Advisors, LLC	 
    
	 
    	Material Breaches
    and Document Defects	Page 17	  	  	Operating
    Advisor:	  Park
Bridge Lender Services LLC	 
    
	 
    	 	 	  	  	Asset
    Representations Reviewer:	  Park
Bridge Lender Services LLC	 
    
	  	  	  	  	  		  	  
	  	  	  	  	  		  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	 
    	  	 
    	  	  	  	  	  	 
    

	 	* This report contains, or is based on, information furnished to U.S. Bank Global Corporate Trust Services (“U.S. Bank”) by one or more third parties (e.g. Servicers, Master Servicer, etc.), and U.S. Bank has not independently verified information received from any such third party.

                                                                                 
	 	 

 

 

     

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

PAYMENT
DETAIL

 

	 	 
    	 	 	 	 	 	 	 	 	 
	 	 
    	Pass-Through	Original	Beginning	Principal	Interest	Total	Realized	Ending 	 
	 	Class	Rate	Balance	Balance	Distribution	Distribution	Distribution	Loss	Balance 	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 

 

 

    Page 1 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

FACTOR DETAIL

 

	 	 
    	 	 	 	 	 	 	 	 
	 	 
    		Beginning	Principal	Interest	Total	Realized	Ending 	 
	 	Class	CUSIP	Balance	Distribution	Distribution	Distribution	Loss	Balance 	 
	 	A-1	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 

 

 

    Page 2 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

 PRINCIPAL DETAIL

 

	 	 
    	 	 	 	 	Realized
    Loss/	 	 	Credit
    Support	 
	 	 
    	Beginning	Scheduled	Unscheduled	Principal	Additonal
    Trust	Ending 	Cumulative	 	 	 
	 	Class	Balance	Principal	Principal	Shortfall	Fund
    Expenses	Balance 	Loss	Original	Current	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 	 
    	 
	 	Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 

 

 

    Page 3 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

INTEREST DETAIL

 

	 	 
    	NEXT	Interest	Net
    Prepay	Current	Prepayment	Excess	Total
    Interest	Cumulative 	 
	 	 
    	Pass-Through	Accrual	Interest	Interest	Premium/Yield	Interest	Distribution	Unpaid
    Int 	 
	 	Class	Rate	Amount	Shortfall	Shortfall	Maint.
    Charges	Amount	Amount	Shortfall 	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 

 

 

    Page 4 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

RECONCILIATION
OF FUNDS

 

	 	Funds
    Collection	Funds
    Distribution	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 	Fees
    	 	 	 	 
	 	 	Scheduled
    Interest 	 	 	 	 	Servicing
    Fee	 	 	 	 
	 	 	Interest
    Adjustments 	 	 	 	 	Trustee/Certificate
    Administrator Fee	 	 	 	 
	 	 	Deferred
    Interest	 	 	 	 	Special
    Servicing Fee	 	 	 	 
	 	 	Net
    Prepayment Shortfall	 	 	 	 	Workout
    Fee	 	 	 	 
	 	 	Net
    Prepayment Interest Excess 	 	 	 	 	Liquidation
    Fee	 	 	 	 
	 	 	Interest Reserve (Deposit)/Withdrawal	 	 	 	 	Special
    Serv Fee plus Adj.	 	 	 	 
	 	 	Interest
    Collections	 	 	 	 	CREFC Intellectual Property
    Royalty License Fee	 	 	 	 
	 	 	 	 	 	 	 	Operating Advisor Fee	 	 	 	 
	 	 	 	 	 	 	 	Asset Representations Reviewer	 	 	 	 
	 	 	Principal	 	 	 	 	Fee
    Distributions	 	 	 	 
	 	 	Scheduled Principal	 	 	 	 	 	 	 	 	 
	 	 	Unscheduled Principal	 	 	 	 	Other
    Expenses of the Trust	 	 	 	 
	 	 	Principal Adjustments	 	 	 	 	Reimbursed for Interest on
    Advances	 	 	 	 
	 	 	Principal
    Collections	 	 	 	 	Net ASER Amount	 	 	 	 
	 	 	 	 	 	 	 	Non-Recoverable Advances	 	 	 	 
	 	 	 	 	 	 	 	Other Expenses or Shortfalls	 	 	 	 
	 	 	 	 	 	 	 	Other
    Expenses of the Trust	 	 	 	 
	 	 	Other	 	 	 	 	 	 	 	 	 
	 	 	Prepayment Premium/Yield Maintenance	 	 	 	 	Payments
    to Certificateholders	 	 	 	 
	 	 	Other
    Collections	 	 	 	 	Interest Distribution	 	 	 	 
	 	 	 	 	 	 	 	Principal Distribution	 	 	 	 
	 	 	Total Collections	 	 	 	 	Prepayment Premium/Yield Maintenance	 	 	 	 
	 	 	 	 	 	 	 	Available
    Distribution Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total Distributions	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest Accrual Period	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 5
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

MISCELLANEOUS
DETAIL

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Advances	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	P&I
    Advances	 	 	 	Disclosable
    Special Servicer Fees	 	 
	 	 	 	 	 	 	 	 	Special
    Servicer/Affiliates	 
	 	 	 	*
    Total Current

    Advance	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Commission	 	 	 	 
	 	 	Total	 	 	 	 	 	Brokerage Fee	 	 	 	 
	 	 	 	 	 	 	 	 	Rebate	 	 	 	 
	 	 	 	 	 	 	 	 	Shared Fee	 	 	 	 
	 	 	 	 	 	 	 	 	Total	 	 	 	 
	 	 	Unreimbursed
    Advances	 	 	 	 	 	 	 
	 	 	 	 	Current
    

    Advance	Outstanding
    Advance	Total
    Servicing 

    Adv. Outstanding	 	 	 	 	 	 
	 	 	    Total	 	 	 	 	 	Gain on Sale Reserve
    Account	 	 
	 	 	 	 	 	 	 	 	 	Beginning
    

    Balance	Withdraw/
    

    Deposit	Ending
    

    Balance	 
	 	 	    *
     Current advances are not provided by the Servicer	 	 	Total	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	Interest Reserve Account	 	 	 
	 	 	 	 	 	 	 	 	 	 
    Beginning 

    Balance	Withdraw/
    

    Deposit 	Ending
    

    Balance 	 
	 	 	Controlling
    Class Representative:	 	 	 	Total	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 6
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

BOND/COLLATERAL
REALIZED LOSS RECONCILIATION

 

	Loan
                                         ID
	 	Period
	 	Beginning
                                         

                                         Balance of
                                         the 

                                         Loan at 

                                         Liquidation
	 	Aggregate
                                         

                                         Realized Loss
                                         

                                         on Loans
	 	Prior
                                         Realized 

                                         Loss Applied
                                         to 

                                         Certificates
	 	Amounts
                                         

                                         Covered by

                                                                                                                 Overcollateraliz

ation and other 

Credit Support
	 	Interest
                                         

                                         (Shortages)
                                         / 

                                         Excesses 

                                         applied to
                                         

                                         Realized Loss
	 	Modification
                                         

                                         Adjustments
                                         / 

                                         Appraisal
                                         

                                         Reduction
                                         

                                         Adjustment
	 	Additional
                                         

                                         (Recoveries)
                                         / 

                                         Expenses 

                                         applied to
                                         

                                         Realized Loss
	 	Current
                                         

                                         Realized Loss
                                         

                                         Applied to
                                         

                                         Certificates*
	 	Recoveries
                                         of 

                                         Realized 

                                         Losses paid
                                         

                                         as Cash
	 	Recoveries
                                         / 

                                         Loss to 

                                         Certificate
                                         Interest

	 	 	 	 	 	 	 	 	 A	 	 B	 	 C	 	D 	 	 E	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loan
    Count:	 	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 
	 Description
    of Fields	 	*In
    the Initial Period the Current Realized Loss Applied to Certificates will equal Aggregate Realized Loss on Loans - B - C -
    D + E instead of A - C - D + E	 
	 	 	 	 
	A	 	Prior
    Realized Loss Applied to Certificates	 
	B	 	Reduction
    to Realized Loss applied to bonds (could represent OC, insurance policies, reserve accounts, etc)	 
	C	 	Amounts
    classified by the Master as interest adjustments from general collections on a  loan with a Realized Loss	 
	D	 	Adjustments
    that are based on principal haircut or future interest foregone due to modification	 
	E	 	Realized
    Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 7
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL DELINQUENCY & LIQUIDATION SUMMARY (STATED
BALANCE)

 

	 	 	 

                  30
        Days Delinq (1)
	 	          60
    Days Delinq (1)	 	         90+
    Days Delinq (1)	 	
          Bankruptcy       	 	 	  Foreclosure     	 	REO	 		         Prepayments/Liquidation 

	 Month	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         Exclusive of loans in Bankruptcy, Foreclosure and REO

(2) Percentage
in relation to Ending Scheduled Balance

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 8
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL
LIQUIDATION LOSS LOAN DETAIL

 

	 Loan
    ID	 	Liquidation
Month	 	Liquidation/

        Prepayment

        Code*
	 	Current
    Beginning
Scheduled
    Balance	 	Most
    Recent Value**	 	Net
                                         Proceeds Received

                                         on Liquidation
	 	Liquidation
                                         Expense
	 	Net
                                         Proceeds Available

        for
        Distribution
	 	Realized
                                         Loss to Trust

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*
    Liquidation / Prepayment Code: 1 - Partial Liq’n (Curtailment); 2 - Payoff Prior To Maturity; 3 - Disposition / Liquidation;
    4 - Repurchase/ Substitution; 5 - Full Payoff At Maturity; 6 - DPO; 7 - Liquidated; 8 - Payoff w/ penalty; 9 - Payoff w/ yield
    Maintenance; 10 - Curtailment w/ Penalty; 11 - Curtailment w/ Yield Maintenance	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	**
    Reported as of liquidation period. If not provided by the servicer, Most Recent Value is as of cutoff.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         9 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

INTEREST
ADJUSTMENT RECONCILIATION

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loan
    ID	Current
                                         Ending

        Scheduled

        Balance
	Special

                                         Servicing Fee

        Amount
        plus

        Adjustments
	Liquidation

        Fee
        Amount
	Workout
                                         Fee

        Amount
	Most
                                         Recent

        Net
        ASER

        Amount
	Prepayment

                                         Interest

        (Excess)/

        Shortfall
        *
	Non-
Recoverable
                                         (Scheduled

        Interest
        Not

        Advanced)**
	Reimbursed

        Interest
        on Advances
	Modified

                                         Interest Rate

        Reduction/

        (Excess)
	Reimbursement
                    of

        Advances
        to Servicer
	Other

        Shortfalls/

        (Refunds)

	Current
    Month	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	 	 	 	 	 	 	 	 	 	 	 
	  Totals:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Total
    Interest Shortfall hitting the Trust:	0.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  *Total
                                         shortfall may not match impact to bonds due to, but not limited to, the net effect of
                                         PPIE and Master Servicing fees received as per the governing documents.

	 
	  **In
    some cases, the Servicer does not withhold their Servicing Fees on Non-Recoverable loans.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         10 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

APPRAISAL
REDUCTION REPORT

 

	 Loan
    ID	Property
    Name	Paid
                                                                                           Through
                                          Date
	ARA
                                         (Appraisal

        Reduction
        Amount)
	ARA
    Date	Most
                                         Recent Value
	Most
                                         Recent

        Valuation
        Date
	Most
                                         Recent Net

                                         ASER Amount
	Cumulative 

        ASER
        Amount 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         11 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

LOAN
LEVEL DETAIL

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property	Transfer	 	Maturity	Neg
    	End
    Schedule 	Note	Sched
    	 Prepay
    	 Prepay	Paid
    	Prepay
     	Loan	Interest	  Yield
    Maint  	 PFY	Operating
	Loan
    ID	Type	Date	Stat	Date	Am	Balance
    	Rate	P&I
    	Adj
    	Date	Thru	Premium
    	Status**	Payment	Charges 
    	DSCR	Stmnt 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  *
    If State field is blank or ‘XX’, loan has properties in multiple states.	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	**
    Loan Status: A = Payment not received but still in grace period; B = Late Payment but less than 30 days delinquent; 0 = Current;
    1 = 30-59 Days Delinquent; 2 = 60-89 Days Delinquent; 3 = 90-120 Days Delinquent; 4 = Performing Matured Balloon; 5 = Non-Performing
    Matured Balloon; 6 = 121+ Days Delinquent; R = Repurchased.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

    Page
                                         12 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL LOAN MODIFICATION REPORT

 

	 	 	 
    	 	 	 
	 
    	 	Ending

                                         Scheduled
		Ending

    Unpaid	 
	 Loan
    ID	 	Balance	 	Balance	Comments
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

    Page
                                         13 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

REO
STATUS REPORT

 

	 Loan
    ID	 	State
    City	 	Property
    Type	 	Book
    Value	 	Ending

    Scheduled Loan	 	REO
    Date	 	Total
Exposure	 	Appraisal 
Value 	Appraisal
Date	Date
    Asset

 Expected
to be Resolved
or Foreclosed	 	REO
    Revenue
and Other
Amounts	 	Type* 
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals: 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(*) Legend: (1) Partial
    Liq’n (Curtailment), (2) Payoff Prior To Maturity, (3) Disposition / Liquidation, (4) Repurchase/ Substitution, (5)
    Full Payoff At Maturity, (6) DPO, (7) Liquidated, (8) Payoff w/ penalty, (9) Payoff w/ yield Maintenance, (10) Curtailment
    w/ Penalty, (11) Curtailment w/ Yield Maintenance
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	Page 14 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

ADDITIONAL RECONCILIATION DETAIL 

 

	 	 	 	 	 	 	 	 	 
	REO
    Property with Final Recovery Determination
	 	 	 	 	 	 	 	 	 
	 	

	Loan ID
	 
	Liq Proceeds and

 other Amts Rec’d	Liq Proceeds and

other Amt Allocated

to Certs
	Loss on Mortgage Loans

	 

         

	 	 	 	 	 	 	 	 	 
	   	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 15 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

DEFEASED LOAN DETAIL 

 

	 Loan
    ID	

	Current
                                         Ending

                                         Scheduled Balance
	 
	Maturity
    Date	Current

                                         Note Rate
	Defeasance

                                         Status *
	 
	 

         

	 	 	 	 	 	 	 	 	 
	Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	* Defeasance Status:
    P = Portion of Loan Previously Defeased. F = Full Defeasance.
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 16 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

MATERIAL BREACHES AND DOCUMENT DEFECTS 

 

	 Loan
    ID	

	Ending Principal

Balance
	 
	Material Breach Date	Date Received Notice
	Description
	 
	 

         

	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 17 of 17

     

    

 

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

  

U.S. Bank National Association

190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2.             In the case of
a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.             The undersigned
is not a Borrower Party.

 

4.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on
the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    L-1A-1 

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

7.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1A-2 

     

    

 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

Email: cmbstransactions@usbank.com 

	 	 
	
        

        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff
Krasnoff (CFCRE 2016-C4)

Niral Shah (CFCRE 2016-C4)

Adam Singer (CFCRE 2016-C4) 
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

3.             The undersigned
is not a Borrower Party.

 

4.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside

 

    L-1B-1 

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.             At any time the
undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.             The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:
	 	 	 

 

    L-1B-2 

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

  

U.S. Bank National Association 

190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

Email: cmbs.transactions@usbank.com

  

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

Jeff Krasnoff
(CFCRE 2016-C4) 

Niral Shah (CFCRE
2016-C4) 

Adam Singer (CFCRE
2016-C4)

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2             The undersigned
is a Borrower Party.

 

    L-1C-1 

     

    

 

3.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

5.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

6.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1C-2 

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor 

        Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

        Attention: CFCRE 2016-C4 Mortgage
Trust

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff (CFCRE 2016-C4)

        Niral Shah (CFCRE 2016-C4)

        Adam Singer (CFCRE 2016-C4)

         
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CFCRE 2016-C4-Surveillance Manager

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2             The undersigned
is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.             Except with respect
to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and Servicing Agreement
to certain information (the “Information”) on the Certificate Administrator’s Website.

 

    L-1D-1 

     

    

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.             The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.             To the extent the
undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

7.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.             The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

    L-1D-2 

     

    

 

9.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    L-1D-3 

     

    

 

EXHIBIT L-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association

        190 South LaSalle, 7th Floor, Mail
Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff
        (CFCRE 2016-C4)

        Niral
Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4)
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.           The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.           The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

     L-1E-4

     

    

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.           As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event
is in effect with respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is
an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.           The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related
Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.

 

5.           The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
listed in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

     L-1E-5

     

    

 

	 	 	 
	 	[Controlling Class Representative][a
Controlling Class Certificateholder] 
	 	 	 
		By:	 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

     L-1E-6

     

    

  

EXHIBIT L-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        U.S. Bank National Association

        190 South LaSalle, 7th Floor 

        Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.            The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.            The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

  

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.            The following USER IDs for the Certificate Administrator’s Website are affiliated with the undersigned and access
to any information on the Certificate Administrator’s Website with respect to the CFCRE 2016-C4 Mortgage Trust securitization
should be revoked as to such users:  

	 	 	 
	 	 	 

 

     L-1F-1

     

    

 

	 	 	 
	 	 	 

 

4.           The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s Website unless and until it (i) is no
longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of
Exhibit L-1E to the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized officer, as of the day and year written above. 

	 	 
	 	[Controlling Class Representative][a
Controlling Class Certificateholder]
		 
	 	Name:

Title:

Phone:

Email:

Address:

  

The undersigned hereby acknowledges that

access to the Certificate Administrator’s Website has been revoked for

the users listed in Paragraph 3.

 

U.S. BANK NATIONAL ASSOCIATION,

Certificate Administrator 

	 	 	 
	Name:

Title:

 	 	 

  

     L-1F-2

     

    

 

EXHIBIT L-1G

Form
of Certification of the Controlling Class Representative 

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor, Mail
Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff
        (CFCRE 2016-C4)

        Niral
Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4)
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned
has been appointed to act as the Controlling Class Representative.

 

2.           The undersigned
is not a Borrower Party.

 

3.           If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.             The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

     L-1G-1

     

    

 

5.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.] 

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

     L-1G-2

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator, paying
agent and custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg Financial
Markets, L.P., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation, Markit LLC or Thomson Reuters Corporation, a market
data provider that has been given access to the Distribution Date Statements, CREFC® reports and supplemental notices
delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.usbank.com/abs
(the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

     L-2-1

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule
A

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

		 	

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement. 

	 	 	 
	 	U.S.
bank NATIONAL ASSOCIATION, as Custodian

	 	 	 
		By:	 
	 	 	Name:

Title:

 

     M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager

 

Wells Fargo Bank, National
Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

     M-2

     

    

  

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

U.S. Bank National Association

190 South LaSalle, 7th Floor

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

To the applicable Mortgage Loan Seller:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

Email: jim.barnard@sgcib.com

 

Benefit Street Partners CRE Finance LLC

9 West 57th Street

Suite 4920

New York, New York 10019

Attention: Micah Goodman and Tiffany Putman

 

     M-3

     

    

  

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

     M-4

     

    

  

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on the Mortgage
Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause (i) of the
definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement. 

	 	 	 
	 	U.S.
                                         BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

  

     N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

     N-1-2

     

    

  

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

  

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other
than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iv)(B), (v) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iii), (v),
(viii), (ix), (x), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to it in
writing by the related Mortgage Loan Seller) and any original recorded documents included in the delivery of a Mortgage File have
been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have
not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage
Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

     N-2-1

     

    

  

	 	 	 
	 	U.S.
               BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     N-2-2

     

    

  

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

     N-2-3

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank National Association, as trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator (the “Certificate
Administrator”) , paying agent and custodian, certifies to [       ], CCRE
Commercial Mortgage Securities, L.P. and its officers, directors and affiliates, to the extent that the following information is
within the Trustee’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as set forth on
Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator for
inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

     O-1

     

    

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     O-2

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank National Association, as custodian (in such capacity, the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank,
National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator, paying
agent and custodian (in such capacity as certificate administrator, the “Certificate Administrator”), certifies
to [       ], CCRE Commercial Mortgage Securities, L.P. and its officers, directors and
affiliates, to the extent that the following information is within the Custodian’s normal area of responsibilities and duties
under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as
set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

     P-1

     

    

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     P-2

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank, National Association, as certificate administrator, (in
such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling and
Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered into among CCRE
Commercial Mortgage Securities, L.P., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee (in such capacity, the “Trustee”), and U.S. Bank National Association, as certificate
administrator, paying agent and custodian, certifies to [       ], CCRE Commercial Mortgage
Securities, L.P. and its officers, directors and affiliates, to the extent that the following information is within the Certificate
Administrator’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the

 

     Q-1

     

    

 

			Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 as set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement. 

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Q-2

     

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

     R-1

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:___________________ 

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title: 

 

     R-2

     

    

  

EXHIBIT S

 

FORM OF ASSET REPRESENTATIONS REVIEWER
BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Asset
Representations Reviewer Reports”) have been submitted by the Asset Representations Reviewer to the Master Servicer,
the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the asset representations reviewer information contained in the Asset Representations
Reviewer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:___________________ 

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title:

 

     S-1

     

    

  

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage
Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”) under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing
Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, the Master Servicer, Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, U.S. Bank National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer, certify to [Name
of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of
Regulation AB with respect to the Master Servicer, and except 

 

     T-1

     

    

 

			as disclosed in the compliance certificate delivered by the Master
Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement. 

 

Date: ______________________

 

	 	wells
    fargo BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

     T-2

     

    

   

EXHIBIT U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”) under that certain Pooling and Servicing Agreement dated as of May 1, 2016
(the “Pooling and Servicing Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as
depositor, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender
Services LLC, as asset representations reviewer, U.S. Bank National Association,
as trustee, U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
and the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor,
the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;

 

		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect
to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section
10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order 

 

     U-1

     

    

 

to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
______________________

 

	 	
	 	Rialto
    capital advisors, LLC
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

     U-2

     

    

 

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage
Trust (the “Trust”)

 

As contemplated by Section 10.08 of that
certain Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered
into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee, and U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, [identify the certifying individual], a                     
of                     ,
a                     
[corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more Mortgage
Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify to [Name
of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the Master Servicer and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated [___________], 20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

		2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;

 

		3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;

 

		4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;

 

    V-1

     

    

 

		5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

		6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];

 

		7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the
meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	Date:       _________________	 	 
	 	 	 
	 	[Insert
NAME OF SUB-SERVICER]
	 	 	  
		By:	   
	 	 	Name:

Title:

 

    V-2

     

    

 

EXHIBIT W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

1.             I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the CFCRE 2016-C4 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.             Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.             Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.            Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.            All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1

     

    

  

In giving the certifications above, I
have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association,
Rialto Capital Advisors, LLC, U.S. Bank National Association, Park Bridge Lender Services LLC and [list any sub-servicers]. 

	 	 	 
	Dated:       _________________	 	 
		 	 
	 	 	[_____]

(Senior officer in charge of securitization of the depositor)

 

    W-2

     

    

 

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS 

 

	Mortgage Loan	Sub-Servicer Name
	Wilco Center	Berkeley Point Capital LLC
	GSP MHP Portfolio II	Berkeley Point Capital LLC
	Johnson Crossing & Shops at Westwind	Berkeley Point Capital LLC
	Hurley Way	Berkeley Point Capital LLC
	Athens Sentry Self Storage	Berkeley Point Capital LLC
	215 West 34th Street & 218 West 35th Street 	Berkeley Point Capital LLC
	Renaissance Cincinnati 	Berkeley Point Capital LLC
	GMR Portfolio	Berkeley Point Capital LLC
	NorCal Grocery Portfolio	Berkeley Point Capital LLC
	Marriott University Park	Berkeley Point Capital LLC
	Racine Dental	Berkeley Point Capital LLC
	Binz Building	Berkeley Point Capital LLC
	Albuquerque Tortilla	Berkeley Point Capital LLC
	Wharfside Village	Berkeley Point Capital LLC
	Fresenius Portfolio	Berkeley Point Capital LLC
	Yuma Mesa Shopping Center 	Berkeley Point Capital LLC
	Gables at Lakeside	Berkeley Point Capital LLC
	Boardwalk Apartments	Berkeley Point Capital LLC
	Concord Place Apartments	Berkeley Point Capital LLC
	Lakeview Terrace	Berkeley Point Capital LLC
	Inland Suites Memphis	Berkeley Point Capital LLC
	Marsh Creek Village	Berkeley Point Capital LLC
	OZRE Leased Fee Portfolio	Berkeley Point Capital LLC
	AvidXchange	Berkeley Point Capital LLC
	Madbury Commons	Berkeley Point Capital LLC
	3 Executive Campus 	Berkeley Point Capital LLC
	Stein Mart Plaza Westlake	PFG Servicing Corporation
	New Candlelight Apartments	RiverCore Servicing, LLC
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    X-1

     

    

 

EXHIBIT Y

 

MORTGAGE LOANS WITH EARNOUT/HOLDBACK
PROVISIONS

 

Renaissance Cincinnati

 

601 West Polk

 

    Y-1

     

    

  

EXHIBIT Z

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

U.S. Bank National Association 

190 South LaSalle, 7th Floor 

Chicago, Illinois 60603 

Attention: CFCRE 2016-C4 Mortgage Trust 

 

		Re:	CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4	 

  

In accordance with the
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Agreement”), and executed in connection with
the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”), the
undersigned hereby certifies as follows:

 

1.           
(a)           The undersigned is a Rating Agency; or

 

(b)           The undersigned
is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate certifications
under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access
pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website pursuant to the provisions
of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained
from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5
Information Provider’s Website (including without limitation, to any information received by the Depositor for posting on
the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s 17g-5
website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached
hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s
Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date.

 

2.                
The undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during
the most recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities
and money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior
to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money market
instruments.

 

    Z-1

     

    

 

3.                
The undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

    Z-2

     

    

  

ANNEX
A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with [________] (together with its affiliates, “[_______]”, the
“Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of May 1, 2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities, L.P.,
as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, U.S.
Bank National Association, as trustee, U.S. Bank National Association, as certificate administrator, paying agent and custodian,
Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer,
and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect
to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of U.S. Bank National Association, as 17g-5 Information Provider under
the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts the Depositor’s
17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing
Entity is labeled as provided by the specific Furnishing Entity.

 

		1.	Definition of Confidential Information. For
purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:

 

		-	was or becomes generally available to the public (including through filing with the Securities and
Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

		-	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

    Z-3

     

    

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

		2.	Information to Be Held in Confidence.

 

		(a)	You will use the Confidential Information solely for the purpose of determining or monitoring a credit
rating on the Certificates and, to the extent that any information used is derived from but does not reveal any Confidential Information,
for benchmarking, modeling or research purposes (the “Intended Purpose”).

 

		(b)	You acknowledge that you are aware that the United States and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy
manuals or otherwise) each NRSRO Representative who is informed of the matters that are the subject of this Confidentiality Agreement
to that effect.

 

		(c)	You will treat the Confidential Information as private and confidential. Subject to Section 4, without
the prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information,
whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding
the foregoing, you may:

 

		(i)	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable
judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions
to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

		(ii)	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use information derived from the Confidential Information in connection with an Intended Purpose,
if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures Required by Law.
If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an

 

    Z-4

     

    

 

appropriate
protective order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it
so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you
been informed by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance
for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential
Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential
treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order
or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that
is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the
NRSRO be required to take a position that such information should be entitled to receive such a protective order or reasonable
assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing
Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the
provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required
to disclose, at the sole expense of the relevant Furnishing Entity.

 

		4.	Obligation to Return Evaluation Material. Promptly
upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof, that
contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material
to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that
may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation
Material obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain
subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations of this Confidentiality Agreement.

 

		(a)	The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or
any NRSRO Representative.

 

		(b)	You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or
unauthorized disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps
reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
or use.

 

		(c)	You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and
would be irreparably harmed in the event that any of the 

 

    Z-5

     

    

 

provisions
of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches
of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy
to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay
in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege.

 

		6.	Term. Notwithstanding the termination or cancellation
of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations
under this Confidentiality Agreement will survive indefinitely.

 

		7.	Governing Law. This Confidentiality Agreement
and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or the
interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with the
laws of the State of New York applicable to agreements made and to be performed within such State.

 

		8.	Amendments. This Confidentiality Agreement
may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

		9.	Entire Agreement. This Confidentiality Agreement
represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry
into this website.

 

		10.	Contact Information. Notices for each Furnishing
Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

		 	[__________________]

 

    Z-6

     

    

 

EXHIBIT AA-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CCRE Commercial
                                         Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.            The Transferor
is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which _________________
is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing
Fee Right free from any and all claims and encumbrances whatsoever.

 

2.            Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

    AA-1-1

     

    

  

	 	 	 
	 	Very truly
yours,
	 	 	 
		By:	 
	 	 	Name:

Title:

  

    AA-1-2

     

    

 

EXHIBIT
AA-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

	Re:	CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.            The Transferee
is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________ is the
applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with
a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate
the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.             The Transferee
understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered
or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the
Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right
may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant
to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration

 

    AA-2-1

     

    

 

and
qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a
certificate from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.            The Transferee
understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance
with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.            Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.            The Transferee
has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon,
(c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.            The Transferee
is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited
investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which
all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.            The Transferee
agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement,
and made available to it,

 

    AA-2-2

     

    

 

confidential,
(ii) not to use or disclose such information in any manner which could result in a violation of any provision of the Securities
Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act, and (iii)
not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to
disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such holder’s auditors,
legal counsel and regulators, except to the extent such disclosure is required by law, court order or other legal requirement
or to the extent such information is of public knowledge at the time of disclosure by such holder or has become generally available
to the public other than as a result of disclosure by such holder; provided, however, that such holder may provide all or any
part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only
if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential,
not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act
or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to
disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose
such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’ auditors,
legal counsel and regulators.

 

8.            The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement. 

	 	 	 
	 	Very truly yours,
	 	 	 
		By:	  
	 	 	Name:

                              Title:

 

    AA-2-3

     

    

 

EXHIBIT BB

 

FORM OF OPERATING ADVISOR ANNUAL REPORT

  

Report Date: Report
will be delivered annually no later than [INSERT DATE].

Transaction: CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: Rialto Capital Advisors, LLC

Controlling Class Representative: RREF III Debt AIV, LP

 

I. Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing
Agreement”), between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, U.S. Bank National Association, as trustee, U.S. Bank National
Association, as certificate administrator, paying agent and custodian, and Park
Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, as well as the items listed below, the Operating Advisor has undertaken a limited
review of the Special Servicer’s operational activities in light of the Servicing Standard and the requirements of the Pooling
and Servicing Agreement with respect to the resolution and/or liquidation of the Specially Serviced Loans and provides this Operating
Advisor Annual Report.

 

No information or any
other content included in this Operating Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement.
This Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance of its
duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to the resolution
and liquidation of Specially Serviced Loans during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material deviations, if any (i)
from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with respect
to the resolution or liquidation of Specially Serviced Loans and (B) complies with all of the confidentiality requirements described
in the Pooling and Servicing Agreement.

 

In connection with
the assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed any annual compliance statement delivered to the Operating Advisor pursuant to Section
10.11 the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

    BB-1

     

    

 

		2.	Reviewed any annual independent public accountants’ servicing report delivered to the Operating
Advisor pursuant to Section 10.13 of the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

		3.	Reviewed any [Final] Asset Status Report and other information or communications delivered to the
Operating Advisor and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

Based on such review
and/or consultation with the Special Servicer and performance of the other obligations of the Operating Advisor under the Pooling
and Servicing Agreement, the Operating Advisor [does, does not] believe there are material violations of the Special Servicer’s
compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related
to the work product undertaken and opinions related to this report:

 

1.             The
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative
directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction
with the Special Servicer in gathering the relevant information to generate this report.

 

2.            The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.            Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not
reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such information
is considered in preparing this report.

 

4.            There
are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but
are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

5.          The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors
have questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate
Administrator’s Website.

 

    BB-2

     

    

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein. 

	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    BB-3

     

    

  

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (866)807-8670 AND VIA
EMAIL TO 

CMBS.TRANSACTIONS@USBANK.COM AND VIA OVERNIGHT MAIL TO THE 

ADDRESSES IMMEDIATELY BELOW**

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.,

as Depositor

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered
into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee, and U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    CC-1

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure: 

 

Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          . 

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	  
	 	 	Name:

Title:

 

    CC-2

     

    

  

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY FOR MASTER
SERVICER

 

RECORDING REQUESTED
BY: 

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

MAC D1086 

550 South Tryon Street, 14th
Floor 

Charlotte, North Carolina 28202 

Attention: CFCRE 2016-C4 Asset Manager 

 

SPACE ABOVE THIS LINE
FOR RECORDER’S USE

  

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association, a
national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby
constitutes and appoints Wells Fargo Bank, National Association (“Master Servicer”), and in its name, aforesaid
Attorney-In-Fact, by and through any authorized representative appointed by the [Board of Directors] of the Master Servicer, to
execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for
the tasks described in the items (1) through (11) below; provided however, that the documents described below may only be executed
and delivered by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing
Agreement dated as of May 1, 2016 (the “Agreement”) by and among CCRE Commercial Mortgage Securities, L.P., as
Depositor, the Master Servicer, U.S. Bank National Association, as the Trustee, Rialto Capital Advisors, LLC, as the Special Servicer
(“Special Servicer”), U.S. Bank National Association, as the Certificate Administrator, Paying Agent and Custodian,
and Park Bridge Lender Services LLC, as the Operating Advisor and Asset Representations Reviewer, on behalf of the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Trust”), and no power is
granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association. 

 

This Limited Power of Attorney is being issued
in connection with Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other
forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal
property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Agreement.

 

1.            Demand, sue for, recover, collect and
receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging
to or

 

    DD-1-1

     

    

 

claimed by the Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving
under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting
deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties
under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions,
appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including
execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy
action, state or federal suit or any other action.

 

2.            Execute and/or file such documents and
take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Master
Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission
and settlement.

 

3.            Transact business of any kind regarding
the Loans and the Property.

 

4.            Obtain an interest in the Loans or the
Property and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and
evidence of title in and to the Property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.            Execute, complete, indorse or file bonds,
notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or the Property, including
but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions,
assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption
agreements, subordination agreements, non-disturbance agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.            Endorse on behalf of the undersigned
all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release
or amend letters of credit as Property securing the Loans.

 

7.            Execute any document or perform any
act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of
the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

 

8.            Such other actions and file such other
instruments and certifications as are reasonably necessary to complete or accomplish the Master Servicer’s duties and responsibilities
under the Agreement.

 

    DD-1-2

     

    

 

9.             Subordinate the lien of a mortgage,
deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to an easement in favor
of a public utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution
of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the execution or requests
to the trustees to accomplish the same.

 

10.          Convey the Property to the mortgage
insurer, or close the title to the Property to be acquired as real estate owned, or convey title to real estate owned property
(“REO Property”).

 

11.           Execute and deliver the following documentation
with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation:
listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but
not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions;
and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of [date].

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Master Servicer and the Indemnified Party or
between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or result
of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Master Servicer. The foregoing indemnity
shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of U.S.
Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Master Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Master Servicer as master servicer of the Trust.

 

Witness my hand and seal this [_] day of [_],
2016.

 

    DD-1-3

     

    

 

	 	 	 	 	 
	NO CORPORATE SEAL	 	U.S. Bank National Association, as Trustee, for CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 		, Vice President
	 	 	 	 
	 	 	 	 
	Attest:	, Trust Officer	 	 	 

 

    DD-1-4

     

    

  

CORPORATE ACKNOWLEDGMENT

  

State of Illinois 

 

County of Cook 

 

On this ____ day of __________, 2016, before
me, the undersigned, a Notary Public in and for said County and State, personally appeared ____________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President,
Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged
to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board
of Directors.

 

WITNESS my hand and official seal.

 

	Signature:	 	 

	 	 	 
	My commission expires:	 	Document drafted by 

U.S. Bank
National Association, as Trustee

 

    DD-1-5

     

    

  

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY FOR SPECIAL
SERVICER

 

RECORDING REQUESTED
BY: 

Rialto Capital Advisors, LLC 

790 NW 107th Avenue, 4th Floor 

Miami, Florida 33172 

 

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association, a
national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby
constitutes and appoints Rialto Capital Advisors, LLC (“Special Servicer”), and in its name, aforesaid Attorney-In-Fact,
by and through any authorized representative appointed by the [Board of Directors] of the Special Servicer, to execute and acknowledge
in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in
the items (1) through (11) below; provided however, that the documents described below may only be executed and delivered by such
Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated as
of May 1, 2016 (the “Agreement”) by and among CCRE Commercial Mortgage Securities, L.P., as Depositor, Wells
Fargo Bank, National Association, as the Master Servicer (“Master Servicer”), U.S. Bank National Association,
as the Trustee, the Special Servicer, U.S. Bank National Association, as the Certificate Administrator, Paying Agent and Custodian,
and Park Bridge Lender Services LLC, as the Operating Advisor and Asset Representations Reviewer, on behalf of the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Trust”), and no power is
granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association. 

 

This Limited Power of Attorney is being issued
in connection with Sepcial Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other
forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal
property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Agreement.

 

1.            Demand, sue for, recover, collect and
receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging
to or

 

    DD-2-1

     

    

 

claimed by the Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving
under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting
deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties
under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions,
appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including
execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy
action, state or federal suit or any other action. 

 

2.            Execute and/or file such documents and
take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Special
Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission
and settlement.

 

3.            Transact business of any kind regarding
the Loans and the Property.

 

4.            Obtain an interest in the Loans or the
Property and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and
evidence of title in and to the Property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.            Execute, complete, indorse or file bonds,
notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or the Property, including
but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions,
assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption
agreements, subordination agreements, non-disturbance agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.            Endorse on behalf of the undersigned
all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release
or amend letters of credit as Property securing the Loans.

 

7.            Execute any document or perform any
act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of
the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

 

8.            Such other actions and file such other
instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities
under the Agreement.

 

    DD-2-2

     

    

 

9.            Subordinate the lien of a mortgage,
deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to an easement in favor
of a public utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution
of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the execution or requests
to the trustees to accomplish the same.

 

10.          Convey the Property to the mortgage
insurer, or close the title to the Property to be acquired as real estate owned, or convey title to real estate owned property
(“REO Property”).

 

11.          Execute and deliver the following documentation
with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation:
listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but
not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions;
and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of [date].

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

The Special Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Special Servicer and the Indemnified Party
or between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or
result of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Special Servicer. The foregoing
indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal
of U.S. Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Special Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Special Servicer as special servicer of the Trust.

 

Witness my hand and seal this _____ day of
__________, 2016.

 

    DD-2-3

     

    

 

	 	 	 	 	 
	NO CORPORATE SEAL	 	U.S. Bank National Association, as Trustee, for CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	 	 
	Attest:	, Trust Officer	 	 	 

 

    DD-2-4

     

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Illinois

 

County of Cook

 

On this ____ day of __________, 2016, before
me, the undersigned, a Notary Public in and for said County and State, personally appeared ____________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President,
Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged
to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board
of Directors.

 

WITNESS my hand and official seal.

 

	Signature:	 	 

	 	 	 
	My commission expires:	 	Document drafted by 

U.S. Bank National Association,
as Trustee

 

    DD-2-5

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

[Other Servicer] 

[ADDRESS] 

 

[Other Special Servicer]

[ADDRESS] 

 

[Other Trustee] 

[ADDRESS] 

 

The trust fund formed
in connection with the issuance of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
(the “Trust Fund”) is the Note [__] Holder, as such term is defined under the Agreement between Noteholders, dated
as of [__], between [__], as each of the [__] Holder and the [__] Holder (the “[__] Intercreditor Agreement”).
In connection with the deposit of the Note [__] of the [__] Whole Loan into the Trust Fund, attached is an executed copy of the
related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This Notice is being delivered
to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the
respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined therein, in the [__] Intercreditor
Agreement. Contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule
I attached here.

 

The [__] Whole Loan is
being serviced pursuant to the terms of a pooling and servicing agreement dated [_], between [__], as depositor, [__], as master
servicer, [__], as special servicer, [__], as operating advisor, [__], as asset representations reviewer, and [__], as certificate
administrator and trustee (the “Other Pooling and Servicing Agreement”). [__], as certificate administrator
for the registered holders of the Trust Fund, hereby directs the applicable parties to the Other Pooling and Servicing Agreement
as follows:

 

(i)       
   [__], as master servicer under the Other Pooling and Servicing Agreement, shall remit no later than one (1) Business Day
after the Determination Date all amounts payable in accordance with the [__] Intercreditor Agreement and the Other Pooling
and Servicing Agreement due to the Note [__] Holder of the [__] Whole Loan on such days as specified in the Other Pooling and
Servicing Agreement to Wells Fargo Bank, National Association, as master servicer of the Trust Fund, to the collection
account set forth on Schedule II attached hereto in accordance with the terms of the Other Pooling and Servicing Agreement;
and

 

(ii)            [other Master
Servicer] and [other Certificate Administrator], as applicable, shall forward, deliver or otherwise make available, as the case
may be, all reports,

 

    EE-1

     

    

 

statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to the holder
of Note [__] of the [__] Whole Loan in accordance with the [__] Intercreditor Agreement and the Other Pooling and Servicing Agreement
to Wells Fargo Bank, National Association, as master servicer of the Trust Fund, no later than one (1) Business Day after the
Determination Date.

 

You are advised that
the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the [__] Mortgage Loan
[is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request for delivery of all
Exchange Act reporting items deliverable to us pursuant to the terms of the Other Pooling and Servicing Agreement.

 

Thank you for your attention
to this matter. 

	 	 	 
	 	U.S. Bank National Association, as
Certificate Administrator for the Holders of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4
	 	 	 
		By:	 
	 	 	[Name]

[Title]

  

    EE-2

     

    

 

SCHEDULE
I

 

TO FORM OF NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York, 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

    EE-3

     

    

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

with a copy to:

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

    EE-4

     

    

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

    EE-5

     

    

  

SCHEDULE II TO FORM OF  

 

NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection
Account
	 	 	 
	 	Account
#:	4436870364
	 	 	 
		Title:	Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association,
as Trustee, for the benefit of Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-C4 Collection Account

 

		Location:	Wells Fargo Bank, National Association

 

    EE-6

     

    

   

EXHIBIT FF

 

FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION

 

[Date]

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

U.S. Bank National Association 

190 South LaSalle Street,
7th Floor

MK-IL-SL7C

Chicago, Illinois 60603 

Attention: CFCRE 2016-C4
Mortgage Trust

 

		Re:	CFCRE 2016-C4 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of May 1, 2016, between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association,
as certificate administrator, paying agent and custodian, with respect to any Companion Loan (as defined in the Agreement), the
undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is a Companion Loan Noteholder (as defined in the Agreement).

 

2.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

    FF-1

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations contained herein remain true and correct.

 

4.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Underwriters,
the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by
the undersigned or any of its Representatives.

 

5.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above. 

	 	 	 
	 	[Companion
Loan Noteholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    FF-2

     

    

  

EXHIBIT GG

 

[RESERVED]

 

    GG-1

     

    

 

EXHIBIT HH

 

FORM OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

Re:         CFCRE 2016-C4
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically detailed on the
scorecard attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

1
 This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    HH-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    HH-2

     

    

  

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

    HH-3

     

    

  

EXHIBIT II

 

FORM OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

Re:         CFCRE 2016-C4
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report
Summary.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified on the summary scorecard
attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    II-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    II-2

     

    

  

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    II-3

     

    

  

EXHIBIT JJ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Loan
based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation Reviewer’s
responsibilities and duties with respect to Asset Reviews.

 

Call for Review
and Collection and Inventory of Review Materials 

 

		Step 1	Asset Representations Reviewer (“ARR”)
receives the following items before beginning its review from the parties specified in Section 11.01 of the Pooling and Servicing
Agreement:

 

		§	Notice
                                         of Asset Review Trigger (with attachments)

 

		§	Asset
                                         Review Vote Election

 

		§	Notice
                                         of Affirmative Asset Review Vote 

 

		§	List
                                         of all Delinquent Loans subject to the Asset Review

 

		§	Review
                                         Materials for each Delinquent Loan via Secure File System access, including the Diligence
                                         File

 

		§	Any
                                         Unsolicited Information (if applicable)

 

		Step 2	For each Delinquent Loan, ARR inventories all Review Materials
to which ARR is provided access in the Secure File System to determine what, if any, Review Materials for such Delinquent Loan
are missing, using the list of documents in Section 2.01(a)(i) through Section 2.01(a)(xxi) of this Agreement, any
comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such
Delinquent Loan, to guide its review and determination

 

    JJ-1

     

    

 

		Step 3	If ARR determines that the information made available to
it in the Secure File System with respect to any Delinquent Loan is missing any documents required to complete an Asset Review
of such Delinquent Loan, ARR shall prepare a list of such missing documents and notify Master Servicer (with respect to Non-Specially
Serviced Loans) and Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan Seller of such missing
documents. If the Master Servicer or Special Servicer, as applicable, does not provide such document as provided in the Pooling
and Servicing Agreement, the ARR shall notify the related Mortgage Loan Seller of such missing information

 

Analysis and
Testing of Representations and Warranties

 

		Step 4	For each Delinquent Loan for which ARR has received all
Review Materials required to complete an Asset Review of such Delinquent Loan, ARR tests such Delinquent Loan for compliance with
each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan as follows:

 

		§	ARR
                                         reviews each representation and warranty and each item included in the Review Materials
                                         applicable or related to such representation or warranty to determine whether there is
                                         any evidence that such representation or warranty was not true when made by the related
                                         Mortgage Loan Seller

 

		§	For
                                         each representation and warranty, ARR lists 

 

		·	all
                                         items from the Review Materials reviewed or used in its testing of such representation
                                         and warranty

 

		·	whether
                                         ARR has determined that there is any evidence that such representation or warranty was
                                         not true when made by the related Mortgage Loan Seller, and

 

		o	if
                                         so, stating the aspect of the applicable representation or warranty that does not appear
                                         to have been true when made by the related Mortgage Loan Seller and ARR’s basis
                                         for its conclusion

 

		o	completing
                                         the Asset Review Report by setting forth, for each Delinquent Loan, the information contemplated
                                         herein with respect to each representation and warranty

 

ARR will not attempt
(and has no obligation) to determine the materiality of any potential breach of a representation or warranty that it discovers
evidence of during its review as contemplated herein.

 

    JJ-2

     

    

  

EXHIBIT KK

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE FILE SYSTEM

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

In accordance with the
requirements for obtaining access to the Secure File System pursuant to the Pooling and Servicing Agreement, dated as of May 1,
2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities L.P., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, U.S. Bank National
Association, as Trustee, U.S. Bank National Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Asset
Representations Reviewer and Operating Advisor, with respect to the certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.            The undersigned
is an authorized representative of [________________________].

 

2.            The undersigned
acknowledges and agrees that (a) access to the Secure File System is being granted to it solely for purposes of the undersigned
carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
contained on the Secure File System available to any other person except in accordance with the Pooling and Servicing Agreement
or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to
which the Asset Review relates.

 

3.            The undersigned
agrees that each time it accesses the Secure File System, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    KK-1

     

    

 

4.            [The undersigned
is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated:
____________________

  

[CCRE
Commercial Mortgage Securities, L.P., as Depositor]‡

 

	By:	 	 
	 	Name:

Title:	 

 

 

 

		‡	Required to the extent that
a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the Secure File System.

 

    KK-2

     

    

  

EXHIBIT LL

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE 

LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET 

REVIEW TRIGGER]

 

[Date] 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  CFCRE 2016-C4 Asset Manager	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention:  Liat Heller (CFCRE 2016-C4) 

        Jeff
Krasnoff (CFCRE 2016-C4)

Niral Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4) 
	 
	 	 

		Attention:	CFCRE 2016-C4 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
by and among CCRE Commercial Mortgage Securities L.P., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Rialto Capital Advisors, LLC, as Special Servicer, U.S. Bank National Association, as Trustee, U.S. Bank National Association,
as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and Operating Advisor, the
Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

		1.	_____ An additional Mortgage Loan has become a Delinquent
Loan.

 

		2.	_____ A Mortgage Loan has ceased to be a Delinquent
Loan.

 

		3.	_____An Asset Review Trigger has ceased to exist.

 

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    LL-1

     

    

	 	 	 
	 	U.S. Bank
National Association, as Certificate Administrator for the Holders of the CFCRE 2016-C4 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2016 C4
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    LL-2

     

    

  

SCHEDULE I

 

DIRECTING CERTIFICATEHOLDERS 

 

	Mortgage Loan	Directing Certificateholder	Contact Information
	 	 	 
	All Mortgage Loans (other than the OZRE Leased Fee Portfolio Mortgage Loan, the Hyatt Regency St. Louis at The Arch Mortgage Loan, the AG Life Time Fitness Portfolio Mortgage Loan, the One Commerce Plaza Mortgage Loan, the GFH Brennan Industrial Portfolio Mortgage Loan and the NMS Los Angeles Multifamily Portfolio Mortgage Loan)	RREF III Debt AIV, LP	
        RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646 

        Email: joseph.bachkosky@rialtocapital.com 

        with a copy to: 

         

        RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

Email: josh.cromer@rialtocapital.com 

	 	 	 
	OZRE Leased Fee Portfolio Mortgage Loan (until the OZRE Leased Fee Portfolio Companion Loan Securitization Date)	None	None

 

    Sch. I-1

    

 

SCHEDULE II

 

SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master Servicer

Special Servicer

Certificate Administrator
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

 

    	Sch. II-1

    	 

    

 

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee4

Master Servicer

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 

 

 

 

4
Only to the extent that the Trustee was required to make an Advance pursuant to the
Pooling and Servicing Agreement during the applicable calendar year.

 

    	Sch. II-2

    	 

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.

Operating Adv. 

(excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.

 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer

 

    	Sch. II-3

    	 

    

 

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Adv.
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer

 

    	Sch. II-4

    	 

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

At all times that the
Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Sch. II-5

    	 

    

 

SCHEDULE III

 

CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE

 

	Period

	Balance
        ($)

	Period

	Balance
        ($)

	Period

	Balance
        ($)

	Initial Balance	46,464,000.00	July 2019	46,464,000.00	September 2022	33,020,083.08
	June 2016	46,464,000.00	August 2019	46,464,000.00	October 2022	32,115,841.61
	July 2016	46,464,000.00	September 2019	46,464,000.00	November 2022	31,273,308.60
	August 2016	46,464,000.00	October 2019	46,464,000.00	December 2022	30,361,658.16
	September 2016	46,464,000.00	November 2019	46,464,000.00	January 2023	29,511,436.60
	October 2016	46,464,000.00	December 2019	46,464,000.00	February 2023	28,657,489.70
	November 2016	46,464,000.00	January 2020	46,464,000.00	March 2023	27,604,632.64
	December 2016	46,464,000.00	February 2020	46,464,000.00	April 2023	26,742,322.56
	January 2017	46,464,000.00	March 2020	46,464,000.00	May 2023	25,811,448.71
	February 2017	46,464,000.00	April 2020	46,464,000.00	June 2023	24,941,278.27
	March 2017	46,464,000.00	May 2020	46,464,000.00	July 2023	24,002,764.11
	April 2017	46,464,000.00	June 2020	46,464,000.00	August 2023	23,124,665.01
	May 2017	46,464,000.00	July 2020	46,464,000.00	September 2023	22,242,717.78
	June 2017	46,464,000.00	August 2020	46,464,000.00	October 2023	21,292,756.54
	July 2017	46,464,000.00	September 2020	46,464,000.00	November 2023	20,402,778.36
	August 2017	46,464,000.00	October 2020	46,464,000.00	December 2023	19,445,011.00
	September 2017	46,464,000.00	November 2020	46,464,000.00	January 2024	18,546,932.11
	October 2017	46,464,000.00	December 2020	46,464,000.00	February 2024	17,644,917.07
	November 2017	46,464,000.00	January 2021	46,464,000.00	March 2024	16,611,951.08
	December 2017	46,464,000.00	February 2021	46,464,000.00	April 2024	15,701,449.87
	January 2018	46,464,000.00	March 2021	46,464,000.00	May 2024	14,723,734.00
	February 2018	46,464,000.00	April 2021	46,464,000.00	June 2024	13,804,953.77
	March 2018	46,464,000.00	May 2021	46,463,747.00	July 2024	12,819,190.63
	April 2018	46,464,000.00	June 2021	45,684,089.43	August 2024	11,892,059.43
	May 2018	46,464,000.00	July 2021	44,833,554.15	September 2024	10,960,864.07
	June 2018	46,464,000.00	August 2021	44,046,754.04	October 2024	9,963,033.37
	July 2018	46,464,000.00	September 2021	43,256,507.91	November 2024	9,023,379.18
	August 2018	46,464,000.00	October 2021	42,395,680.52	December 2024	8,017,326.44
	September 2018	46,464,000.00	November 2021	41,598,199.92	January 2025	7,069,139.91
	October 2018	46,464,000.00	December 2021	40,730,340.61	February 2025	6,116,796.45
	November 2018	46,464,000.00	January 2022	39,925,562.73	March 2025	4,974,673.50
	December 2018	46,464,000.00	February 2022	39,117,259.67	April 2025	4,013,140.03
	January 2019	46,464,000.00	March 2022	38,105,810.87	May 2025	2,985,820.47
	February 2019	46,464,000.00	April 2022	37,289,528.03	June 2025	2,015,564.50
	March 2019	46,464,000.00	May 2022	36,403,392.86	July 2025	979,766.61
	April 2019	46,464,000.00	June 2022	35,579,649.43	August 2025	712.33
	May 2019	46,464,000.00	July 2022	34,686,262.55	September 2025 and
    thereafter	0.00
	June 2019	46,464,000.00	August 2022	33,854,993.74	 	 

 

    	Sch. III-1

    	 

    

 

SCHEDULE IV

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ·    Each
        Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans)

        

        ·    Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ·    Depositor

        

        ·    Certificate
        Administrator

        

        ·    Asset
        Representations Reviewer

        

        ·    Each
        Mortgage Loan Seller (only with respect to 1121(c)(2))

        

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·    Master
        Servicer (as to itself)

        

        ·    Special
        Servicer (as to itself)

        

        ·    Trustee
        (as to itself)

        

        ·    Certificate
        Administrator (as to itself)

        

        ·    Depositor
        (as to itself)

        

        

        

        

  

    	Sch. IV-1

    	 

    

 

		
        

        

        ·    Any
        other Reporting Servicer (as to itself)

        

        ·  Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal
        control of the proceedings)

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

	Item 3:  Sale of Securities and Use of Proceeds	·    Depositor
	Item 4:  Defaults Upon Senior Securities	
        ·    Certificate
        Administrator

        

        ·    Trustee

        

	Item 5:  Submission of Matters to a Vote of Security Holders	·    Certificate Administrator
	Item 6:  Significant Obligors of Pool Assets	·    Master Servicer
	Item 7: Change in Sponsor Interest in the Securities:

Item 1124 of Regulation AB	·    Each Mortgage Loan Seller
	Item 8:  Significant Enhancement Provider Information	·    N/A
	Item 9:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·    Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 10:  Exhibits	
 ·    Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        

        ·    Certificate
        Administrator (Monthly Statement to Certificateholders)

        

 

    	Sch. IV-2

    	 

    

 

SCHEDULE V

 

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

  

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	·    Depositor
	Item 9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·    Any party responsible for disclosure items on Form 8-K to the extent of such items as set forth in Schedule VI
	Item 15:  Exhibits, Financial Statement Schedules	
        ·    Certificate
        Administrator

        

        ·    Depositor

        

	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	·    Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	·    N/A

 

    	Sch. V-1

    	 

    

 

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·    Master
        Servicer (as to itself)

        

        ·    Special
        Servicer (as to itself)

        

        ·    Certificate
        Administrator (as to itself)

        

        ·    Trustee
        (as to itself)

        

        ·    Depositor
        (as to itself)

        

        ·    Operating
        Advisor (as to itself)

        

        ·    Asset
        Representations Reviewer (as to itself)

        

        ·    Any
        other Reporting Servicer (as to itself)

        

        ·    Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    	Sch. V-2

    	 

    

 

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ·    Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ·    Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ·    Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        

        ·   Trustee (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Master Servicer, Certificate Administrator, Special Servicer or a sub-servicer retained by it meeting any of the descriptions in
        Item 1108(a)(3))

        

        ·    Depositor
        (as to itself)

        

        ·    Depositor
        (as to the Trust)

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Operating
        Advisor (as to itself)

        

        ·    Asset
        Representations Reviewer (as to itself)

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    	Sch. V-3

    	 

    

 

SCHEDULE VI

 

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage
Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

 	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

 

    	Sch. VI-1

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 

                                                                                Examples: servicing agreement, custodial agreement.
	
	Item 1.03- Bankruptcy or Receivership	
        ·    Depositor

        

        ·    Each
Mortgage Loan Seller 

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·    Depositor

        

        ·    Certificate
        Administrator

         

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	·    Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	·    Depositor
	Item 5.06 – Change in Shell Company Status	·    Depositor
	Item 5.07 – Submission of Matters to a Vote of Security Holders	·    Depositor
	Item 5.08 – Shareholder Director Nomination	·    Depositor
	Item 6.01- ABS Informational and Computational Material	·    Depositor
	Item 6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	
        ·    Master
        Servicer (as to itself or a servicer retained by it)

        

        ·    Special
        Servicer (as to itself or a servicer retained by it)

        

        ·    Certificate
        Administrator (as to itself or an entity retained by it)

        

        ·    Trustee (as to itself or an entity retained by it)

        

        

 

    	Sch. VI-2

    	 

    

 

	Item on Form 8-K	Party Responsible 
		·    Depositor
	Reg AB disclosure about any new servicer or master servicer is also required.	·    Master Servicer or Special Servicer, as applicable
	Reg AB disclosure about any new Trustee is also required.	·    Trustee
	Reg AB disclosure about any new Certificate Administrator is also required.	·    Certificate Administrator
	Item 6.03- Change in Credit Enhancement or Other External Support	       N/A
	Item 6.04- Failure to Make a Required Distribution	·    Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	·    Depositor
	Item 7.01- Regulation FD Disclosure	·    Depositor
	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	·    Depositor
	Item 9.01 – Financial Statements and Exhibits	·    Responsible party for reporting/disclosing the financial statement or exhibit

 

    	Sch. VI-3

    	 

    

 

SCHEDULE VII

  

INITIAL SERVICED COMPANION
LOAN NOTEHOLDERS

  

	Serviced Companion Loan	Initial Noteholders	Address
	OZRE Leased Fee Portfolio (until the OZRE Leased Fee Portfolio Companion Loan Securitization Date)	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder, Note A-3 Holder, Note A-6 Holder, Note A-7 Holder and Note A-8 Holder)	
        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso 

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281

Attention: Lisa Pauquette, Esq. 

         

	215 West 34th Street & 218 West 35th Street	Citigroup Commercial Mortgage Trust 2016-GC36 (Note A-2 Holder)	
        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip

E-mail: diane_c_haislip@keybank.com 

         

        with a copy to: 

         

        Polsinelli PC

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

E-mail:  

 

     Sch. VII-1

     

    

 

	 	 	kkohring@polsinelli.com
	 	
        CFCRE 2016-C3 Mortgage Trust (Note A-3 Holder)

         

         

         
	
        Wells Fargo Bank, National Association
Commercial Mortgage Servicing 

        MAC D1086 

        550 South Tryon Street, 14th Floor 

        Charlotte, North Carolina 28202 

        Attention: CFCRE 2016-C3 Asset Manager 

         

        with a copy to: 

         

        Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

        Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support 

         

        with a copy to: 

         

        K&L Gates LLP

        Hearst Tower

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

         

	Renaissance Cincinnati	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	Cantor Commercial Real Estate Lending,
L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending,
L.P.

 

     Sch. VII-2

     

    

 

			

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP

        200 Liberty Street

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	AvidXchange	
        Cantor Commercial Real Estate Lending, L.P.
        (Note A-2 Holder)

         

         

         
	
        Cantor Commercial Real Estate Lending,
L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso 

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending,
L.P.

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	Madbury Commons	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso

 

     Sch. VII-3

     

    

 

			 

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	3 Executive Campus	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	
        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso  

         

        with an electronic copy to:  

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	Home Depot – Elk Grove Village	Citigroup Commercial Mortgage Trust 2016-P3 (Note A-2 Holder)	Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

 

     Sch. VII-4

     

    

 

			
        Charlotte, North Carolina 28202

Attention: CGCMT 2016-P3 Asset Manager 

         

        with a copy to:  

         

        Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

        Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support 

         

        with a copy to: 

         

        K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

 

     Sch. VII-5

     

    

 

SCHEDULE VIII

 

CONTACT INFORMATION
FOR THE OTHER 17G-5 INFORMATION PROVIDER

  

	Other 17g-5
    Information Provider	Transaction	Contact
    Information
	Wells
    Fargo Bank, National Association	COMM
    2016-CCRE28	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — COMM 2016-CCRE28

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “COMM 2016-CCRE28 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Wells Fargo Bank, National Association	CFCRE 2016-C3	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — CFCRE 2016-C3

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “CFCRE 2016-C3 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Citibank, N.A.	CGCMT 2016-P3	Citibank, N.A.

    388 Greenwich Street, 14th Floor

    New York, New York 10013

    Attention: Citibank Agency & Trust – CGCMT 2016-P3

    E-mail: ratingagencynotice@citi.com (specifically with a subject reference of “CGCMT 2016-P3” and an identification
    of the type of information being provided 

 

     Sch. VIII-1

     

    

 

	 	 	in
    the body of such electronic mail)
	Wells
    Fargo Bank, National Association	COMM
                                         2015-CCRE27

         
	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — COMM 2015-CCRE27

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “COMM 2015-CCRE27 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

  

     Sch. VIII-2Exhibit 4.7

 

 

EXECUTION COPY

	 

 

BANC OF AMERICA MERRILL LYNCH
COMMERCIAL MORTGAGE INC.,

as Depositor

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION,

as Master Servicer

 

C-III ASSET
MANAGEMENT LLC ,
 as Special Servicer

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION,

as Certificate Administrator

 

U.S. BANK NATIONAL ASSOCIATION,
 as Trustee,

 

PARK BRIDGE LENDER
SERVICES LLC,

as Operating Advisor

 

and

 

PARK BRIDGE LENDER
SERVICES LLC,

as Asset Representations Reviewer

 

 

 

POOLING AND SERVICING AGREEMENT 

 

Dated as of February 1, 2016

 

 

 

Morgan Stanley Bank of
America Merrill Lynch Trust 2016-C28,

Commercial Mortgage Pass-Through Certificates

Series 2016-C28

	 

 

    	 

    	 

    

 

	 	TABLE OF CONTENTS	 	 
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	 	ARTICLE I	 	 
	 	 	 	 
	 	DEFINITIONS	 	 
	 	 	 	 
	Section 1.01	Defined Terms	 	8
	Section 1.02	Certain Calculations	 	131
	 	 	 	 
	 	ARTICLE II	 	 
	 	 	 	 
	CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 	 
	Section 2.01	Conveyance of Mortgage Loans	 	134
	Section 2.02	Acceptance by Trustee	 	140
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties	 	144
	Section 2.04	Execution of Certificates; Issuance of Lower-Tier Regular Interests	 	159
	Section 2.05	Creation of the Grantor Trust	 	160
	 	 	 	 
	 	ARTICLE III	 	 
	 	 	 	 
	ADMINISTRATION AND SERVICING OF THE TRUST FUND
	 	 	 	 
	Section 3.01	The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans, the Serviced Companion Loans, and REO Properties	 	162
	Section 3.02	Collection of Mortgage Loan Payments	 	169
	Section 3.03	Collection of Taxes, Assessments and Similar Items; Servicing Accounts	 	174
	Section 3.04	The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve Account, the Class E Distribution Account, the Class F Distribution account, the Class G Distribution Account and the Class H Distribution Account	 	178
	Section 3.05	Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account	 	186
	Section 3.06	Investment of Funds in the Collection Account and the REO Account	 	197
	Section 3.07	Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage	 	198
	Section 3.08	Enforcement of Due-on-Sale Clauses; Assumption Agreements	 	203

 

    	-i-

    	 

    

 

	Section 3.09	Realization Upon Defaulted Loans and Companion Loans	 	210
	Section 3.10	Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files	 	214
	Section 3.11	Servicing Compensation	 	215
	Section 3.12	Inspections; Collection of Financial Statements	 	222
	Section 3.13	Access to Certain Information	 	226
	Section 3.14	Title to REO Property; REO Account	 	239
	Section 3.15	Management of REO Property	 	240
	Section 3.16	Sale of Defaulted Loans and REO Properties	 	243
	Section 3.17	Additional Obligations of Master Servicer and Special Servicer	 	249
	Section 3.18	Modifications, Waivers, Amendments and Consents	 	252
	Section 3.19	Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report	 	261
	Section 3.20	Sub-Servicing Agreements	 	267
	Section 3.21	Interest Reserve Account	 	270
	Section 3.22	Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer	 	271
	Section 3.23	Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder	 	271
	Section 3.24	Intercreditor Agreements	 	276
	Section 3.25	Rating Agency Confirmation	 	278
	Section 3.26	The Operating Advisor	 	280
	Section 3.27	Companion Paying Agent	 	288
	Section 3.28	Companion Register	 	288
	Section 3.29	Certain Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans	 	289
	Section 3.30	[RESERVED]	 	290
	Section 3.31	[RESERVED]	 	290
	Section 3.32	Litigation Control	 	290
	Section 3.33	Delivery of Excluded Information to the Certificate Administrator	 	293
	 	 	 	 
	 	ARTICLE IV	 	 
	 	 	 	 
	 	DISTRIBUTIONS TO CERTIFICATEHOLDERS	 	 
	 	 	 	 
	Section 4.01	Distributions	 	295
	Section 4.02	Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney	 	309
	Section 4.03	P&I Advances	 	315
	Section 4.04	Allocation of Realized Losses	 	317
	Section 4.05	Appraisal Reduction Amounts	 	319
	Section 4.06	Grantor Trust Reporting	 	323
	Section 4.07	Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool	 	324
	Section 4.08	Secure Data Room	 	327

 

    	-ii-

    	 

    

 

	 	ARTICLE V	 	 
	 	 	 	 
	 	THE CERTIFICATES	 	 
	 	 	 	 
	Section 5.01	The Certificates	 	329
	Section 5.02	Form and Registration	 	329
	Section 5.03	Registration of Transfer and Exchange of Certificates	 	331
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	 	339
	Section 5.05	Persons Deemed Owners	 	339
	Section 5.06	Access to List of Certificateholders’ Names and Addresses; Special Notices	 	340
	Section 5.07	Maintenance of Office or Agency	 	341
	Section 5.08	Appointment of Certificate Administrator	 	341
	Section 5.09	Exchanges of Exchangeable Certificates and Exchangeable Combined Certificates	 	341
	Section 5.10	Voting Procedures	 	346
	 	 	 	 
	 	ARTICLE VI	 	 
	 	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE DIRECTING CERTIFICATEHOLDER
	 	 	 	 
	Section 6.01	Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	349
	Section 6.02	Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer	 	354
	Section 6.03	Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer	 	355
	Section 6.04	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	 	357
	Section 6.05	Depositor, Master Servicer and Special Servicer Not to Resign	 	362
	Section 6.06	Rights of the Depositor in Respect of the Master Servicer and the Special Servicer	 	363
	Section 6.07	The Master Servicer and the Special Servicer as Certificate Owner	 	363
	Section 6.08	The Directing Certificateholder	 	363
	 	 	 	 
	 	ARTICLE VII	 	 
	 	 	 	 
	 	SERVICER TERMINATION EVENTS	 	 
	 	 	 	 
	Section 7.01	Servicer Termination Events; Master Servicer and Special Servicer Termination	 	370

 

    	-iii-

    	 

    

 

	Section 7.02	Trustee to Act; Appointment of Successor	 	377
	Section 7.03	Notification to Certificateholders	 	379
	Section 7.04	Waiver of Servicer Termination Events	 	380
	Section 7.05	Trustee as Maker of Advances	 	380
	 	 	 	 
	 	ARTICLE VIII	 	 
	 	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	 	382
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	 	383
	Section 8.03	Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans	 	387
	Section 8.04	Trustee or Certificate Administrator May Own Certificates	 	387
	Section 8.05	Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator	 	387
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	 	389
	Section 8.07	Resignation and Removal of the Trustee and Certificate Administrator	 	389
	Section 8.08	Successor Trustee or Certificate Administrator	 	392
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	 	393
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	 	393
	Section 8.11	Appointment of Custodians	 	394
	Section 8.12	Representations and Warranties of the Trustee	 	394
	Section 8.13	Provision of Information to Certificate Administrator, Master Servicer and Special Servicer	 	396
	Section 8.14	Representations and Warranties of the Certificate Administrator	 	396
	Section 8.15	Compliance with the PATRIOT Act	 	397
	 	 	 	 
	 	ARTICLE IX	 	 
	 	 	 	 
	 	TERMINATION	 	 
	 	 	 	 
	Section 9.01	Termination upon Repurchase or Liquidation of All Mortgage Loans	 	398
	Section 9.02	Additional Termination Requirements	 	401
	 	 	 	 
	 	ARTICLE X	 	 
	 	 	 	 
	 	ADDITIONAL REMIC PROVISIONS	 	 
	 	 	 	 
	Section 10.01	REMIC Administration	 	403
	Section 10.02	Use of Agents	 	406
	Section 10.03	Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator	 	407
	Section 10.04	Appointment of REMIC Administrators	 	407

 

    	-iv-

    	 

    

 

	 	ARTICLE XI	 	 
	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.01	Intent of the Parties; Reasonableness	 	409
	Section 11.02	Succession; Subcontractors	 	410
	Section 11.03	Filing Obligations	 	412
	Section 11.04	Form 10-D Filings	 	413
	Section 11.05	Form 10-K Filings	 	416
	Section 11.06	Sarbanes-Oxley Certification	 	419
	Section 11.07	Form 8-K Filings	 	420
	Section 11.08	Form 15 Filing	 	422
	Section 11.09	Annual Compliance Statements	 	422
	Section 11.10	Annual Reports on Assessment of Compliance with Servicing Criteria	 	424
	Section 11.11	Annual Independent Public Accountants’ Attestation Report	 	426
	Section 11.12	Indemnification	 	427
	Section 11.13	Amendments	 	430
	Section 11.14	Regulation AB Notices	 	430
	Section 11.15	Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	 	430
	Section 11.16	[Reserved]	 	436
	Section 11.17	Impact of Cure Period	 	436
	 	 	 	 
	 	ARTICLE XII	 	 
	 	 	 	 
	 	THE ASSET REPRESENTATIONS REVIEWER	 	 
	 	 	 	 
	Section 12.01	Asset Review	 	437
	Section 12.02	Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	 	442
	Section 12.03	Resignation of the Asset Representations Reviewer	 	444
	Section 12.04	Restrictions of the Asset Representations Reviewer	 	444
	Section 12.05	Termination of the Asset Representations Reviewer	 	444
	 	 	 	 
	 	ARTICLE XIII	 	 
	 	 	 	 
	 	MISCELLANEOUS PROVISIONS	 	 
	 	 	 	 
	Section 13.01	Amendment	 	448
	Section 13.02	Recordation of Agreement; Counterparts	 	451
	Section 13.03	Limitation on Rights of Certificateholders	 	452
	Section 13.04	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	453
	Section 13.05	Notices	 	453
	Section 13.06	Severability of Provisions	 	459
	Section 13.07	Grant of a Security Interest	 	459
	Section 13.08	Successors and Assigns; Third Party Beneficiaries	 	460

 

    	-v-

    	 

    

 

	Section 13.09	Article and Section Headings	 	460
	Section 13.10	Notices to the Rating Agencies	 	460

 

    	-vi-

    	 

    

 

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A-1	 	Form of Certificate (other than Class R and Class V Certificates)
	EXHIBIT A-2	 	Form of Class R Certificate
	EXHIBIT A-3	 	Form of Class V Certificate
	EXHIBIT A-4	 	[RESERVED]
	EXHIBIT B	 	Mortgage Loan Schedule
	EXHIBIT C	 	Form of Investment Representation Letter
	EXHIBIT D-1	 	Form of Transferee Affidavit for Transfers of Class R Certificates
	EXHIBIT D-2	 	Form of Transferor Letter for Transfers of Class R Certificates
	EXHIBIT E	 	Form of Request for Release
	EXHIBIT F-1	 	Form of ERISA Representation Letter regarding ERISA Restricted Certificates
	EXHIBIT F-2	 	Form of ERISA Representation Letter regarding Class R Certificates and Class V Certificates
	EXHIBIT G	 	Form of Distribution Date Statement
	EXHIBIT H	 	Form of Omnibus Assignment
	EXHIBIT I	 	Form of Transfer Certificate for Rule 144A Book -Entry Certificate to Temporary Regulation S Book-Entry Certificate
    during Restricted Period
	EXHIBIT J	 	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Regulation S Book -Entry Certificate after
    Restricted Period
	EXHIBIT K	 	Form of Transfer Certificate for Temporary Regulation S Book -Entry Certificate to Rule 144A Book -Entry Certificate
    during Restricted Period
	EXHIBIT L	 	Form of Transfer Certificate for Temporary Regulation S Book -Entry Certificate to Regulation S Book-Entry Certificate
    after Restricted Period
	EXHIBIT M	 	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Book -Entry Certificate
	EXHIBIT N	 	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Book -Entry Certificate
	EXHIBIT O	 	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Book-Entry Certificate
	EXHIBIT P-1A	 	Form of Investor Certification for Non-Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1B	 	Form of Investor Certification for Non-Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1C	 	Form of Investor Certification for Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1D	 	Form of Investor Certification for Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1E	 	Form of Notice of Excluded Controlling Class Holder
	EXHIBIT P-1F	 	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	EXHIBIT P-1G	 	Form of Certification of Directing Certificateholder
	EXHIBIT P-2	 	Form of Certification for NRSROs
	EXHIBIT P-3	 	Online Market Data Provider Certification

 

    	-vii-

    	 

    

 

	EXHIBIT Q	 	Custodian Certification/Exception Report
	EXHIBIT R-1	 	Form of Power of Attorney – Master Servicer
	EXHIBIT R-2	 	Form of Power of Attorney – Special Servicer
	EXHIBIT S	 	Initial Companion Holders
	EXHIBIT T	 	Form of Notice Relating to the Non-Serviced Mortgage Loans
	EXHIBIT U	 	Form of Notice and Certification Regarding Defeasance of Mortgage Loan
	EXHIBIT V	 	Form of Operating Advisor Annual Report
	EXHIBIT W	 	Form of Notice from Operating Advisor Recommending Replacement of Special Servicer
	EXHIBIT X	 	Form of Confidentiality Agreement
	EXHIBIT Y	 	Form Certification to be Provided with Form 10-K
	EXHIBIT Z-1	 	Form of Certification to be Provided to Depositor by Certificate Administrator
	EXHIBIT Z-2	 	Form of Certification to be Provided to Depositor by Master Servicer
	EXHIBIT Z-3	 	Form of Certification to be Provided to Depositor by Special Servicer
	EXHIBIT Z-4	 	Form of Certification to be Provided to Depositor by Trustee
	EXHIBIT Z-5	 	Form of Certification to be Provided to Depositor by Operating Advisor
	EXHIBIT Z-6	 	Form of Certification to be Provided to Depositor by Custodian
	EXHIBIT Z-7	 	Form of Certification to be Provided to Depositor by Asset Representations Reviewer
	EXHIBIT AA	 	Servicing Criteria to be Addressed in Assessment of Compliance
	EXHIBIT BB	 	Additional Form 10-D Disclosure
	EXHIBIT CC	 	Additional Form 10-K Disclosure
	EXHIBIT DD	 	Form 8-K Disclosure Information
	EXHIBIT EE	 	Additional Disclosure Notification
	EXHIBIT FF	 	Initial Sub-Servicers
	EXHIBIT GG	 	Servicing Function Participants
	EXHIBIT HH	 	Form of Annual Compliance Statement
	EXHIBIT II	 	Form of Report on Assessment of Compliance with Servicing Criteria
	EXHIBIT JJ	 	CREFC® Payment Information
	EXHIBIT KK	 	Form of Notice of Additional Indebtedness Notification
	EXHIBIT LL	 	Form of Notice of Exchange of Exchangeable Certificates
	EXHIBIT MM	 	Additional Disclosure Notification (Accounts)
	EXHIBIT NN	 	Form of Notice of Purchase of Controlling Class Certificate
	EXHIBIT OO	 	Form of Asset Review Report
	EXHIBIT PP	 	Form of Asset Review Report Summary
	EXHIBIT QQ	 	Asset Review Procedures
	EXHIBIT RR	 	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	EXHIBIT SS	 	Form of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]
	EXHIBIT TT-1	 	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	EXHIBIT TT-2	 	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights

 

    	-viii-

    	 

    

 

	SCHEDULES	 	 
	 	 	 
	SCHEDULE 1	 	Mortgage Loans With Additional Debt
	SCHEDULE 2	 	Class A-SB Planned Principal Balance Schedule
	SCHEDULE 3	 	Mortgage Loans With a “Performance”, “Earn-Out” or “Holdback” Escrow or a Reserve
    exceeding 10% of the Initial Principal Balance
	SCHEDULE 4	 	Mortgage Loans Subject to a Franchise Agreement
	SCHEDULE 5	 	Mortgage Loans With a Letter of Credit

 

    	-ix-

    	 

    

 

This Pooling and Servicing
Agreement is dated and effective as of February 1, 2016, among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, U.S. Bank National Association, as Trustee, Park Bridge Lender Services LLC,
as Operating Advisor and Park Bridge Lender Services LLC, as Asset Representations Reviewer.

 

PRELIMINARY STATEMENT:

 

The Depositor intends
to sell commercial mortgage pass-through certificates (collectively, the “Certificates”), to be issued hereunder
in multiple classes (each, a “Class”), which in the aggregate will evidence the entire beneficial ownership
interest in the Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage loans. As provided
herein, the Certificate Administrator shall elect or shall cause an election to be made to treat designated portions of the Trust
(exclusive of (i) the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account, and (ii) the Trust
Components and the proceeds thereof in the related Distribution Accounts) for federal income tax purposes as two separate real
estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier REMIC”, and
each a “Trust REMIC” as described herein).

 

In addition, the parties
intend that the portion of the Trust Fund consisting of the Class E Specific Grantor Trust Assets, the Class E-1 Specific Grantor
Trust Assets, the Class E-2 Specific Grantor Trust Assets, the Class F Specific Grantor Trust Assets, the Class F-1 Specific Grantor
Trust Assets, the Class F-2 Specific Grantor Trust Assets, the Class EF Specific Grantor Trust Assets, the Class G-1 Specific Grantor
Trust Assets, the Class G-2 Specific Grantor Trust Assets, the Class G Specific Grantor Trust Assets, the Class EFG Specific Grantor
Trust Assets, the Class H-1 Specific Grantor Trust Assets, the Class H-2 Specific Grantor Trust Assets and the Class H Specific
Grantor Trust Assets, and Class V Specific Grantor Trust Assets, if any, shall be treated as a grantor trust under subpart E, part
I of subchapter J of the Code for federal income tax purposes (the “Grantor Trust”). Solely for tax purposes, the Class
E Certificates will represent undivided beneficial interests in the Class E Specific Grantor Trust Assets, the Class E-1 Certificates
will represent undivided beneficial interests in the Class E-1 Specific Grantor Trust Assets, the Class E-2 Certificates will represent
undivided beneficial interests in the Class E-2 Specific Grantor Trust Assets, the Class F Certificates will represent undivided
beneficial interests in the Class F Specific Grantor Trust Assets, the Class F-1 Certificates will represent undivided beneficial
interests in the Class F-1 Specific Grantor Trust Assets, the Class F-2 Certificates will represent undivided beneficial interests
in the Class F-2 Specific Grantor Trust Assets, the Class EF Certificates will represent undivided beneficial interests in the
Class EF Specific Grantor Trust Assets, the Class G Certificates will represent undivided beneficial interests in the Class G Specific
Grantor Trust Assets, the Class G-1 Certificates will represent undivided beneficial interests in the Class G-1 Specific Grantor
Trust Assets, the Class G-2 Certificates will represent undivided beneficial interests in the Class G-2 Specific Grantor Trust
Assets, the Class EFG Certificates will represent undivided beneficial interests in the Class EFG Specific Grantor Trust Assets,
the Class H Certificates will represent undivided beneficial interests in the Class H Specific Grantor Trust Assets, the Class
H-1 Certificates will represent undivided beneficial interests in the Class H-1 Specific Grantor Trust Assets, the Class H-2

 

    	 

    	 

    

 

Certificates
will represent undivided beneficial interests in the Class H-2 Specific Grantor Trust Assets and the Class V Certificates shall
represent undivided beneficial interests in the Class V Specific Grantor Trust Assets. For the avoidance of doubt, there will
be no Class V Specific Grantor Trust Assets. As provided herein, the Certificate Administrator shall take all actions expressly
required hereunder to ensure that the portion of the Trust Fund consisting of the Grantor Trust maintains its status as a grantor
trust under federal income tax law and not be treated as part of either Trust REMIC.

 

The Depositor intends
to sell the Certificates to the Underwriters and the Initial Purchasers.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LASB, Class LA3, Class
LA4, Class LAS, Class LB, Class LC, Class LD, Class LE1, Class LE2, Class LF1, Class LF2, Class LG1, Class LG2, Class LH1 and Class
LH2 Uncertificated Interests (the “Lower-Tier Regular Interests”), which will evidence the “regular interests”
in the Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is
the sole Class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented
by the Class R Certificates.

 

The following table sets
forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier Regular Interests and
the Class LR Interest:

 

	
        Class Designation 
	 	
        Interest Rate 
	 	
        Original
Lower-Tier

Principal Amount 

	Class LA1	 	(1)	 	$           25,700,000
	Class LA2	 	(1)	 	$           43,800,000
	Class LASB	 	(1)	 	$           59,300,000
	Class LA3	 	(1)	 	$         215,000,000
	Class LA4	 	(1)	 	$         325,154,000
	Class LAS	 	(1)	 	$           47,782,000
	Class LB	 	(1)	 	$           50,172,000
	Class LC	 	(1)	 	$           46,588,000
	Class LD	 	(1)	 	$           52,560,000
	Class LE1	 	(1)	 	$           14,335,000
	Class LE2	 	(1)	 	$           14,335,000
	Class LF1	 	(1)	 	$             4,778,000
	Class LF2	 	(1)	 	$             4,778,000
	Class LG1	 	(1)	 	$           11,348,500
	Class LG2	 	(1)	 	$           11,348,500
	Class LH1	 	(1)	 	$           14,334,677
	Class LH2	 	(1)	 	$           14,334,677
	Class LR	 	None(2)	 	       None

 

    	-2-

    	 

    

 

 

(1)     The
interest rate for each Class of Lower-Tier Regular Interests on any Distribution Date will be the Weighted Average Net Mortgage
Rate for such Distribution Date.

 

(2)     The
Class LR Interest (evidenced by the Class R Certificates) will not have a Certificate Balance or Notional Amount, will not bear
interest and will not be entitled to distributions of Prepayment Premiums or Yield Maintenance Charges. Any Available Funds remaining
in the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution Amount will be deemed distributed
to the Class LR Interest and shall be payable to the Holders of the Class R Certificates.

 

UPPER-TIER REMIC

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A,
Class X-B, Class X-D, Class A-S, Class B, Class C and Class D Certificates and the Class E Trust Components, Class F Trust Components,
Class G Trust Components and Class H Trust Components, each of which is a “regular interest” in the Upper-Tier REMIC
created hereunder. The Upper-Tier REMIC also will issue the uncertificated Class UR Interest, which is the sole Class of “residual
interests” in the Upper-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

 

THE GRANTOR TRUST

 

The Class E-1, Class
E-2, Class E, Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1, Class H-2, Class H
and Class V Certificates shall each represent undivided beneficial interests in the portion of the Grantor Trust consisting of
the assets set forth opposite such Class in the following table, in each case as described herein. For the avoidance of doubt,
there are no Class V Specific Grantor Trust Assets in the Trust. As provided herein, the Certificate Administrator shall not take
any actions that would cause the portion of the Trust Fund consisting of the Grantor Trust (i) to fail to maintain its status as
a “grantor trust” under federal income tax law or (ii) to be treated as part of any Trust REMIC.

 

	
        Class Designation
	 	
        Corresponding Grantor Trust
Assets

	Class E-1	 	Class E-1 Specific Grantor Trust Assets
	Class E-2	 	Class E-2 Specific Grantor Trust Assets
	Class E	 	Class E Specific Grantor Trust Assets
	Class F-1	 	Class F-1 Specific Grantor Trust Assets
	Class F-2	 	Class F-2 Specific Grantor Trust Assets
	Class F	 	Class F Specific Grantor Trust Assets
	Class EF	 	Class EF Specific Grantor Trust Assets
	Class G-1	 	Class G-1 Specific Grantor Trust Assets
	Class G-2	 	Class G-2 Specific Grantor Trust Assets
	Class G	 	Class G Specific Grantor Trust Assets
	Class EFG	 	Class EFG Specific Grantor Trust Assets
	Class H-1	 	Class H-1 Specific Grantor Trust Assets
	Class H-2	 	Class H-2 Specific Grantor Trust Assets
	Class H	 	Class H Specific Grantor Trust Assets
	Class V	 	Class V Specific Grantor Trust Assets

 

    	-3-

    	 

    

 

THE CERTIFICATES

 

The following table (and
related paragraphs) sets forth the designation, the pass-through rate (the “Pass-Through Rate”) and the aggregate
initial principal amount (the “Original Certificate Balance”) or Notional Amount (the “Original Notional
Amount”), as applicable, for each Class of Certificates:

 

	Class Designation	 	Initial Pass-Through Rate	 	Original
 Certificate
 Balance or
 Notional Amount*
	Class A-1 Certificates	 	 	1.5310	%	 	$	25,700,000	 
	Class A-2 Certificates	 	 	2.6400	%	 	$	43,800,000	 
	Class A-SB Certificates	 	 	3.2880	%	 	$	59,300,000	 
	Class A-3 Certificates	 	 	3.2720	%	 	$	215,000,000	 
	Class A-4 Certificates	 	 	3.5440	%	 	$	325,154,000	 
	Class X-A Certificates	 	 	1.2980	%(1)	 	$	668,954,000	(2)
	Class X-B Certificates	 	 	0.3143	%(1)	 	$	97,954,000	(2)
	Class X-D Certificates	 	 	1.5953	%(1)	 	$	52,560,000	(2)
	Class A-S Certificates	 	 	3.9510	%	 	$	47,782,000	 
	Class B Certificates	 	 	4.5953	%	 	$	50,172,000	 
	Class C Certificates	 	 	4.5953	%	 	$	46,588,000	 
	Class D Certificates	 	 	3.0000	%	 	$	52,560,000	 
	Class E-1 Certificates and Class E-1 Trust Component	 	 	4.5953	%	 	$	14,335,000	(3)
	Class E-2 Certificates and Class E-2 Trust Component	 	 	4.5953	%	 	$	14,335,000	(4)
	Class E Certificates	 	 	N/A	(5)	 	$	28,670,000	 
	Class F-1 Certificates and Class F-1 Trust Component	 	 	4.5953	%	 	$	4,778,000	(6)
	Class F-2 Certificates and Class F-2 Trust Component	 	 	4.5953	%	 	$	4,778,000	(7)
	Class F Certificates	 	 	N/A	(8)	 	$	9,556,000	 
	Class EF Certificates	 	 	N/A	(9)	 	$	38,226,000	 
	Class G-1 Certificates and Class G-1 Trust Component	 	 	4.5953	%	 	$	11,348,500	(10)
	Class G-2 Certificates and Class G-2 Trust Component	 	 	4.5953	%	 	$	11,348,500	(11)
	Class G Certificates	 	 	  N/A	(12)	 	$	22,697,000	 
	Class EFG Certificates	 	 	  N/A	(13)	 	$	60,923,000	 
	Class H-1 Certificates and Class H-1 Trust Component	 	 	4.5953	%	 	$	14,334,677	(14)
	Class H-2 Certificates and Class H-2 Trust Component	 	 	4.5953	%	 	$	14,334,677	(15)
	Class H Certificates	 	 	   N/A	(16)	 	$	28,669,354	 
	Class R Certificates	 	 	    None	(17)	 	 	N/A    	 
	Class V Certificates	 	 	     None	(17)	 	 	N/A    	 

 

 

		*	In the case of any Class
of Exchangeable Certificates, the amount shown represents the maximum possible initial certificate balance of such class assuming
that no related Exchangeable Combined Certificates representing an interest in the related Trust Component is issued. In the case
of any Class of Exchangeable Combined Certificates, the amount shown represents the maximum possible initial certificate balance
of such class assuming that no related Exchangeable Certificates are issued and that no other class(es) of Exchangeable Combined
Certificates representing an interest in the related ‎Trust Component(s) are issued. The actual initial Certificate Balances
of each Class of Exchangeable Certificates and Exchangeable Combined Certificates are set forth in table entitled “Approximate
Closing Date Certificate Balance of Exchangeable Certificates or Exchangeable Combination Certificates” in Section 5.09(a).

 

    	-4-

    	 

    

 

		(1)	The Pass-Through Rate for
the Class X-A, Class X-B and Class X-D Certificates will be calculated in accordance with the definition of “Class X-A Pass-Through
Rate”, “Class X-B Pass-Through Rate” and “Class X-D Pass-Through Rate”, respectively.

 

		(2)	None of the Class X-A, Class
X-B and Class X-D Certificates will have a Certificate Balance; rather, such Classes will accrue interest as provided herein on
the Class X-A Notional Amount, the Class X-B Notional Amount or the Class X-D Notional Amount, as applicable.

 

		(3)	The Original Certificate
Balance of the Class E-1 Trust Component will be $14,335,000 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class E Component E-1, the Class E-1 Component, the Class EF Component E-1 and
the Class EFG Component E-1.

		 	 

		(4)	The Original Certificate
Balance of the Class E-2 Trust Component will be $14,335,000 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class E Component E-2, the Class E-2 Component, the Class EF Component E-2 and
the Class EFG Component E-2.

		 	 

		(5)	The Class E Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class E Components.

		 	 

		(6)	The Original Certificate
Balance of the Class F-1 Trust Component will be $4,778,000 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class F Component F-1, the Class F-1 Component, the Class EF Component F-1 and
the Class EFG Component F-1.

		 	 

		(7)	The Original Certificate
Balance of the Class F-2 Trust Component will be $4,778,000 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class F Component F-2, the Class F-2 Component, the Class EF Component F-2 and
the Class EFG Component F-2.

		 	 

		(8)	The Class F Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class F Components.

		 	 

		(9)	The Class EF Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class EF Components.

		 	 

		(10)	The Original Certificate
Balance of the Class G-1 Trust Component will be $11,348,500 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class G Component G-1, the Class G-1 Component and the Class EFG Component G-1.

		 	 

		(11)	The Original Certificate
Balance of the Class G-2 Trust Component will be $11,348,500 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class G Component G-2, the Class G-2 Component and the Class EFG Component G-2.

		 	 

		(12)	The Class G Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class G Components.

		 	 

		(13)	The Class EFG Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class EFG Components.

		 	 

		(14)	The Original Certificate
Balance of the Class H-1 Trust Component will be $14,334,677 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class H Component H-1 and the Class H-1 Component.

		 	 

		(15)	The Original Certificate
Balance of the Class H-2 Trust Component will be $14,334,677 as provided in Section 5.09(a), and will at all times equal
the aggregate of the Certificate Balances of the Class H Component H-2 and the Class H-2 Component.

		 	 

		(16)	The Class H Certificates
are not regular interests in the Upper-Tier REMIC, but represent ownership of the Class H Components. The Class H Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of interest distributable on the Class H Components.

		 	 

		(17)	Neither the Class R nor
the Class V Certificates will have a Certificate Balance or a Notional Amount, bear interest or be entitled to distributions of
Prepayment Premiums or Yield Maintenance Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution Account,
after all required distributions under this Agreement have been made to each Class of Regular Certificates will be deemed distributed
to the Class UR Interest and shall be payable to the Holders of the Class R Certificates.

 

    	-5-

    	 

    

 

As of the close of business
on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all payments of principal due
on or before such date, whether or not received, equal to $955,648,355.

 

The Penn Square Mall
Non-Serviced Pari Passu Companion Loan, the Penn Square Mall Non-Serviced Subordinate Companion Loan, the Ellenton Premium Outlets
Non-Serviced Pari Passu Companion Loans, the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans, the GLP Industrial
Portfolio A Non-Serviced Subordinate Companion Loans, the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans,
the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans, the University West Apartments Non-Serviced Pari Passu Companion
Loan and any Serviced Subordinate Companion Loan (each a “Companion Loan” and collectively, the “Companion
Loans”) are not part of the Trust Fund, but are each secured by the applicable Mortgage that secures the related Mortgage
Loan that is part of the Trust Fund. As and to the extent provided herein, any Companion Loan (other than any Non-Serviced Companion
Loan) will be serviced and administered in accordance with this Agreement. Amounts attributable to any Companion Loan will not
be part of the Trust Fund, and (except to the extent that such amounts are payable or reimbursable to any party to this Agreement)
will be owned by the related Companion Holders.

 

The Princeton Pike Corporate
Center Whole Loan consists of the Princeton Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Serviced
Pari Passu Companion Loans. The Princeton Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Serviced
Pari Passu Companion Loans are pari passu with each other. The Princeton Pike Corporate Center Mortgage Loan is part of
the Trust Fund. The Princeton Pike Corporate Center Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Princeton
Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans will be serviced
and administered in accordance with this Agreement and the Princeton Pike Corporate Center Intercreditor Agreement.

 

The Le Meridien Cambridge
MIT Whole Loan consists of the Le Meridien Cambridge MIT Mortgage Loan and the Le Meridien Cambridge MIT Serviced Pari Passu Companion
Loans. The Le Meridien Cambridge MIT Mortgage Loan and the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans are pari
passu with each other. The Le Meridien Cambridge MIT Mortgage Loan is part of the Trust Fund. The Le Meridien Cambridge MIT
Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Le Meridien Cambridge MIT Mortgage Loan and the Le Meridien
Cambridge MIT Serviced Pari Passu Companion Loans will be serviced and administered in accordance with this Agreement and the Le
Meridien Cambridge MIT Intercreditor Agreement.

 

The Penn Square Mall
Whole Loan is a Non-Serviced Pari Passu-AB Whole Loan that consists of the Penn Square Mall Mortgage Loan, the Penn Square Mall
Non-Serviced Pari Passu Companion Loan and the Penn Square Mall Non-Serviced Subordinate Companion Loan. The Penn Square Mall Mortgage
Loan and the Penn Square Mall Non-Serviced Pari Passu Companion Loan are pari passu with each other. The Penn Square Mall
Non-Serviced Subordinate Companion Loan is subordinate to the Penn Square Mall Mortgage Loan and the Penn Square Mall Non-Serviced
Pari Passu Companion Loan. The Penn Square Mall Mortgage Loan is part of the Trust Fund. The Penn Square Mall Non-Serviced Pari
Passu Companion

 

    	-6-

    	 

    

 

Loan
and the Penn Square Mall Non-Serviced Subordinate Companion Loan are not part of the Trust Fund. The Penn Square Mall Mortgage
Loan, the Penn Square Mall Non-Serviced Pari Passu Companion Loan and the Penn Square Mall Non-Serviced Subordinate Companion
Loan will be serviced and administered in accordance with the MSCI 2016-PSQ Trust and Servicing Agreement and the Penn Square
Mall Intercreditor Agreement.

 

The Ellenton Premium
Outlets Whole Loan consists of the Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Non-Serviced Pari Passu
Companion Loans. The Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Non-Serviced Pari Passu Companion
Loans are pari passu with each other. The Ellenton Premium Outlets Mortgage Loan is part of the Trust Fund. The Ellenton
Premium Outlets Non-Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Ellenton Premium Outlets Mortgage Loan
and the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans will be serviced and administered in accordance with the
MSCI 2015-UBS8 Pooling and Servicing Agreement and the Ellenton Premium Outlets Intercreditor Agreement.

 

The GLP Industrial Portfolio
A Whole Loan is a Non-Serviced Pari Passu-AB Whole Loan that consists of the GLP Industrial Portfolio A Mortgage Loan, the GLP
Industrial Portfolio A Non-Serviced Pari Passu Companion Loans and the GLP Industrial Portfolio A Non-Serviced Subordinate Companion
Loans. The GLP Industrial Portfolio A Mortgage Loan and the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans
are pari passu with each other. The GLP Industrial Portfolio A Non-Serviced Subordinate Companion Loans are subordinate
to the GLP Industrial Portfolio A Mortgage Loan and the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans. The
GLP Industrial Portfolio A Mortgage Loan is part of the Trust Fund. The GLP Industrial Portfolio A Non-Serviced Pari Passu Companion
Loans and the GLP Industrial Portfolio A Non-Serviced Subordinate Companion Loans are not part of the Trust Fund. The GLP Industrial
Portfolio A Mortgage Loan, the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans and the GLP Industrial Portfolio
A Non-Serviced Subordinate Companion Loans will be serviced and administered in accordance with the CSMC 2015-GLPA Trust and Servicing
Agreement and the GLP Industrial Portfolio A Intercreditor Agreement.

 

The University West Apartments
Whole Loan consists of the University West Apartments Mortgage Loan and the University West Apartments Non-Serviced Pari Passu
Companion Loan. The University West Apartments Mortgage Loan and the University West Apartments Non-Serviced Pari Passu Companion
Loan are pari passu with each other. The University West Apartments Mortgage Loan is part of the Trust Fund. The University
West Apartments Non-Serviced Pari Passu Companion Loan is not part of the Trust Fund. The University West Apartments Mortgage Loan
and the University West Apartments Non-Serviced Pari Passu Companion Loan will be serviced and administered in accordance with
the MSBAM 2015-C27 Pooling and Servicing Agreement and the University West Apartments Intercreditor Agreement.

 

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

 

    	-7-

    	 

    

 

ARTICLE
I

DEFINITIONS

 

Section
1.01     Defined Terms. Whenever used in this Agreement, including in the Preliminary
Statement, the following capitalized terms, unless the context otherwise requires, shall have the meanings specified in this
Article.

 

“10-K Filing
Deadline”: As defined in Section 11.05(a).

 

“15Ga-1 Notice”:
As defined in Section 2.02(g).

 

“15Ga-1 Repurchase
Request”: As defined in Section 2.02(g).

 

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

 

“17g-5 Information
Provider’s Website”: The 17g-5 Information Provider’s Internet website, which shall initially be located
within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the “NRSRO”
tab on the page relating to this transaction.

 

“30/360 Mortgage
Loans”: The Mortgage Loans indicated as such in Annex A-1 to the Prospectus.

 

“Accelerated
Mezzanine Loan Lender” A mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure
or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan.

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related Mortgagor to
maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance
policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related Mortgagor
to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages or casualties caused by terrorist
or similar acts upon terms not materially less favorable than those in place as of the Closing Date, in each case as to which default
the Master Servicer and the Special Servicer may forbear taking any enforcement action, provided that the Special Servicer
has determined, in its reasonable judgment, based on inquiry consistent with the Servicing Standard and (unless a Control Termination
Event has occurred and is continuing (or other than with respect to any Excluded Loan), with the consent of the Directing Certificateholder
(and after a Control Termination Event has occurred, but prior to the occurrence of a Consultation Termination Event (or other
than with respect to any Excluded Loan), after consultation with the Directing Certificateholder as provided in Section 6.08
hereof)) (or, with respect to a Serviced AB Whole Loan, and prior to any related Serviced AB Control Appraisal Period, with the
consent of the related Serviced AB Whole Loan Controlling Holder to the extent required under the related Intercreditor Agreement),
that either (a) such

 

    	-8-

    	 

    

 

insurance
is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties
similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged Property is located,
or (b) such insurance is not available at any rate; provided, however, that the Directing Certificateholder (or,
with respect to a Serviced AB Whole Loan, the Serviced AB Whole Loan Controlling Holder prior to any Serviced AB Control Appraisal
Period to the extent required under the related Intercreditor Agreement) will not have more than thirty (30) days to respond to
the Special Servicer’s request for such consent or consultation; provided, further, that upon the Special
Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer
to consult with the Directing Certificateholder or any applicable Serviced AB Whole Loan Controlling Holder, as applicable, the
Special Servicer is not required to do so. Each of the Master Servicer (at its own expense) and the Special Servicer (at the expense
of the Trust Fund) shall be entitled to rely on insurance consultants in making the determinations described above.

 

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

 

“Actual/360
Basis”: Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

 

“Actual/360
Mortgage Loans”: The Mortgage Loans, to the extent indicated as such in Annex A-1 to the Prospectus.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1 hereto,
as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan documents
(including any Intercreditor Agreement or subordination agreement).

 

“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached hereto as Exhibit EE.

 

“Additional
Exclusions”: Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar
to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.04(a).

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.05(a).

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer or any Mortgage Loan Seller that services any
of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer, who services
10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to ARTICLE XI.

 

    	-9-

    	 

    

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum (without duplication) of the Servicing Fee Rate, the Certificate Administrator Fee Rate (which fee rate accounts for the
Trustee Fee), the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate and, in the case of any Non-Serviced Mortgage Loan, the related Pari Passu Loan Primary Servicing
Fee Rate.

 

“Advance”:
Any P&I Advance or Servicing Advance.

 

“Adverse REMIC
Event”: As defined in Section 10.01(g).

 

“Affected Party”:
As defined in Section 7.01(b).

 

“Affected Reporting
Party”: As defined in Section 11.12.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Affirmative
Asset Review Vote”: As defined in Section 12.01(a).

 

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

“Anticipated
Repayment Date”: With respect to each Mortgage Loan that is indicated on Annex A-1 to the Prospectus as being an ARD
Loan, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

“Applicable
Laws”: As defined in Section 8.15.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York; and (b) such other state or local tax laws whose applicability shall have been brought to the attention of the
Trustee and the Certificate Administrator by either (i) an Opinion of Counsel delivered to it, or (ii) written notice from the
appropriate taxing authority as to the applicability of such state or local tax laws.

 

“Appraisal”:
An appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property
is located and which satisfies the Interagency Appraisal and Evaluation Guidelines jointly issued by The Office of the Comptroller
of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC),
and the National Credit Union Administration (NCUA) relating to real estate appraisals and evaluations used to support real estate-related
financial transactions, as amended from time to time. Any Appraisal ordered by the Master Servicer or Special Servicer shall be
performed by an Independent MAI-designated appraiser.

 

    	-10-

    	 

    

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion
Loan, or Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the Special
Servicer (prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan or Whole Loan
other than an Excluded Loan) in consultation with the Directing Certificateholder, and, after the occurrence and during the continuance
of a Control Termination Event, in consultation with the Directing Certificateholder (only with respect to a Mortgage Loan or Whole
Loan other than an Excluded Loan) and, after the occurrence and during the continuance of a Consultation Termination Event, in
consultation with the Operating Advisor), as of the first Determination Date that is at least ten (10) Business Days following
the date on which the Special Servicer receives an Appraisal or conducts a valuation described below, equal to the excess of (a)
the Stated Principal Balance of that Mortgage Loan or the Stated Principal Balance of the applicable Serviced Whole Loan over (b)
the excess of (i) the sum of (A) 90% of the Appraised Value of the related Mortgaged Property as determined (1) by one or more
Appraisals obtained by the Special Servicer with respect to any Mortgage Loan (together with any other Mortgage Loan cross-collateralized
with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance equal to or in excess
of $2,000,000 (the costs of which shall be paid by the Master Servicer as an Advance) or (2) by an internal valuation performed
by the Special Servicer with respect to any Mortgage Loan (together with any other Mortgage Loan cross collateralized with such
Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance less than $2,000,000, minus, with
respect to any Appraisals, such downward adjustments as the Special Servicer may make (without implying any obligation to do so)
based upon its review of the Appraisal and any other information it deems relevant and (B) all escrows, letters of credit and reserves
in respect of such Mortgage Loan or Serviced Whole Loan, as applicable, as of the date of calculation over (ii) the sum of, as
of the Due Date occurring in the month of the date of determination, (A) to the extent not previously advanced by the Master Servicer
or the Trustee, all unpaid interest due on such Mortgage Loan or Serviced Whole Loan, as the case may be, at a per annum
rate equal to its Mortgage Rate (and, with respect to any Serviced AB Whole Loan, any accrued and unpaid interest on the related
Serviced Subordinate Companion Loan, as applicable), (B) all P&I Advances on the related Mortgage Loan and all Servicing Advances
on the related Mortgage Loan or Serviced Whole Loan, as applicable, not reimbursed from proceeds of such Mortgage Loan or Serviced
Whole Loan, as applicable, and interest thereon at the Reimbursement Rate in respect of such Mortgage Loan or Serviced Whole Loan,
as applicable, and (C) all currently due and unpaid real estate taxes, assessments, insurance premiums, ground rents, unpaid Special
Servicing Fees and all other amounts due and unpaid (including any capitalized interest whether or not then due and payable) with
respect to such Mortgage Loan or Serviced Whole Loan, as the case may be (which taxes, premiums, ground rents and other amounts
have not been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable); provided,
however, without limiting the Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation,
if the Special Servicer has not obtained an Appraisal or performed such valuation, as applicable, referred to above within sixty
(60) days of the Appraisal Reduction Event (or with respect to the Appraisal Reduction Events set forth in clauses (i) and
(vi) of the definition of Appraisal Reduction Event, within one hundred twenty (120) days (in the case of clause (i))
or ninety (90) days or one hundred twenty (120) days, as applicable (in case of clause (vi)) after the initial delinquency
for the related

 

    	-11-

    	 

    

 

Appraisal
Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal
Balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time as such appraisal, valuation or information
referred to above (or information reasonably requested from the Master Servicer pursuant to Section 4.05(c) necessary to
calculate the Appraisal Reduction Amount) is received by the Special Servicer and the Appraisal Reduction Amount is calculated
as of the first Determination Date that is at least ten (10) Business Days thereafter. Within sixty (60) days after the Appraisal
Reduction Event, the Special Servicer shall order and use reasonable efforts to receive an Appraisal (the cost of which shall
be paid by the Master Servicer as a Servicing Advance); provided, further, however, that with respect to
an Appraisal Reduction Event as set forth in clause (i) of the definition of Appraisal Reduction Event, the Special Servicer
shall order and use reasonable efforts to receive such Appraisal within the one hundred twenty (120) day period set forth in such
clause (i), and with respect to an Appraisal Reduction Event as set forth in clause (vi) of the definition of Appraisal
Reduction Event, the Special Servicer shall order and use reasonable efforts to receive such Appraisal within the ninety (90)
day period or one hundred twenty (120) day period, as applicable, set forth in such clause (vi); provided, further,
however, that in no event shall the Special Servicer be required to order any such Appraisal prior to the conclusion of
such sixty (60), ninety (90), or one hundred twenty (120) day period, as applicable, and in each case, the related Appraisal shall
be promptly delivered in electronic format by the Special Servicer to the Master Servicer, the Directing Certificateholder (but
only prior to the occurrence of a Consultation Termination Event), the Certificate Administrator and the Trustee. In connection
with any Appraisal Reduction Amount, the Master Servicer shall provide the Special Servicer with the information as set forth
in Section 4.05(c), within four (4) Business Days of its receipt of any such request. The Master Servicer will not calculate
Appraisal Reduction Amounts.

 

With respect to any Appraisal
Reduction Amount calculated for purposes of determining the existence and identity of the Controlling Class pursuant to Section
4.05(a) hereof, the Appraised Value for the related Mortgaged Property determined in connection with clause (b)(i)(A)(1)
or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined on an “as-is” basis.

 

Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan or the related REO Property will be
reduced to zero as of the date on which Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust
or as otherwise set forth in Section 4.05(d).

 

Any Appraisal Reduction
Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in accordance with and pursuant
to the terms of the applicable Non-Serviced PSA.

 

“Appraisal Reduction
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan, and Serviced
Whole Loan, the earliest of (i) one hundred twenty (120) days after an uncured delinquency (without regard to the application of
any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in respect of such Mortgage Loan,
Companion Loan or Serviced Whole Loan, as applicable, (ii) the date on which a reduction in the amount of Periodic Payments on
such Mortgage Loan or Companion Loan, as applicable, or a change in any other material economic

 

    	-12-

    	 

    

 

term
of such Mortgage Loan or Companion Loan, as applicable (other than an extension of the Maturity Date), becomes effective as a
result of a modification of such Mortgage Loan or Companion Loan, as applicable, by the Special Servicer, (iii) thirty (30) days
after the date on which a receiver has been appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which
a Mortgagor declares bankruptcy (and the bankruptcy petition is not otherwise dismissed within such time), (v) sixty (60) days
after the date on which an involuntary petition of bankruptcy is filed with respect to a Mortgagor if not dismissed within such
time, (vi) ninety (90) days after an uncured delinquency occurs in respect of a Balloon Payment with respect to such Mortgage
Loan or Companion Loan, as applicable, except where a refinancing is anticipated within one hundred twenty (120) days after the
Maturity Date of the Mortgage Loan or Companion Loan, as applicable, in which case one hundred twenty (120) days after such uncured
delinquency, and (vii) immediately after such Mortgage Loan or Companion Loan, as applicable, becomes an REO Loan; provided
that the thirty (30) day period referenced in clause (iii) and clause (iv) shall not apply if the related Mortgage
Loan is a Specially Serviced Loan; provided, further, however, that an Appraisal Reduction Event shall not
occur at any time when the aggregate Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero.
The Special Servicer shall notify the Master Servicer, the Directing Certificateholder, and the Operating Advisor, or the Master
Servicer shall notify the Special Servicer and the Operating Advisor, as applicable, promptly upon such Person having notice or
knowledge of the occurrence of any of the foregoing events. The obligation to obtain an Appraisal following the occurrence of
an Appraisal Reduction Event shall be subject to the provisions of Section 4.05 hereof.

 

“Appraisal Review
Period”: As defined in Section 4.05(b)(ii).

 

“Appraised-Out
Class”: As defined in Section 4.05(b)(i).

 

“Appraised Value”:
With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised value thereof as determined
by the most recent Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced Whole Loan, or Serviced AB
Whole Loan, as applicable, and with respect to a Non-Serviced Mortgaged Property, the appraised value allocable thereto, as determined
pursuant to the applicable Non-Serviced PSA.

 

“Arbitration
Rules”: As defined in Section 2.03(n)(i).

 

“Arbitration
Services Provider”: As defined in Section 2.03(n)(i).

 

“ARD Loan”:
Any Mortgage Loan that is identified on the Mortgage Loan Schedule as such.

 

“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, and its successors-in-interest.

 

“Asset Representations
Reviewer Fee”: As defined in Section 12.02(a).

 

“Asset Representations
Reviewer Fee Rate”: As defined in Section 12.02(a).

 

    	-13-

    	 

    

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 12.02(a).

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 12.05(a).

 

“Asset Review”:
A review of the compliance of each Delinquent Loan with certain representations and warranties of the applicable Mortgage Loan
Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit QQ hereto.

 

“Asset Review
Notice”: As defined in Section 12.01(a).

 

“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all of the Certificates.

 

“Asset Review
Report”: As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions of an Asset
Review substantially in the form attached hereto as Exhibit OO.

 

“Asset Review
Report Summary”: As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit PP.

 

“Asset Review
Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith subject
to the express terms of this Agreement. Except as otherwise expressly set forth in this Agreement, all determinations or assumptions
made by the Asset Representations Reviewer in connection with an Asset Review shall be made in the Asset Representations Reviewer’s
good faith discretion and judgment based on the facts and circumstances known to it at the time of such determination or assumption.

 

“Asset Review
Trigger”: Any time when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25.0% or more of
the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
corresponding to the predecessor Mortgage Loan, in the case of a Whole Loan)) held by the Trust as of the end of the applicable
Collection Period are Delinquent Loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least ten
(10) Mortgage Loans are Delinquent Loans and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes
at least 15.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion
of any REO Loan corresponding to the predecessor Mortgage Loan, in the case of a Whole Loan)) held by the Trust as of the end of
the applicable Collection Period, or (B) after the second anniversary of the Closing Date, at least fifteen (15) Mortgage Loans
are Delinquent Loans and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least 20.0%
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
corresponding to the predecessor Mortgage Loan, in the case of a Whole Loan)) held by the Trust as of the end of the applicable
Collection Period.

 

    	-14-

    	 

    

 

“Asset Review
Vote Election”: As defined in Section 12.01(a).

 

“Asset Status
Report”: As defined in Section 3.19(d).

 

“Assignment”
and “Assignments”: Each as defined in Section 2.01(c).

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar instrument
executed by the Mortgagor, assigning to the mortgagee all of the income, rents and profits derived from the ownership, operation,
leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged and delivered,
as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”: With respect to any Mortgaged Property, an assignment of Mortgage without recourse, notice of transfer
or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged
Property is located to reflect of record the assignment of the Mortgage, which assignment, notice of transfer or equivalent instrument
may be in the form of one or more blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction,
if permitted by law and acceptable for recording.

 

“Assumed Scheduled
Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan)
that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I
Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion of the
Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant payment
required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as calculated with interest
at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to any reduction
in the principal balance thereof occurring in connection with a modification of such Mortgage Loan in connection with a default
or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding,
for purposes of determining P&I Advances, the portion allocable to any related Companion Loan) at the applicable Mortgage Rate
(net of interest at the Servicing Fee Rate and the related Pari Passu Loan Primary Servicing Fee Rate, if applicable).

 

“Authenticating
Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a).

 

“Available Funds”:
With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)          the
aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent received
by the Trust pursuant to the related Non-Serviced PSA and/or the related Non-Serviced Intercreditor Agreement) (including the portion
of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(h) of this Agreement) and any REO
Property (including Compensating Interest Payments with respect to the Mortgage Loans

 

    	-15-

    	 

    

 

required to be deposited by the Master Servicer
pursuant to Section 3.17(a)) on deposit in the Collection Account (in each case, exclusive of any amount on deposit in or
credited to any portion of the Collection Account that is held for the benefit of the Companion Holders) as of the close of business
on the related P&I Advance Date, exclusive of (without duplication):

 

(i)           all
Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection
Period, excluding interest relating to payments prior to, but due after, the Cut-off Date;

 

(ii)          all
unscheduled Principal Prepayments (together with any related payments of interest allocable to the period following the related
Due Date for the related Mortgage Loan), Liquidation Proceeds, Insurance and Condemnation Proceeds and other unscheduled recoveries,
in each case, received subsequent to the related Determination Date (or, with respect to voluntary Principal Prepayments for each
Mortgage Loan with a Due Date occurring after the related Determination Date, subsequent to the related Due Date) allocable to
the Mortgage Loans;

 

(iii)         (A)
all amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xviii),
inclusive, and (xxi) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person from the Lower-Tier
REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section 3.05(b); and (C)
any Net Investment Earnings contained therein;

 

(iv)         with
respect to the Actual/360 Mortgage Loans and any Distribution Date relating to each Interest Accrual Period occurring in (1) each
February or (2) any January in a year that is not a leap year (in each case, unless the related Distribution Date is the final
Distribution Date), an amount equal to one (1) day of interest on the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the month preceding the month in which such Distribution Date occurs at the related Mortgage Rate to the extent such
amounts are Withheld Amounts;

 

(v)         all
Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Class V Certificates);

 

(vi)        all
Prepayment Premiums and Yield Maintenance Charges allocable to the Mortgage Loans;

 

(vii)       all
amounts deposited in the Collection Account in error; and

 

(viii)      any
Penalty Charges allocable to the Mortgage Loans;

 

(b)          if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account allocable
to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

    	-16-

    	 

    

 

(c)          the
aggregate amount of any Compensating Interest Payments made by the Master Servicer in respect of the Mortgage Loans with respect
to such Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the Mortgage
Loans and the Distribution Date (net of the related Certificate Administrator Fee, Operating Advisor Fee, Asset Representations
Reviewer Fee, CREFC® Intellectual Property Royalty License Fee and Trustee Fee with respect to the Mortgage Loans for which
such P&I Advances are made) pursuant to Section 4.03 or Section 7.05; and

 

(d)          with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account pursuant to Section
3.21(b).

 

Notwithstanding the investment
of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Available Funds, the amounts
so invested shall be deemed to remain on deposit in such account.

 

“Balloon Mortgage
Loan”: Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered into as
of the Closing Date provides for an amortization schedule for such Mortgage Loan or Companion Loan extending beyond its Maturity
Date.

 

“Balloon Payment”:
With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable on the Maturity Date of
such Balloon Mortgage Loan.

 

“BANA Lender
Successor Borrower Right”: has the meaning set forth in Section 3.18(i) hereof.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base Interest
Fraction”: As defined in Section 4.01(e).

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower Party”:
A borrower, a Mortgagor, a manager of a Mortgaged Property, an Accelerated Mezzanine Loan Lender or any Borrower Party Affiliate.

 

“Borrower Party
Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine Loan
Lender (a) any other Person controlling or controlled by or under common control with such borrower, Mortgagor, manager or an Accelerated
Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, 25% or more of the beneficial interests
in such borrower, Mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct

 

    	-17-

    	 

    

 

the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Borrower-Related
Party”: As defined in Section 3.32(a).

 

“Breach”:
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in Exhibit
2 to the related Mortgage Loan Purchase Agreement.

 

“Business Day”:
Any day other than a Saturday, a Sunday or a day on which banking institutions in North Carolina, New York, California, or the
city and state in which the Corporate Trust Office of the Trustee or the Certificate Administrator, or the principal place of business
or principal commercial mortgage loan servicing office of the Master Servicer or the Special Servicer is located, or the New York
Stock Exchange or the Federal Reserve System of the United States of America are authorized or obligated by law or executive order
to remain closed.

 

“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2016-C28, as executed and delivered by the
Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator appointed
hereunder. Wells Fargo Bank, National Association shall perform the certificate administrator role through its Corporate Trust
Services division.

 

“Certificate
Administrator Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement; provided that the Certificate Administrator Fee includes the Trustee Fee, and the Certificate
Administrator shall pay the Trustee Fee to the Trustee.

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.00628%
per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as interest is calculated
on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion Loan) as of the preceding
Distribution Date. The Certificate Administrator Fee includes the Trustee Fee.

 

“Certificate
Administrator’s Website”: The Certificate Administrator’s Internet website, which shall initially be located
at “www.ctslink.com”.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates or Trust Components, (i) on or prior to the first
Distribution Date, an amount equal to the

 

    	-18-

    	 

    

 

Original
Certificate Balance of such Class or Trust Component as specified in the Preliminary Statement hereto and (ii) as of any date
of determination after the first Distribution Date, the Certificate Balance of such Class of Principal Balance Certificates or
Trust Components on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to
Section 1.02(iii)).

 

The aggregate Certificate
Balance of the Class E-1 Certificates, the Class E Component E-1, the Class EF Component E-1 and the Class EFG Component E-1 shall
be equal at all times to the Certificate Balance of the Class E-1 Trust Component. The aggregate Certificate Balance of the Class
E-2 Certificates, the Class E Component E-2, the Class EF Component E-2 and the Class EFG Component E-2 shall be equal at all times
to the Certificate Balance of the Class E-2 Trust Component. The aggregate Certificate Balance of the Class F-1 Certificates, the
Class F Component E-1, the Class EF Component F-1 and the Class EFG Component F-1 shall be equal at all times to the Certificate
Balance of the Class F-1 Trust Component. The aggregate Certificate Balance of the Class F-2 Certificates, the Class F Component
F-2, the Class EF Component F-2 and the Class EFG Component F-2 shall be equal at all times to the Certificate Balance of the Class
F-2 Trust Component. The aggregate Certificate Balance of the Class G-1 Certificates, the Class G Component G-1 and the Class EFG
Component G-1 shall be equal at all times to the Certificate Balance of the Class G-1 Trust Component. The aggregate Certificate
Balance of the Class G-2 Certificates, the Class G Component G-2 and the Class EFG Component G-2 shall be equal at all times to
the Certificate Balance of the Class G-2 Trust Component. The aggregate Certificate Balance of the Class H-1 Certificates and the
Class H Component H-1 shall be equal at all times to the Certificate Balance of the Class H-1 Trust Component. The aggregate Certificate
Balance of the Class H-2 Certificates and the Class H Component H-2 shall be equal at all times to the Certificate Balance of the
Class H-2 Trust Component.

 

The Certificate Balance
of any Exchangeable Component will be equal to the applicable percentage interest referenced in the definition of such Exchangeable
Component, multiplied by the Certificate Balance of the Trust Component referenced in the definition of such Exchangeable Component.

 

The original and outstanding
Certificate Balances of any Class of Exchangeable Certificates and any Class of Exchangeable Combined Certificates are subject
to adjustment in connection with any exchange of Exchangeable Certificates for Exchangeable Combined Certificates, or vice versa,
in each case in accordance with Section 5.09 hereof.

 

“Certificate
Factor”: With respect to any Class of Certificates (other than the Class R and Class V Certificates), as of any date
of determination, a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of which is the then related
Certificate Balance or Notional Amount, and the denominator of which is the related Original Certificate Balance.

 

“Certificate
Owner”: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

    	-19-

    	 

    

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and registrar appointed pursuant to
Section 5.03(a).

 

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register or any beneficial
owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking
any action pursuant to this Agreement, any Certificate registered in the name of or beneficially owned by the Master Servicer,
the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator,
the Depositor, any Mortgage Loan Seller, a Mortgagor, a Borrower Party or any Affiliate of any of such Persons shall be deemed
not to be outstanding (provided that notwithstanding the foregoing, any Controlling Class Certificates owned by an Excluded
Controlling Class Holder shall not be deemed to be outstanding as to such Excluded Controlling Class Holder solely with respect
to any related Excluded Controlling Class Loan; and provided, further, that any Controlling Class Certificates owned
by the Special Servicer or an Affiliate thereof shall not be deemed to be outstanding as to the Special Servicer or such Affiliate
solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights to which it is entitled shall not be
taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval,
waiver or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply
in the case of the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer),
the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless
such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in
the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect to a Mortgage Loan
contributed by such Mortgage Loan Seller; provided, further, that so long as there is no Servicer Termination Event
with respect to the Master Servicer or the Special Servicer, as applicable, the Master Servicer and the Special Servicer or such
Affiliate of either shall be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed
to adversely affect such party’s compensation or increase its obligations or liabilities hereunder; and provided,
further, that such restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s
or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any
Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided
an Investor Certification in which it has certified as to the existence of certain policies and procedures restricting the flow
of information between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator,
as applicable. The Trustee and the Certificate Administrator shall each be entitled to request and rely upon a certificate of the
Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate is registered in the name of an Affiliate
of such Person. All references herein to “Holders” or “Certificateholders” shall reflect the rights of
Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository Participants, except as
otherwise specified herein; provided, however, that the parties hereto shall be required to recognize as a “Holder”
or “Certificateholder” only the Person in whose name a Certificate is registered in the Certificate Register. The Trustee
shall be the Holder of the Lower-Tier Regular Interests for the benefit of the Certificateholders.

 

    	-20-

    	 

    

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 75% of the aggregate Voting Rights (taking into account the
application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all Principal Balance Certificates
on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(k)(i).

 

“Certification
Parties”: As defined in Section 11.06.

 

“Certification
Party”: Any one of the Certification Parties.

 

“Certifying
Person”: As defined in Section 11.06.

 

“Certifying
Servicer”: As defined in Section 11.09.

 

“CIBC Lender
Successor Borrower Right” has the meaning set forth in Section 3.18(i) hereof.

 

“Class”:
With respect to any Certificates, Lower-Tier Regular Interests or Trust Component, all of the Certificates bearing the same alphabetical
(and, if applicable, numerical) Class designation and each designated Lower-Tier Regular Interest, and each Class E Trust Component,
each Class F Trust Component, each Class G Trust Component and each Class H Trust Component.

 

“Class A Certificate”:
Any Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-S Certificate.

 

“Class A-1 Certificate”:
A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 1.5310%.

 

“Class A-2 Certificate”:
A Certificate designated as “Class A-2” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 2.6400%.

 

“Class A-3 Certificate”:
A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-3 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.2720%.

 

    	-21-

    	 

    

 

“Class A-4 Certificate”:
A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-4 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.5440%.

 

“Class A-S Certificate”:
A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-S Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.9510%.

 

“Class A-SB
Certificate”: A Certificate designated as “Class A-SB” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-SB
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.2880%.

 

“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule 2 hereto relating to the Class A-SB Certificates.

 

“Class B Certificate”:
A Certificate designated as “Class B” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class B Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class C Certificate”:
A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class C Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class D Certificate”:
A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class D Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.0000%.

 

“Class E Certificate”:
Any one of the Certificates with a “Class E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the

 

    	-22-

    	 

    

 

Authenticating
Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement, and representing beneficial ownership
of the Class E Specific Grantor Trust Assets.

 

“Class E Component”:
Any of the Class E Component E-1 or Class E Component E-2.

 

“Class E Component
E-1”: The Class E-E-1 Exchange Percentage Interest of the Class E-1 Trust Component.

 

“Class E Component
E-2”: The Class E-E-2 Exchange Percentage Interest of the Class E-2 Trust Component.

 

“Class E Distribution
Account”: The segregated trust account or accounts created and maintained as a separate account or accounts by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(g) of this Agreement, which shall be entitled “Wells
Fargo Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the
benefit of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through
Certificates, Series 2016-C28, Class E Distribution Account”, and which must be an Eligible Account or a subaccount of an
Eligible Account. The Class E Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall
be an asset of the Grantor Trust.

 

“Class E Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class E Components and the proceeds thereof in
the related Distribution Account.

 

“Class E Trust
Components”: The Class E-1 Trust Component and the Class E-2 Trust Component, individually or collectively, as the context
may require.

 

“Class E-1 Certificate”:
Any one of the Certificates with a “Class E-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class E-1 Specific Grantor Trust Assets.

 

“Class E-1 Component”:
The Class E-1 Percentage Interest of the Class E-1 Trust Component.

 

“Class E-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class E-1 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class E-1 Certificates and (b) the Certificate Balance
of the Class E-1 Trust Component. As of the Closing Date, the Class E-1 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

    	-23-

    	 

    

 

“Class E-1 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class E-1 Component and the proceeds thereof in
the related Distribution Account.

 

“Class E-1 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class E, Class E-1, Class EF and/or Class EFG Certificates. The Class E-1 Trust Component will be held in
the Grantor Trust.

 

“Class E-2 Certificate”:
Any one of the Certificates with a “Class E-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class E-2 Specific Grantor Trust Assets.

 

“Class E-2 Component”:
The Class E-2 Percentage Interest of the Class E-2 Trust Component.

 

“Class E-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class E-2 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class E-2 Certificates and (b) the Certificate Balance
of the Class E-2 Trust Component. As of the Closing Date, the Class E-E-2 Exchange Percentage Interest will be the amount set forth
in the table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class E-2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class E-2 Component and the proceeds thereof in
the related Distribution Account.

 

“Class E-2 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class E, Class E-2, Class EF and/or Class EFG Certificates. The Class E-2 Trust Component will be held in
the Grantor Trust.

 

“Class E-E-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class E Certificates and (b) the Certificate Balance of the Class E-1 Trust Component. As of the Closing Date, the
Class E-E-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class E-E-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class E Certificates and (b) the Certificate Balance of the Class E-2 Trust Component. As of the Closing Date, the
Class E-E-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

    	-24-

    	 

    

 

“Class EF Certificate”:
Any one of the Certificates with a “Class EF” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class EF Specific Grantor Trust Assets.

 

“Class EF Component”:
Any of the Class EF Component E-1, Class EF Component E-2, Class EF Component F-1 or Class EF Component F-2.

 

“Class EF Component
E-1”: The Class EF-E-1 Exchange Percentage Interest of the Class E-1 Trust Component.

 

“Class EF Component
E-2”: The Class EF-E-2 Exchange Percentage Interest of the Class E-2 Trust Component.

 

“Class EF Component
F-1”: The Class EF-F-1 Exchange Percentage Interest of the Class F-1 Trust Component.

 

“Class EF Component
F-2”: The Class EF-F-2 Exchange Percentage Interest of the Class F-2 Trust Component.

 

“Class EF Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class EF Components and the proceeds thereof in
the related Distribution Account.

 

“Class EF-E-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EF Certificates and (b) the Certificate Balance of the Class E-1 Trust Component. As of the Closing Date,
the Class EF-E-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EF-E-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EF Certificates and (b) the Certificate Balance of the Class E-2 Trust Component. As of the Closing Date,
the Class EF-E-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EF-F-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EF Certificates and (b) the Certificate Balance of the Class F-1 Trust Component. As of the Closing Date,
the Class EF-F-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EF-F-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EF Certificates and (b) the Certificate Balance of the Class F-2 Trust Component. As of the Closing Date,
the Class EF-F-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

    	-25-

    	 

    

 

“Class EFG Certificate”:
Any one of the Certificates with a “Class EFG” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class EFG Specific Grantor Trust Assets.

 

“Class EFG Component”:
Any of the Class EFG Component E-1, Class EFG Component E-2, Class EFG Component F-1, Class EFG Component F-2, Class EFG Component
G-1 or Class EFG Component G-2.

 

“Class EFG Component
E-1”: The Class EFG-E-1 Exchange Percentage Interest of the Class E-1 Trust Component.

 

“Class EFG Component
E-2”: The Class EFG-E-2 Exchange Percentage Interest of the Class E-2 Trust Component.

 

“Class EFG Component
F-1”: The Class EFG-F-1 Exchange Percentage Interest of the Class F-1 Trust Component.

 

“Class EFG Component
F-2”: The Class EFG-F-2 Exchange Percentage Interest of the Class F-2 Trust Component.

 

“Class EFG Component
G-1”: The Class EFG-G-1 Exchange Percentage Interest of the Class G-1 Trust Component.

 

“Class EFG Component
G-2”: The Class EFG-G-2 Exchange Percentage Interest of the Class G-2 Trust Component.

 

“Class EFG-E-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and (b) the Certificate Balance of the Class E-1 Trust Component. As of the Closing Date,
the Class EFG-E-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EFG-E-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and (b) the Certificate Balance of the Class E-2 Trust Component. As of the Closing Date,
the Class EFG-E-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EFG-F-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and (b) the Certificate Balance of the Class F-1 Trust Component. As of the Closing Date,
the Class EFG-F-1 Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class EFG-F-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and

 

    	-26-

    	 

    

 

(b) the
Certificate Balance of the Class F-2 Trust Component. As of the Closing Date, the Class EFG-F-2 Exchange Percentage Interest will
be the amount set forth in the table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class EFG-G-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and (b) the Certificate Balance of the Class G-1 Trust Component. As of the Closing Date,
the Class EFG-G-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EFG-G-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class EFG Certificates and (b) the Certificate Balance of the Class G-2 Trust Component. As of the Closing Date,
the Class EFG-G-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage
Interests” in Section 5.09(a).

 

“Class EFG Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class EFG Components and the proceeds thereof
in the related Distribution Account.

 

“Class F Certificate”:
Any one of the Certificates with a “Class F” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class F Specific Grantor Trust Assets.

 

“Class F Component”:
Any of the Class F Component F-1 or Class F Component F-2.

 

“Class F Component
F-1”: The Class F-F-1 Exchange Percentage Interest of the Class F-1 Trust Component.

 

“Class F Component
F-2”: The Class F-F-2 Exchange Percentage Interest of the Class F-2 Trust Component.

 

“Class F Distribution
Account”: The segregated trust account or accounts created and maintained as a separate account or accounts by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(g) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit
of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28, Class F Distribution Account”, and which must be an Eligible Account or a subaccount of an Eligible Account.
The Class F Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the
Grantor Trust.

 

“Class F Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class F Components and the proceeds thereof in
the related Distribution Account.

 

    	-27-

    	 

    

 

“Class F Trust
Components”: The Class F-1 Trust Component and the Class F-2 Trust Component, individually or collectively, as the context
may require.

 

“Class F-1 Certificate”:
Any one of the Certificates with a “Class F-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class F-1 Specific Grantor Trust Assets.

 

“Class F-1 Component”:
The Class F-1 Percentage Interest of the Class F-1 Trust Component.

 

“Class F-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class F-1 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class F-1 Certificates and (b) the Certificate Balance
of the Class F-1 Trust Component. As of the Closing Date, the Class F-1 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class F-1 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class F-1 Component and the proceeds thereof in
the related Distribution Account.

 

“Class F-1 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class F, Class F-1, Class EF and/or Class EFG Certificates. The Class F-1 Trust Component will be held in
the Grantor Trust.

 

“Class F-2 Certificate”:
Any one of the Certificates with a “Class F-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class F-2 Specific Grantor Trust Assets.

 

“Class F-2 Component”:
The Class F-2 Percentage Interest of the Class F-2 Trust Component.

 

“Class F-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class F-2 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class F-2 Certificates and (b) the Certificate Balance
of the Class F-2 Trust Component. As of the Closing Date, the Class F-2 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

    	-28-

    	 

    

 

“Class F-2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class F-2 Component and the proceeds thereof in
the related Distribution Account.

 

“Class F-2 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class F, Class F-2, Class EF and/or Class EFG Certificates. The Class F-2 Trust Component will be held in
the Grantor Trust.

 

“Class F-F-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class F Certificates and (b) the Certificate Balance of the Class F-1 Trust Component. As of the Closing Date, the
Class F-F-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class F-F-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class F Certificates and (b) the Certificate Balance of the Class F-2 Trust Component. As of the Closing Date, the
Class F-F-2 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class G Certificate”:
Any one of the Certificates with a “Class G” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class G Specific Grantor Trust Assets.

 

“Class G Component”:
Any of the Class G Component G-1 or Class G Component G-2.

 

“Class G Component
G-1”: The Class G-G-1 Exchange Percentage Interest of the Class G-1 Trust Component.

 

“Class G Component
G-2”: The Class G-G-2 Exchange Percentage Interest of the Class G-2 Trust Component.

 

“Class G Distribution
Account”: The segregated trust account or accounts created and maintained as a separate account or accounts by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(g) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit
of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28, Class G Distribution Account”, and which must be an Eligible Account or a subaccount of an Eligible Account.
The Class G Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the
Grantor Trust.

 

“Class G Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class G Components and the proceeds thereof in
the related Distribution Account.

 

    	-29-

    	 

    

 

“Class G Trust
Components”: The Class G-1 Trust Component and the Class G-2 Trust Component, individually or collectively, as the context
may require.

 

“Class G-1 Certificate”:
Any one of the Certificates with a “Class G-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class G-1 Specific Grantor Trust Assets.

 

“Class G-1 Component”:
The Class G-1 Percentage Interest of the Class G-1 Trust Component.

 

“Class G-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class G-1 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class G-1 Certificates and (b) the Certificate Balance
of the Class G-1 Trust Component. As of the Closing Date, the Class G-1 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class G-1 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class G-1 Component and the proceeds thereof in
the related Distribution Account.

 

“Class G-1 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class G, Class G-1 and/or Class EFG Certificates. The Class G-1 Trust Component will be held in the Grantor
Trust.

 

“Class G-2 Certificate”:
Any one of the Certificates with a “Class G-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class G-2 Specific Grantor Trust Assets.

 

“Class G-2 Component”:
The Class G-2 Percentage Interest of the Class G-2 Trust Component. “Class G-2 Trust Component”: An uncertificated
“regular interest” in the Upper-Tier REMIC, beneficial ownership of which will be represented by the Class G, Class
G-2 and/or Class EFG Certificates. The Class G-2 Trust Component will be held in the Grantor Trust.

 

“Class G-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class G-2 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class G-2 Certificates and (b) the Certificate Balance
of the Class G-2 Trust Component. As of the Closing Date, the Class G-2 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

    	-30-

    	 

    

 

“Class G-2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class G-2 Component and the proceeds thereof in
the related Distribution Account.

 

“Class G-1 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class G, Class G-2 and/or Class EFG Certificates. The Class G-2 Trust Component will be held in the Grantor
Trust.

 

“Class G-G-1
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class G Certificates and (b) the Certificate Balance of the Class G-1 Trust Component. As of the Closing Date, the
Class G-G-1 Exchange Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class G-G-2
Exchange Percentage Interest”: The quotient of (a) the product of the related Exchange Proportion and the Certificate
Balance of the Class G Certificates and (b) the Certificate Balance of the Class G-2 Trust Component. As of the Closing Date, the
Class G-G-2 Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests”
in Section 5.09(a).

 

“Class H Certificate”:
Any one of the Certificates with a “Class H” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class H Specific Grantor Trust Assets.

 

“Class H Component”:
Any of the Class H Component H-1 or Class H Component H-2.

 

“Class H Component
H-1”: The Class H-1 Exchange Percentage Interest of the Class H-1 Trust Component.

 

“Class H Component
H-2”: The Class H-2 Exchange Percentage Interest of the Class H-2 Trust Component.

 

“Class H Distribution
Account”: The segregated trust account or accounts created and maintained as a separate account or accounts by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(g) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee, for the benefit
of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28, Class H Distribution Account”, and which must be an Eligible Account or a subaccount of an Eligible Account.
The Class H Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the
Grantor Trust.

 

“Class H Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class H Components and the proceeds thereof in
the related Distribution Account.

 

    	-31-

    	 

    

 

“Class H Trust
Components”: The Class H-1 Trust Component and the Class H-2 Trust Component, individually or collectively, as the context
may require.

 

“Class H-1 Certificate”:
Any one of the Certificates with a “Class H-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class H-1 Specific Grantor Trust Assets.

 

“Class H-1 Component”:
The Class H-1 Percentage Interest of the Class H-1 Trust Component.

 

“Class H-1 Exchange
Percentage Interest”: 100.0% minus the Class H-1 Percentage Interest. As of the Closing Date, the Class H-1 Exchange
Percentage Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests” in Section
5.09(a).

 

“Class H-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class H-1 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class H-1 Certificates and (b) the Certificate Balance
of the Class H-1 Trust Component. As of the Closing Date, the Class H-1 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class H-1 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class H-1 Component and the proceeds thereof in
the related Distribution Account.

 

“Class H-1 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class H and/or Class H-1 Certificates. The Class H-1 Trust Component will be held in the Grantor Trust.

 

“Class H-2 Certificate”:
Any one of the Certificates with a “Class H-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement,
and representing beneficial ownership of the Class H-2 Specific Grantor Trust Assets.

 

“Class H-2 Component”:
The Class H-2 Percentage Interest of the Class H-2 Trust Component.

 

“Class H-2 Exchange
Percentage Interest”: 100.0% minus the Class H-2 Percentage Interest. As of the Closing Date, the Class H-2 Percentage
Interest will be the amount set forth in the table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class H-2 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

    	-32-

    	 

    

 

“Class H-2 Percentage
Interest”: The quotient of (a) the Certificate Balance of the Class H-2 Certificates and (b) the Certificate Balance
of the Class H-2 Trust Component. As of the Closing Date, the Class H-2 Percentage Interest will be the amount set forth in the
table entitled “Closing Date Percentage Interests” in Section 5.09(a).

 

“Class H-2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class H-2 Component and the proceeds thereof in
the related Distribution Account.

 

“Class H-2 Trust
Component”: An uncertificated “regular interest” in the Upper-Tier REMIC, beneficial ownership of which will
be represented by the Class H and/or Class H-2 Certificates. The Class H-2 Trust Component will be held in the Grantor Trust.

 

“Class LA1 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LA2 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LA3 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LA4 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LAS Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LASB
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LB Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

    	-33-

    	 

    

 

“Class LC Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LD Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LE1 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LE2 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LF1 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LF2 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LG1 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LG2 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LH1 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LH2 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original

 

    	-34-

    	 

    

 

Lower-Tier
Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

 

“Class LR Interest”:
The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class R Certificate”:
A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-2 hereto, and evidencing
the sole class of “residual interests” in each Trust REMIC for purposes of the REMIC Provisions.

 

“Class UR Interest”:
The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

“Class V Certificate”:
Each of the Certificates executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit
A-3 and designated as a Class V Certificate, and evidencing undivided beneficial ownership of the Class V Specific Grantor
Trust Assets.

 

“Class V Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of any Excess Interest, the Excess Interest Distribution
Account and the proceeds thereof. For the avoidance doubt, there are no Class V Specific Grantor Trust Assets in the Trust.

 

“Class X Certificates”:
The Class X-A, Class X-B and Class X-D Certificates, as the context may require.

 

“Class X-A Certificate”:
A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-A Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A-1, Class A-2, Class
A-SB, Class A-3 and Class A-4 Certificates.

 

“Class X-A Pass-Through
Rate”: The Pass-Through Rate for Class X-A Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates
on the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates for such Distribution Date, weighted on the basis
of their respective Certificate Balances immediately prior to the Distribution Date. The Pass-Through Rate applicable to the Class
X-A Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-B Certificate”:
A Certificate designated as “Class X-B” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

    	-35-

    	 

    

 

“Class X-B Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A-S and Class B Certificates.

 

“Class X-B Pass-Through
Rate”: The Pass-Through Rate for Class X-B Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates
on the Class A-S and Class B Certificates for such Distribution Date, weighted on the basis of their respective Certificate Balances
immediately prior to the Distribution Date. The Pass-Through Rate applicable to the Class X-B Certificates for the initial Distribution
Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-D Certificate”:
A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-D Notional
Amount”: As of any date of determination, the Certificate Balance of the Class D Certificates.

 

“Class X-D Pass-Through
Rate”: The Pass-Through Rate for Class X-D Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of the Class D Certificates.
The Pass-Through Rate applicable to the Class X-D Certificates for the initial Distribution Date shall be the rate set forth in
the Preliminary Statement hereto.

 

“Class X YM
Distribution Amount”: As defined in Section 4.01(e).

 

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

 

“Clearstream”:
Clearstream Banking, société anonyme or any successor thereto.

 

“Closing Date”:
February 25, 2016.

 

“Closing Date
Interest Deposit Amount”: $121,988.43.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department
of the Treasury issued pursuant thereto.

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee for the benefit of the Certificateholders, which shall be entitled “Wells Fargo Bank,
National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered
holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28,
Collection Account”. Any such account or accounts shall be an Eligible Account. Subject to the related Intercreditor

 

    	-36-

    	 

    

 

Agreement
and taking into account that each Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Mortgage
Loan to the extent set forth in the related Intercreditor Agreement, the subaccount described in the second paragraph of Section
3.04(b) that is part of the Collection Account shall be for the benefit of the related Companion Holder, to the extent funds
on deposit in such subaccount are attributed to such Companion Loan and shall not be an asset of the Trust, any Trust REMIC or
the Grantor Trust.

 

“Collection
Period”: With respect to any Distribution Date and any Mortgage Loan or Companion Loan, the period commencing on the
day immediately succeeding the Due Date for such Mortgage Loan or Companion Loan occurring in the month preceding the month in
which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan or Companion Loan had a
Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan or Companion Loan occurring in
the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the event that the last day of a Collection
Period is not a Business Day, any Periodic Payments received with respect to the Mortgage Loans or Companion Loan relating to such
Collection Period on the Business Day immediately following such day shall be deemed to have been received during such Collection
Period and not during any other Collection Period.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion Distribution
Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the Companion Paying
Agent pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “Wells Fargo
Bank, National Association [or name of successor master servicer], as Companion Paying Agent, for the benefit of the Companion
Holders of the Companion Loans, relating to the Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28, Companion Distribution Account”. The Companion Distribution Account shall not
be an asset of the Trust, any Trust REMIC or the Grantor Trust, but instead shall be held by the Companion Paying Agent on behalf
of the Companion Holders. Any such account shall be an Eligible Account. Notwithstanding the foregoing, if the Master Servicer
and the Companion Paying Agent are the same entity, the Companion Distribution Account may be the subaccount referenced in the
second paragraph of Section 3.04(b).

 

“Companion Holders”:
Each of the holders of record of any Companion Loan.

 

“Companion Loan(s)”:
As defined in the Preliminary Statement.

 

“Companion Loan
Rating Agency”: Any NRSRO rating any class of Serviced Pari Passu Companion Loan Securities.

 

“Companion Paying
Agent”: With respect to the Serviced Companion Loans, if any, the Master Servicer in its role as Companion Paying Agent
appointed pursuant to Section 3.27.

 

“Companion Register”:
The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

    	-37-

    	 

    

 

“Compensating
Interest Payments”: An aggregate amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of
Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage
Loans (other than Non-Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any
Specially Serviced Loan or any Mortgage Loan or related Serviced Pari Passu Companion Loan on which the Special Servicer allowed
a prepayment on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that
portion of the Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan (other
than any Non-Serviced Mortgage Loans), Serviced Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid
for such Collection Period, calculated at a rate of 0.005% per annum, (B) all Prepayment Interest Excesses received by the
Master Servicer during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans) (and,
so long as a Serviced Whole Loan is serviced hereunder, the related Serviced Pari Passu Companion Loan) subject to such prepayment
and (C) to the extent earned on voluntary principal prepayments, net investment earnings payable to the Master Servicer for such
Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than
the Non-Serviced Mortgage Loans) or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment.
In no event will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.
However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result of the Master Servicer’s allowing
the related Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Mortgage Loan documents
regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage
Loan documents or if the Mortgage Loan is a Specially Serviced Loan, (X) pursuant to applicable law or a court order or otherwise
in such circumstances where the Master Servicer is required to accept such Principal Prepayment in accordance with the Servicing
Standard, (Y) at the request or with the consent of the Special Servicer or, so long as no Control Termination Event has occurred
and is continuing, and only with respect to Mortgage Loans other than Excluded Loans, the Directing Certificateholder or (Z) in
connection with the payment of any Insurance and Condemnation Proceeds), then for purposes of calculating the Compensating Interest
Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (i) above in
connection with such Prohibited Prepayments.

 

For the avoidance of
doubt, Compensating Interest Payments attributable to a Serviced Whole Loan shall be allocated among the related Mortgage Loan
and the related Serviced Pari Passu Companion Loan(s), pro rata, in accordance with their respective principal balances.

 

“Consultation
Termination Event”: At any date at which (i) there is no grouping of Control Eligible Certificates as to which the related
Trust Components, collectively, have a then-outstanding Certificate Balance at least equal to 25% of the initial aggregate Certificate
Balance of such Trust Components, in each case, without regard to the application of any Appraisal Reduction Amounts; or (ii) the
Holder of a majority of the aggregate Certificate Balance of the Class E-1, Class E-2, Class E, Class EF and Class EFG Certificates
(such majority determined counting only the portion of the Certificate Balance of each such Class

 

    	-38-

    	 

    

 

evidencing
an interest in the Class E Trust Components) has irrevocably waived its right, in writing, to exercise any of the rights of the
Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder
pursuant to Section 3.23(l); provided that no Consultation Termination Event resulting solely from the operation
of clause (ii) shall be deemed to have existed or be in continuance with respect to a successor Holder of any such Class
of Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder;
provided, however, that a Consultation Termination Event shall be deemed not continuing in the event that the Certificate
Balances of the Certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments
on the Mortgage Loans.

 

“Control Eligible
Certificates”: All Classes of Certificates, collectively, within each of the following four (4) groupings of Certificates:
(i) the Classes of Certificates related to the Class E Trust Components, being the Class E-1, Class E-2, Class E, Class EF and
Class EFG Certificates, in the case of each such Class, only to the extent evidencing an interest in the Class E Trust Components
(and the aggregate Certificate Balance of this grouping of Certificates shall only take into account the portion of the Certificate
Balance of each such Class representing an interest in the Class E Trust Components); (ii) the Classes of Certificates related
to the Class F Trust Components, being the Class F-1, Class F-2, Class F, Class EF and Class EFG Certificates, in the case of each
such Class, only to the extent evidencing an interest in the Class F Trust Components (and the aggregate Certificate Balance of
this grouping of Certificates shall only take into account the portion of the Certificate Balance of each such Class representing
an interest in the Class F Trust Components); (iii) the Classes of Certificates related to the Class G Trust Components, being
the Class G-1, Class G-2, Class G and Class EFG Certificates, in the case of each such Class, only to the extent evidencing an
interest in the Class G Trust Components (and the aggregate Certificate Balance of this grouping of Certificates shall only take
into account the portion of the Certificate Balance of each such Class representing an interest in the Class G Trust Components)
and (iv) the Classes of Certificates related to the Class H Trust Components, being the Class H-1, Class H-2 and Class H Certificates.

 

“Control Termination
Event”: The occurrence of (i) the Class E-1 Trust Component and the Class E-2 Trust Component have an aggregate Certificate
Balance (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of
such Trust Components in accordance with Section 4.05(a) hereof) of less than 25% of the initial aggregate Certificate Balance
of such Trust Components or (ii) the Holder of a majority of the aggregate Certificate Balance of the Class E-1, Class E-2, Class
E, Class EF and Class EFG Certificates (such majority determined counting only the portion of the Certificate Balance of each such
Class evidencing an interest in the Class E Trust Components) has irrevocably waived its right, in writing, to exercise any of
the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class
certificateholder pursuant to Section 3.23(l); provided, however, that a Control Termination Event shall be
deemed not continuing in the event that the Certificate Balances of the certificates other than the Control Eligible Certificates
have been reduced to zero as a result of principal payments on the Mortgage Loans.

 

“Controlling
Class”: As of any date of determination, all Classes of Certificates, collectively, within the grouping of Control Eligible
Certificates that relates to the Controlling

 

    	-39-

    	 

    

 

Trust
Components (and the aggregate Certificate Balance of such grouping of Certificates shall only take into account the portion of
the Certificate Balance of each such Class representing an interest in the related Controlling Trust Components). The Controlling
Class as of the Closing Date will be, collectively, the Class H-1 Certificates and the Class H-2 Certificates and, to the extent
any Class H-1 Certificates and Class H-2 Certificates have been exchanged for Class H Certificates, the Class H Certificates.

 

“Controlling
Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Trustee, the Master Servicer,
the Special Servicer or the Operating Advisor may from time to time request (the cost of which being an expense of the Trust) that
the Certificate Administrator provide a list of the Holders (or Certificate Owners, if applicable) of the Controlling Class and
the Certificate Administrator shall promptly provide such list without charge to such Trustee, Master Servicer, Operating Advisor
or Special Servicer, as applicable. The Trustee, Master Servicer, the Special Servicer and the Operating Advisor shall be entitled
to rely on any such list so provided.

 

“Controlling
Trust Component”: The most subordinate pair of Trust Components, collectively, having the same alphabetical designation
with an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance
with Section 4.05(a), at least equal to 25% of the aggregate initial Certificate Balance of such Trust Components; provided,
that if at any time the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced
to zero as a result of principal payments on the Mortgage Loans, then the Controlling Trust Components shall be the most subordinate
pair of Trust Components having the same alphabetical designation that have an aggregate Certificate Balance greater than zero
without regard to any Appraisal Reduction Amounts. The Controlling Trust Components as of the Closing Date will be the Class H
Trust Components.

 

“Corporate Trust
Office”: The principal corporate trust office of the Trustee and the Certificate Administrator at which at any particular
time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution
of this Agreement is located (i) with respect to Certificate transfers and surrenders, at Wells Fargo Center, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479 0113; (ii) with respect to the Trustee at 190 S. LaSalle Street, 7th Floor, Mail
Code MK-IL-SL7C, Chicago, Illinois 60603, Attention: MSBAM 2016-C28; and (iii) for all other purposes, to the Certificate Administrator
at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS), MSBAM 2016-C28, telecopy number
(410) 715-2380.

 

“Corrected Loan”:
Any Specially Serviced Loan that has become current and remained current for three (3) consecutive Periodic Payments (for such
purposes taking into account any modification or amendment of the related Mortgage Loan or Companion Loan, as applicable, whether
by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding involving the Mortgagor), and
(provided that no other Servicing Transfer Event has occurred with respect to such Mortgage Loan or Companion Loan during
such preceding three (3) months, no additional default is foreseeable in the reasonable judgment of the Special Servicer and no
other event or circumstance exists that causes such Mortgage Loan or

 

    	-40-

    	 

    

 

Companion
Loan, as applicable, to otherwise constitute a Specially Serviced Loan) the servicing of which the Special Servicer has returned
to the Master Servicer pursuant to Section 3.19(a).

 

“CREFC®”:
The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate
Administrator, the Master Servicer, the Special Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder.

 

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

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Delinquent Loan Status Report”: The monthly report in the “Delinquent Loan Status Report” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

    	-41-

    	 

    

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available and effective from time to time on the CREFC® Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of and containing the
information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion of
an REO Loan related to any Companion Loan) and for any Distribution Date, the amount accrued during the related Interest Accrual
Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage
Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided that such
amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment
due or deemed due on the related Mortgage Loan or REO Loan is computed and shall be prorated for partial periods. For the avoidance
of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by the Master Servicer from
the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and REO Loan, a rate equal to 0.0005%
per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time as the
“CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor Reporting
Package contains seven electronic files ((1) CREFC® Loan Setup File, (2) CREFC® Loan Periodic Update
File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC® Collateral
Summary File, (6) CREFC® Financial File and (7) CREFC® Special Servicer Loan File) and nine surveillance
reports ((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent Loan Status Report, (3) CREFC®
REO Status Report, (4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® NOI
Adjustment Worksheet, (8) CREFC® Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have
a Companion Loan, as

 

    	-42-

    	 

    

 

applicable,
the CREFC® Total Loan Report). In addition, the CREFC® Investor Reporting Package shall include
the CREFC® Advance Recovery Report. In addition, the CREFC® Investor Reporting Package shall include
the following nine templates: (1) CREFC® Appraisal Reduction Template, (2) CREFC® Servicer Realized
Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation Loss Template, (6) CREFC®
Interest Shortfall Reconciliation Template, (7) CREFC® Loan Modification Report, (8) CREFC® Loan
Liquidation Report and (9) CREFC® REO Liquidation Report. The CREFC® Investor Reporting Package
shall be substantially in the form of, and containing the information called for in, the downloadable forms of the “CREFC®
IRP” available as of the Closing Date on the CREFC® Website, or such other form for the presentation
of such information and containing such additional information or reports as may from time to time be approved by the CREFC®
for commercial mortgage backed securities transactions generally. For the purposes of the production of the CREFC®
Comparative Financial Status Report by the Master Servicer or the Special Servicer of any such report that is required to
state information for any period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may
conclusively rely (without independent verification), absent manifest error, on information provided to it by the Mortgage Loan
Sellers or by the related Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the Special Servicer
(if other than the Master Servicer or an Affiliate thereof) and (y) in the case of such a report produced by the Special Servicer,
by the Master Servicer (if other than the Special Servicer or an Affiliate thereof).

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: The monthly report in the “CREFC® Loan Level Reserve/LOC Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Loan Liquidation Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Liquidation Report” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Loan Modification Report”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Modification Report” available and effective from time to time on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

    	-43-

    	 

    

 

“CREFC®
Loan Periodic Update File”: The data file in the “CREFC® Loan Periodic Update File” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Loan Setup File”: The data file in the “CREFC® Loan Setup File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in the form
of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Operating Statement Analysis Report”: The report in the “Operating Statement Analysis Report” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Property File”: The data file in the “CREFC® Property File” format substantially in the form
of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

“CREFC®
REO Status Report”: The monthly report in the “REO Status Report” format substantially in the form of and
containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

    	-44-

    	 

    

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Watch List”: A monthly report, as of each Determination Date, including and identifying each Non-Specially Serviced
Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the CREFC®
in the “CREFC® Servicer Watch List” format substantially in the form of and containing the information
called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines) for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Special Servicer Loan File”: The data file in the “CREFC® Special Servicer Loan File” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

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

 

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

 

“Cross-Over
Date”: The Distribution Date on which the Certificate Balances of the Subordinate Certificates (calculated without giving
effect to the exchange of any Class of Exchangeable Certificates for any Class or Classes of Exchangeable Combined Certificates)
have all previously been reduced to zero as a result of the allocation of Realized Losses to such Certificates.

 

“Crossed Mortgage
Loan Group”: With respect to (i) any mortgage loan that consists of more than one commercial mortgage loan, the underlying
group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or more individual mortgage loans
that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and cross-defaulted mortgage loans.

 

“Crossed Underlying
Loan”: With respect to any Crossed Mortgage Loan Group, a mortgage loan that is cross-collateralized and cross-defaulted
with one or more other mortgage loans within such Crossed Mortgage Loan Group.

 

“Crossed Underlying
Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not all) of the
Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed Mortgage Loan
Group affected by such Material Defect, for purposes of this definition, the

 

    	-45-

    	 

    

 

“affected
Crossed Underlying Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of
this definition, the “remaining Crossed Underlying Loans”) (i) the debt service coverage ratio for all the remaining
Crossed Underlying Loans for the four (4) most recently reported calendar quarters preceding the repurchase or substitution shall
not be less than the lesser of (a) 0.10x below the debt service coverage ratio for the Crossed Mortgage Loan Group (including
the affected Crossed Underlying Loan(s)) set forth in Annex A-1 to the Prospectus and (b) the debt service coverage ratio for
the Crossed Mortgage Loan Group (including the affected Crossed Underlying Loan(s)) for the four preceding calendar quarters preceding
the repurchase or replacement, (ii) the loan-to-value ratio for all the remaining Crossed Underlying Loans determined at the time
of repurchase or substitution (which may be based upon an Appraisal obtained by the Special Servicer at the expense of the related
Mortgage Loan Seller) shall not be greater than the greater of (a) the loan-to-value ratio, expressed as a whole number percentage
(taken to one decimal place), for the entire Crossed Mortgage Loan Group, (including the affected Crossed Underlying Loan(s))
set forth in Annex A-1 to the Prospectus plus 10% and (b) the loan-to-value ratio, expressed as a whole number percentage
(taken to one decimal place), for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s)
at the time of repurchase or substitution, (iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee
and the Certificate Administrator with an Opinion of Counsel that any modification relating to the repurchase or substitution
of a Crossed Underlying Loan shall not cause an Adverse REMIC Event, and (iv) the related Mortgage Loan Seller causes the affected
Crossed Underlying Loan(s) to become not cross-collateralized and cross-defaulted with the related remaining Crossed Underlying
Loan(s) prior to such repurchase or substitution or otherwise forbears from exercising enforcement rights against the Primary
Collateral for any Crossed Underlying Loan(s) remaining in the Trust (while the Trust forbears from exercising enforcement rights
against the Primary Collateral for the Mortgage Loan removed from the Trust).

 

“CSMC 2015-GLPA
Trust and Servicing Agreement”: The trust and servicing agreement, dated as of December 15, 2015, among Credit Suisse
First Boston Mortgage Securities Corp., as depositor, KeyBank National Association, as servicer, AEGON USA Realty Advisors, LLC,
as special servicer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate
administrator, as from time to time amended, supplemented or modified relating to the issuance of the CSMC Trust 2015-GLPA, Commercial
Mortgage Pass-Through Certificates, Series 2015-GLPA.

 

“Cure/Contest
Period”: As defined in Section 12.01(b)(vii).

 

“Custodial Exception
Report”: As defined in Section 2.02(b).

 

“Custodian”:
A Person who is at any time appointed as an agent of the Trustee pursuant to Section 8.11 as a document custodian for the
Mortgage Files, which Person shall not be the Depositor, any of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate
Administrator shall be the initial Custodian. Wells Fargo Bank, National Association will
perform its duties as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:
With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in February 2016, or with respect to any Mortgage
Loan that has its first

 

    	-46-

    	 

    

 

Due Date
in March 2016, the date that would have otherwise been the related Due Date in February 2016.

 

“Cut-off Date
Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan, as of the Cut-off
Date, after application of all payments of principal due on or before such date, whether or not received.

 

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

 

“Default Interest”:
With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued in respect of such Mortgage
Loan or Companion Loan during such Collection Period provided for in the related Mortgage Note or Mortgage as a result of a default
(exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on the unpaid principal
balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted Loan”:
A Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan (i) that is delinquent at least sixty (60) days
in respect of its Periodic Payments or delinquent in respect of its Balloon Payment, if any; provided that in respect of
a Balloon Payment, such period will be 120 days if the related Mortgagor has provided the Special Servicer with a written and fully
executed commitment for refinancing of the related Mortgage Loan from an acceptable lender reasonably satisfactory in form and
substance to the Special Servicer; and, in either case, such delinquency is to be determined without giving effect to any Grace
Period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration of payments under the related
Mortgage and Mortgage Note or (ii) as to which the Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Mortgage Note. For the avoidance of doubt, a defaulted Companion Loan
does not constitute a “Defaulted Loan”.

 

“Defeasance
Accounts”: As defined in Section 3.18(j).

 

“Defect”:
As defined in Section 2.02(f).

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than an Initial Sub-Servicer), any item (x) regarding such party, (y) prepared by such party or any registered
public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf
of such party pursuant to the delivery requirements under ARTICLE XI of this Agreement that does not

 

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conform
to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and
regulations promulgated thereunder.

 

“Deficient Valuation”:
With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of competent jurisdiction of the
related Mortgaged Property in an amount less than the then outstanding principal balance of such Mortgage Loan or Serviced Whole
Loan which valuation results from a proceeding initiated under the Bankruptcy Code.

 

“Definitive
Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially, the Class R Certificates,
Class V Certificates and any Certificate issued pursuant to Sections 5.02(c) and (d) shall be Definitive Certificates.

 

“Deleted Mortgage
Loan”: As defined in Section 2.03(b).

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period.

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face thereof, (b)
set forth on a schedule attached thereto or (c) in the case of any beneficial interest in a Book-Entry Certificate, the interest
of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and records of the Depository
or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate Balance or initial Notional Amount,
as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”:
Banc of America Merrill Lynch Commercial Mortgage Inc., a Delaware corporation, or its successor in interest.

 

“Depository”:
DTC, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates
that are to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times be a “clearing corporation”
as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency” registered pursuant to the
provisions of Section 17A of the Exchange Act.

 

“Depository
Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Determination
Date”: With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if the eleventh
(11th) calendar day of that month is not a Business Day, then the next Business Day, commencing in March 2016.

 

“Diligence File”:
With respect to each Mortgage Loan collectively the following documents in electronic format:

 

(a)          A
copy of each of the following documents:

 

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(i)           the
Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee); provided that any such Mortgage Note
may be endorsed by the applicable Mortgage Loan Seller to the order of the Trustee in accordance with the terms of the related
Mortgage Loan Purchase Agreement;

 

(ii)          the
Mortgage, together with any intervening Assignments of Mortgage, in each case, with evidence of recording indicated thereon or
certified to have been submitted for recording (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)         any
related Assignment of Leases and of any intervening Assignments (if any such item is a document separate from the Mortgage), in
each case, with evidence of recording indicated thereon or certified to have been submitted for recording (if in the possession
of the applicable Mortgage Loan Seller);

 

(iv)        all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(v)          the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

(vi)        any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(vii)       any
Intercreditor Agreement relating to permitted debt of the Mortgagor, including any intercreditor agreement relating to a Serviced
Whole Loan, and any related mezzanine intercreditor agreement;

 

(viii)      any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

(ix)         any
ground lease, related ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

    	-49-

    	 

    

 

(x)          any
property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xi)         any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan;

 

(xii)        any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiii)       all
related environmental reports; and

 

(xiv)       all
related environmental insurance policies;

 

(b)          a
copy of any engineering reports or property condition reports;

 

(c)          other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;

 

(d)          for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)          a
copy of all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller, and its counsel
that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the
closing of the related Mortgage Loan;

 

(f)          a
copy of all Mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies
(to the extent not previously included as part of this definition), if any, delivered in connection with the closing of the related
Mortgage Loan;

 

(g)         a
copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

 

(h)          for
any Mortgage Loan as to which the related Mortgaged Property is leased to a single tenant, a copy of the lease;

 

(i)           a
copy of the applicable Mortgage Loan Seller’s asset summary;

 

(j)           a
copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)          a
copy of all zoning reports;

 

    	-50-

    	 

    

 

(l)           a
copy of financial statements of the related Mortgagor;

 

(m)         a
copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)          a
copy of all UCC searches;

 

(o)          a
copy of all litigation searches;

 

(p)          a
copy of all bankruptcy searches;

 

(q)          a
copy of any origination settlement statement;

 

(r)           a
copy of the Insurance Summary Report;

 

(s)          a
copy of the organizational documents of the related Mortgagor and any guarantor;

 

(t)           unless
already included in the origination settlement statement, a copy of the escrow statements related to the escrow account balances
as of the Mortgage Loan origination date;

 

(u)          unless
already included in the environmental reports, a copy of any closure letter (environmental);

 

(v)          a
copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties; and

 

(w)          a
copy of the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

in each case, to the extent that the related
originator received such documents in connection with the origination of such Mortgage Loan. In the event any of the items identified
above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall include a statement
to that effect. No information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or
privileged or internal communications or credit underwriting analysis shall constitute part of the Diligence File. It is generally
not required to include any of the same items identified above again if such items have already been included under another clause
of the definition of Diligence File, and the Diligence File shall include a statement to that effect. The Mortgage Loan Seller
may, without any obligation to do so, include such other documents as part of the Diligence File that such Mortgage Loan Seller
believes should be included to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided
that such documents are clearly labeled and identified.

 

“Directing Certificateholder”:
The initial Directing Certificateholder shall be C-III Collateral Management LLC, a Delaware limited liability company. Thereafter,
the Directing Certificateholder shall be the Controlling Class Certificateholder (or a representative thereof) selected by more
than 50% of the Controlling Class Certificateholders (by Certificate

 

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Balance,
as determined by the Certificate Registrar) from time to time; provided, however, that (i) absent that selection,
or (ii) until a Directing Certificateholder is so selected or (iii) upon receipt of a notice from a majority of the Controlling
Class Certificateholders, by Certificate Balance, that a Directing Certificateholder is no longer designated, the Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof)
will be the Directing Certificateholder; provided, however, that in the event that no one Holder owns the largest
aggregate Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance
with the terms of this Agreement. After the occurrence and during the continuance of a Control Termination Event, the Directing
Certificateholder shall only retain its consultation rights to the extent specifically provided for herein. After the occurrence
of a Consultation Termination Event, there will be no Directing Certificateholder. The Depositor shall promptly provide the name
and contact information for the initial Directing Certificateholder upon request of any party to this Agreement and any such requesting
party may conclusively rely on the name and contact information provided by the Depositor. In the event a Controlling Class Certificateholder
has elected to irrevocably waive its right to appoint a Directing Certificateholder or to exercise any of the rights of the Controlling
Class Certificateholder, the Controlling Class Certificateholder holding the next largest aggregate Certificate Balance (or a
representative thereof) will be the Directing Certificateholder. In the event each Controlling Class Certificateholder has elected
to irrevocably waive its right to appoint a Directing Certificateholder or to exercise any of the rights of the Controlling Class
Certificateholder, there will be no Directing Certificateholder and no party will be entitled to exercise any of the rights of
the Directing Certificateholder until such time as a Controlling Class Certificateholder is reinstated pursuant to Section
3.23(l) hereof and a new Directing Certificateholder is appointed in accordance with the terms hereof. The Certificate Administrator
and the other parties hereto shall be entitled to assume that the identity of the Directing Certificateholder has not changed
until such parties receive written notice of a replacement of the Directing Certificateholder from a party holding the requisite
interest in the Controlling Class (as confirmed by the Certificate Registrar), or the resignation of the then-current Directing
Certificateholder. Notwithstanding anything to the contrary herein, neither the Depositor nor any Affiliate thereof may serve
as Directing Certificateholder, and solely for purposes of determining the identity of or selecting the Directing Certificateholder,
any Control Eligible Certificates held by the Depositor or any Affiliate thereof will be deemed not to be outstanding.

 

“Directly Operate”:
With respect to any REO Property (except with respect to a Non-Serviced Mortgaged Property), the furnishing or rendering of services
to the tenants thereof, that are not customarily provided to tenants in connection with the rental of space “for occupancy
only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such REO Property,
the holding of such REO Property primarily for sale to customers, the use of such REO Property in a trade or business conducted
by the Trust or on behalf of a Companion Holder or the performance of any construction work on the REO Property other than through
an Independent Contractor; provided, however, that an REO Property shall not be considered to be Directly Operated
solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters
into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to
such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

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“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan and any related Serviced Companion Loan (including any related
REO Property), any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees,
or rebates, or as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates
that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any manager, any guarantor or indemnitor in
respect of a Mortgage Loan or Serviced Companion Loan and any purchaser of any such Mortgage Loan or Serviced Companion Loan or
REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Companion Loan, the management
or disposition of any REO Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing
duties under this Agreement, other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation to which the
Special Servicer is entitled pursuant to Section 3.11 of this Agreement.

 

“Disclosure
Parties”: As defined in Section 3.13(e).

 

“Discount Rate”:
As defined in Section 4.01(e).

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(l)(iii).

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Tax Person”: With respect to the Class R Certificates, any Non-U.S. Tax Person or its agent other than (a) a
Non-U.S. Tax Person that holds the Class R Certificates in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI or (b) a Non-U.S. Tax Person
that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel to the
effect that the transfer of the Class R Certificates to it is in accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of the Class R Certificates will not be disregarded for federal income tax purposes.

 

“Disqualified
Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the United
States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing, (iii)
any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the
Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect
to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric
and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership,” as
defined in Section 775 of the Code and (vi) any other Person so designated by the Certificate Administrator based upon an Opinion
of Counsel as provided to the Certificate Administrator (at no expense to the Certificate Administrator) that the holding of an
Ownership Interest in a Class R Certificate by such Person may cause either Trust REMIC to fail to qualify as a REMIC at any time
that the

 

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Certificates are outstanding or any Person having an Ownership Interest in any Class of Certificates (other than such
Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer
of an Ownership Interest in a Class R Certificate to such Person. The terms “United States,” “State” and
“international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess
Interest Distribution Account, the Class E Distribution Account, the Class F Distribution Account, the Class G Distribution Account
and the Class H Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible
Account.

 

“Distribution
Date”: The fourth (4th) Business Day following each Determination Date, beginning in March 2016. The initial
Distribution Date shall be March 17, 2016.

 

“Distribution
Date Statement”: As defined in Section 4.02(a).

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations Reviewer, which lists certain parties
identified by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under
ARTICLE XI of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation
AB reporting requirements under any other securitization transaction. For the avoidance of doubt, as of the Closing Date, no parties
appear on the Do Not Hire List.

 

“DTC”:
The Depository Trust Company, a New York corporation.

 

“Due Date”:
With respect to (i) any Mortgage Loan or Companion Loan, as applicable, on or prior to its Maturity Date, the day of the month
set forth in the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due, (ii) any Mortgage Loan
or Companion Loan, as applicable, after the Maturity Date therefor, the day of the month set forth in the related Mortgage Note
on which each Periodic Payment on such Mortgage Loan or Companion Loan, as applicable, had been scheduled to be first due, and
(iii) any REO Loan, the day of the month set forth in the related Mortgage Note on which each Periodic Payment on the related Mortgage
Loan or Companion Loan, as applicable, had been scheduled to be first due.

 

“EDGAR”:
As defined in Section 11.03.

 

“EDGAR-Compatible
Format”: Any format compatible with EDGAR, including HTML, Word or clean, searchable PDFs.

 

“Eligible Account”:
Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered depository institution
or trust company (including the Trustee or the Certificate Administrator), (A) the long-term unsecured debt obligations of which
are rated at least “A2” by Moody’s, if the deposits are to be held in such account for thirty (30) days or more,
and the short-term debt obligations of which have a short-term rating of not less

 

    	-54-

    	 

    

 

than “P-1” from Moody’s, if
the deposits are to be held in such account for less than thirty (30) days, (B) the long-term unsecured debt obligations of which
are rated at least “A” by Fitch, if the deposits are to be held in such account for thirty (30) days or more, and the
short-term debt obligations of which have a short-term rating of not less than “F1” from Fitch, if the deposits are
to be held in such account for less than thirty (30) days and (C) the long-term unsecured debt obligations of which are rated at
least “A” by DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher) by at least two
(2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation), if the
deposits are to be held in such account for thirty (30) days or more, and the short-term debt obligations of which have a short-term
rating of not less than “R-1(middle)” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating
(or higher) by at least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in a Rating
Agency Confirmation), if the deposits are to be held in such account for less than thirty (30) days; (ii) an account or accounts
maintained with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s long-term unsecured
debt rating shall be at least “A2” from Moody’s and “A” from Fitch (if the deposits are to be held
in the account for more than thirty (30) days) and “A” from DBRS (if then rated by DBRS, or if not rated by DBRS, an
equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed
in a Rating Agency Confirmation) or Wells Fargo Bank, National Association’s short-term deposit or short-term unsecured debt
rating shall be at least “P-1” from Moody’s and “F2” from Fitch (if the deposits are to be held in
the account for thirty (30) days or less) and “R-1 (middle)” from DBRS (if then rated by DBRS, or if not rated by DBRS,
an equivalent rating by at least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in
a Rating Agency Confirmation); (iii) an account or accounts maintained with PNC Bank, National Association so long as PNC Bank,
National Association’s long term unsecured debt or deposit account rating shall be at least “A2” from Moody’s,
“A” from Fitch and “A” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating
(or higher) by at least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in a Rating
Agency Confirmation) (if the deposits are to be held in the account for more than thirty (30) days) or PNC Bank, National Association’s
short-term deposit account or short-term unsecured debt rating shall be at least “P-1” from Moody’s, “F1”
from Fitch and “R-1(middle)” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating by at
least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation)
(if the deposits are to be held in the account for thirty (30) days or less); (iv) such other account or accounts that, but for
the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i)
– (iii) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which
the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, which account may be an account
maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; (v) any other account
or accounts not listed in clauses (i) – (iii) above with respect to which a Rating Agency Confirmation has
been obtained from each and every Rating Agency and a confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency

 

    	-55-

    	 

    

 

Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), which account may be
an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; or (vi)
a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository
institution or trust company that has a long-term unsecured debt rating of at least “A2” from Moody’s (if the
deposits are to be held in the account for more than thirty (30) days) or a short-term unsecured debt rating of at least “P-1”
from Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and that, in either case, has corporate
trust powers, acting in its fiduciary capacity, provided that any state chartered depository institution or trust company
is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b). Eligible Accounts may bear
interest. No Eligible Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of DBRS, Fitch, KBRA, Moody’s,
Morningstar or S&P has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for
such transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties
set forth in Section 6.01(d), (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller, an originator,
the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder
or any of their respective Affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence,
loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion
Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement
or the Directing Certificateholder or any of their respective Affiliates, or have been paid any fees, compensation or other remuneration
by any of them in connection with any such services, and (e) does not directly or indirectly, through one or more Affiliates or
otherwise, own any interest in any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion
Loan or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in
fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible Operating
Advisor”: An institution (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been a
special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating
or ratings of one or more classes of certificates for such transaction citing servicing or other relevant concerns with the special
servicer or operating advisor, as applicable, as the sole or a material factor in such rating action; (b) that can and will make
the representations and warranties of the Operating Advisor set forth in Section 6.01(c) of this Agreement; (c) that is
not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer,
a Mortgage Loan Seller, the Directing Certificateholder, or a depositor, a trustee, a certificate administrator, a master servicer

 

    	-56-

    	 

    

 

or a special servicer with respect to the securitization of a Companion Loan, or any of their respective Affiliates; (d) that has
not been paid by any Special Servicer or successor special servicer any fees, compensation or other remuneration (x) in respect
of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor special servicer to become
the Special Servicer; and (e) that (i) has been regularly engaged in the business of analyzing and advising clients in commercial
mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections and
(ii) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and management
of distressed commercial real estate assets.

 

“Ellenton Premium
Outlets Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of November 5, 2015, by and between
the holders of the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans and the holder of the Ellenton Premium Outlets
Mortgage Loan, relating to the relative rights of such holders of the Ellenton Premium Outlets Whole Loan, as the same may be further
amended in accordance with the terms thereof.

 

“Ellenton Premium
Outlets Mortgage Loan”: With respect to the Ellenton Premium Outlets Whole Loan, the Mortgage Loan that is included in
the Trust (identified as Mortgage Loan No. 2 on the Mortgage Loan Schedule), which is designated as promissory note A-4, and is
pari passu in right of payment with the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans to the extent set
forth in the Ellenton Premium Outlets Intercreditor Agreement.

 

“Ellenton Premium
Outlets Mortgaged Property”: The Mortgaged Property that secures the Ellenton Premium Outlets Whole Loan.

 

“Ellenton Premium
Outlets Non-Serviced Pari Passu Companion Loans”: With respect to the Ellenton Premium Outlets Whole Loan, the Companion
Loans evidenced by the related promissory notes designated as promissory notes A-1, A-2 and A-3, made by the related Mortgagor
and secured by the Mortgage on the Ellenton Premium Outlets Mortgaged Property, which are not included in the Trust and which are
pari passu in right of payment to the Ellenton Premium Outlets Mortgage Loan to the extent set forth in the related Mortgage
Loan documents and as provided in the Ellenton Premium Outlets Intercreditor Agreement.

 

“Ellenton Premium
Outlets Whole Loan”: The Ellenton Premium Outlets Mortgage Loan, together with the Ellenton Premium Outlets Non-Serviced
Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Ellenton Premium Outlets Mortgaged Property. References
herein to the Ellenton Premium Outlets Whole Loan shall be construed to refer to the aggregate indebtedness under the Ellenton
Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans.

 

“Enforcing Party”:
The person obligated to or that elects pursuant to Section 2.03 to enforce the rights of the Trust against the related
Mortgage Loan Seller with respect to the Repurchase Request.

 

“Enforcing Servicer”:
As defined in Section 2.03(k)(i) of this Agreement.

 

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“Environmental
Assessment”: An “environmental site assessment” as such term is defined in, and meeting the criteria of,
the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Restricted
Certificate”: Any Certificate (other than a Class R or Class V Certificate) that does not meet the requirements of Prohibited
Transaction Exemption 96-22 (as such exemption may be amended from time to time) as of the date of the acquisition of such Certificate
by a Plan. As of the Closing Date, each of the Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2, Class G, Class EFG,
Class H-1, Class H-2 and Class H Certificates is an ERISA Restricted Certificate.

 

“Escrow Payment”:
Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor for application toward the
payment of real estate taxes, assessments, insurance premiums, ground lease rents and similar items in respect of the related Mortgaged
Property, including amounts for deposit to any reserve account.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess Interest”:
With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date allocable to the Excess Rate,
including all interest accrued thereon to the extent permitted by applicable law and the related Mortgage Loan documents. The Excess
Interest shall not be an asset of either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Interest
Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts (or as
a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which shall be entitled
“Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association, as Trustee,
for the benefit of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through
Certificates, Series 2016-C28, Class V, Excess Interest Distribution Account”, and which must be an Eligible Account (or
a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely for the benefit of the Holders
of the Class V Certificates. The Excess Interest Distribution Account shall not be an asset of either Trust REMIC, but rather shall
be an asset of the Grantor Trust.

 

“Excess Modification
Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Loan and any particular
modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment of a Workout Fee,
an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to
the related Mortgage Loan (including the related Serviced

 

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Companion Loan or Serviced Subordinate Companion Loan, if applicable,
unless prohibited under the related Intercreditor Agreement) and received and retained by the Master Servicer or the Special Servicer,
as applicable, as compensation within the prior twelve (12) months of such modification, waiver, extension or amendment, but only
to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Excess Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, the sum
of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment
of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid or unreimbursed additional
expenses (including, without limitation, reimbursement of Advances and interest on Advances to the extent not otherwise paid or
reimbursed by the Mortgagor but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously
incurred on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, and reimbursed
from such Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees as described in the preceding
clause (A), which expenses have been recovered from the related Mortgagor or otherwise. With respect to each of the Master
Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such Person from the related Mortgagor
(taken in the aggregate with any other Excess Modification Fees collected and earned by such Person from the related Mortgagor
within the prior twelve (12) months of the collection of the current Excess Modification Fees) will be subject to a cap of 1.0%
of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, on the Closing Date of
the related modification, extension, waiver or amendment (after giving effect to such modification, extension, waiver or amendment)
with respect to any Mortgage Loan or Serviced Whole Loan, as applicable.

 

“Excess Prepayment
Interest Shortfall”: The aggregate of any Prepayment Interest Shortfalls resulting from any Principal Prepayments made
on the Mortgage Loans to be included in the Available Funds for any Distribution Date that are not covered by the Master Servicer’s
Compensating Interest Payment for the related Distribution Date and the portion of the compensating interest payments allocable
to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced Master Servicer.

 

“Excess Rate”:
With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set
forth in Annex A-1 to the Prospectus.

 

“Excess Servicing
Fee”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
that portion of the Servicing Fee that accrues in the same manner as the Servicing Fee at a per annum rate equal to the
Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
a rate per annum equal to the Servicing Fee Rate minus 0.005% (0.5 basis points); provided, that such rate shall
be subject to reduction at any time following any resignation of the Master Servicer pursuant to Section 6.05 of this Agreement
(if no successor is appointed in accordance with such Section) or any

 

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termination of the Master Servicer pursuant to Section
7.01 of this Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint
a qualified successor Master Servicer (which successor may include the Trustee) that meets the requirements of Section 6.05
of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
the right to receive the related Excess Servicing Fee. In the absence of any transfer of any Excess Servicing Fee Right, the Master
Servicer shall be the owner of such Excess Servicing Fee Right.

 

“Exchangeable
Certificates”: As defined in Section 5.09(a).

 

“Exchangeable
Combined Certificate”: As defined in Section 5.09(a).

 

“Exchangeable
Component”: As defined in Section 5.09(a).

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended from time to time and the rules and regulations of the Commission thereunder.

 

“Exchange Percentage
Interest”: The Class E-1 Percentage Interest, the Class E-2 Percentage Interest, the Class E-E-1 Exchange Percentage
Interest, the Class E-E-2 Exchange Percentage Interest, the Class F-1 Percentage Interest, the Class F-2 Percentage Interest, the
Class F-F-1 Exchange Percentage Interest, the Class F-F-2 Exchange Percentage Interest, the Class EF-E-1 Exchange Percentage Interest,
the Class EF-E-2 Exchange Percentage Interest, the Class EF-F-1 Exchange Percentage Interest, the Class EF-F-2 Exchange Percentage
Interest, the Class G-1 Percentage Interest, the Class G-2 Percentage Interest, the Class G-G-1 Exchange Percentage Interest, the
Class G-G-2 Exchange Percentage Interest, the Class EFG-E-1 Exchange Percentage Interest, the Class EFG-E-2 Exchange Percentage
Interest, the Class EFG-F-1 Exchange Percentage Interest, the Class EFG-F-2 Exchange Percentage Interest, the Class EFG-G-1 Exchange
Percentage Interest, the Class EFG-G-2 Exchange Percentage Interest, the Class H-1 Percentage Interest, the Class H-1 Exchange
Percentage Interest, the Class H-2 Percentage Interest and the Class H-2 Exchange Percentage Interest, individually or collectively,
as the context may require.

 

“Exchange Proportion”:
As defined in Section 5.09(a).

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Loan, the Directing Certificateholder or any Controlling
Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class Loan. Promptly
upon obtaining actual knowledge of the Directing Certificateholder or any Controlling Class Certificateholder becoming an “Excluded
Controlling Class Holder”, such Directing Certificateholder or Controlling Class Certificateholder, as applicable, shall
provide notice in the form of Exhibit P-1D hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the
Trustee and the Certificate Administrator, which notice shall be physically delivered in accordance with Section 13.05 of
this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class
Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially
in the form of Exhibit P-1F hereto, which notice shall provide each of the CTSLink

 

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User ID associated with such Excluded
Controlling Class Holder, and which notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class
Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. For the
avoidance of doubt, if a Person is not an Excluded Controlling Class Holder, such Person is also not an Excluded Holder. As of
the Closing Date, there are no Excluded Controlling Class Holders related to this Trust.

 

“Excluded Controlling
Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Directing Certificateholder
or any Controlling Class Certificateholder is a Borrower Party. For the avoidance of doubt, if a Mortgage Loan or Whole Loan is
not an Excluded Controlling Class Loan, such Mortgage Loan or Whole Loan is also not an Excluded Loan. As of the Closing Date,
there are no Excluded Controlling Class Loans related to the Trust.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling Class Loan, which
shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially
Serviced Loans conducted by a Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports
delivered to the Certificate Administrator regarding a Special Servicer’s net present value determination or any Appraisal
Reduction calculations delivered pursuant to Section 3.26(e) and Section 3.26(f), and any Officer’s Certificates
delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if
made, would be) a Nonrecoverable Advance, or such other information and reports designated as Excluded Information by the Special
Servicer, the Master Servicer or the Operating Advisor, as applicable, but in each case other than information with respect to
such Excluded Controlling Class Loan that is aggregated with information of other Mortgage Loans at a pool level. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any Excluded Controlling Class Loan) shall not be considered
“Excluded Information”. Each of the Master Servicer, the Special Servicer or the Operating Advisor shall deliver any
Excluded Information to the Certificate Administrator in accordance with Section 3.33 hereof. For the avoidance of doubt,
the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded Information”
tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered in the manner
provided in Section 3.26 hereof.

 

“Excluded Loan”:
Any Mortgage Loan or Whole Loan if, as of any date of determination, the Directing Certificateholder or the Holder of the majority
of the Controlling Class is a Borrower Party. For the avoidance of doubt, any Excluded Loan is also an Excluded Controlling Class
Loan. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded Special
Servicer”: With respect any Excluded Special Servicer Loan, a special servicer that is not a Borrower Party and satisfies
all of the eligibility requirements applicable to the Special Servicer set forth in Section 7.01(g). As of the Closing Date,
there are no Excluded Special Servicers related to this Trust.

 

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“Excluded Special
Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to such Excluded
Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final Asset Status
Reports (or summaries thereof), any Operating Advisor reports to the Certificate Administrator regarding an Excluded Special Servicer’s
net present value determination or any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(e) and
Section 3.26(f), and any Officer’s Certificates delivered by the Master Servicer or the applicable Excluded Special
Servicer supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other information
and reports designated as Excluded Special Servicer Information by the applicable Excluded Special Servicer, the Master Servicer
or the Operating Advisor, as applicable. For the avoidance of doubt, any file or report contained in the CREFC®
Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating
to any Excluded Special Servicer Loan) shall not be considered “Excluded Special Servicer Information”.

 

“Excluded Special
Servicer Loan”: Any Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination, the
Special Servicer is a Borrower Party. For the avoidance of doubt, there are no Excluded Special Servicer Loans related to the Trust
as of the Closing Date.

 

“Extended Cure
Period”: As defined in Section 2.03(b).

 

“Fannie Mae”:
Federal National Mortgage Association or any successor thereto.

 

“FDIC”:
Federal Deposit Insurance Corporation or any successor thereto.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to the Directing Certificateholder which does not include any communication
(other than the related Asset Status Report) between the Special Servicer and Directing Certificateholder with respect to such
Specially Serviced Loan; provided that, with respect to any Mortgage Loan other than an Excluded Loan, so long as no Control
Termination Event has occurred and is continuing, no Asset Status Report shall be considered to be a Final Asset Status Report
unless the Directing Certificateholder has either finally approved of and consented to the actions proposed to be taken in connection
therewith, or has exhausted all of its rights of approval or consent pursuant to Section 3.19, or has been deemed to have
approved or consented to such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance
with this Agreement.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(l)(iii).

 

“Final Recovery
Determination”: A reasonable determination by the Special Servicer with respect to any Defaulted Loan (and, if applicable,
any defaulted Companion Loan) or Corrected Loan or REO Property (other than a Mortgage Loan or REO Property, as the case may be,
that was purchased by (i) any of the Mortgage Loan Sellers pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement,
(ii) the Special Servicer or other person pursuant to Section 3.16(b), any Companion Holder or any mezzanine lender pursuant
to Section

 

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3.16 or (iii) the Master Servicer, Special Servicer, the Holders of the Controlling Class, or the Holders of
the Class R Certificates pursuant to Section 9.01) that there has been a recovery of all Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenue and other payments or recoveries that, in the Special Servicer’s judgment, which judgment
was exercised without regard to any obligation of the Special Servicer to make payments from its own funds pursuant to Section
3.07(b), will ultimately be recoverable.

 

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

 

“Form 8-K Disclosure
Information”: As defined in Section 11.07.

 

“Form 15 Suspension
Notification”: As defined in Section 11.08.

 

“Freddie Mac”:
Federal Home Loan Mortgage Corporation or any successor thereto.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the greater of the Purchase Price for such Mortgage Loan on the
date on which Liquidation Proceeds were received and the amount that would have been received if a payment in full of principal
and all other outstanding amounts had been paid with respect to such Mortgage Loan.

 

“Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of U.S.
Bank National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Bank of America Merrill Lynch
Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Gain-on-Sale Reserve Account”. Any such account
shall be an Eligible Account or a subaccount of an Eligible Account.

 

“GLP Industrial
Portfolio A Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 15, 2015, by and among the
holders of the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans, the holders of the GLP Industrial Portfolio
A Non-Serviced Subordinate Companion Loans and the holder of the GLP Industrial Portfolio A Mortgage Loan, relating to the relative
rights of such holders of the GLP Industrial Portfolio A Whole Loan, as the same may be further amended in accordance with the
terms thereof.

 

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“GLP Industrial
Portfolio A Mortgage Loan”: With respect to the GLP Industrial Portfolio A Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 3 on the Mortgage Loan Schedule), which is designated as promissory note A-4, and
is pari passu in right of payment with the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans and senior
in right of payment to the GLP Industrial Portfolio A Non-Serviced Subordinate Companion Loans to the extent set forth in the GLP
Industrial Portfolio A Intercreditor Agreement.

 

“GLP Industrial
Portfolio A Mortgaged Property”: The Mortgaged Property that secures the GLP Industrial Portfolio A Whole Loan.

 

“GLP Industrial
Portfolio A Non-Serviced Pari Passu Companion Loans”: With respect to the GLP Industrial Portfolio A Whole Loan, as of
the Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes A-1, A-2, A-3-1
and A-3-2, made by the related Mortgagor and secured by the Mortgage on the GLP Industrial Portfolio A Mortgaged Property, which
are not included in the Trust and which are pari passu in right of payment to the GLP Industrial Portfolio A Mortgage Loan
and senior in right of payment to the GLP Industrial Portfolio A Non-Serviced Subordinate Companion Loans to the extent set forth
in the related Mortgage Loan documents and as provided in the GLP Industrial Portfolio A Intercreditor Agreement.

 

“GLP Industrial
Portfolio A Non-Serviced Subordinate Companion Loans”: With respect to the GLP Industrial Portfolio A Whole Loan, as
of the Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes B-1 and B-2,
made by the related Mortgagor and secured by the Mortgage on the GLP Industrial Portfolio A Mortgaged Property, which are not included
in the Trust and which are subordinate in right of payment to the GLP Industrial Portfolio A Mortgage Loan and the GLP Industrial
Portfolio A Non-Serviced Pari Passu Companion Loans to the extent set forth in the related Mortgage Loan documents and as provided
in the GLP Industrial Portfolio A Intercreditor Agreement.

 

“GLP Industrial
Portfolio A Whole Loan”: The GLP Industrial Portfolio A Mortgage Loan, together with the GLP Industrial Portfolio A Non-Serviced
Pari Passu Companion Loans and the GLP Industrial Portfolio A Non-Serviced Subordinate Companion Loans, each of which is secured
by the same Mortgage on the GLP Industrial Portfolio A Mortgaged Property. References herein to the GLP Industrial Portfolio A
Whole Loan shall be construed to refer to the aggregate indebtedness under the GLP Industrial Portfolio A Mortgage Loan, the GLP
Industrial Portfolio A Non-Serviced Pari Passu Companion Loans and the GLP Industrial Portfolio A Non-Serviced Subordinate Companion
Loans.

 

“Grace Period”:
The number of days before a payment default is an event of default under the related Mortgage Loan.

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund treated as a “grantor trust” under subpart E, part I of subchapter J
of the Code, consisting of the assets described in the Preliminary Statement hereto.

 

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“Ground Lease”:
The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property and any estoppels
or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation, those so identified
pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, and specifically including,
without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and petroleum products,
urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar
classification which would, if classified as unusable, be included in the foregoing definition.

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of the
Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in fact independent
of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage
Loans)), the Operating Advisor, the Asset Representations Reviewer and all Affiliates thereof, (ii) does not have any material
direct financial interest in or any material indirect financial interest in any of the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the Companion Holders (insofar as the
relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor,
the Asset Representations Reviewer or any Affiliate thereof and (iii) is not connected with the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the Companion Holders (insofar as the
relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor,
the Asset Representations Reviewer or any Affiliate thereof as an officer, employee, promoter, underwriter, trustee, partner, director
or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the
Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Companion Holders or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any Class of
securities issued by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder, the Companion Holders or any Affiliate
thereof, as the case may be, so long as such ownership constitutes less than 1% of the total assets of such Person. For the avoidance
of doubt, the exception in the proviso above for ownership of 1% or less of any Class of Certificates shall not apply with respect
to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust within
the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership test set
forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of
Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall be at no
expense to the Trustee, the Certificate Administrator, the Master Servicer, any Companion Holder or the Trust, delivered to the
Trustee, any

 

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Companion Holder, the Certificate Administrator and the Master Servicer), so long as the Trust does not receive or
derive any income from such Person and provided that the relationship between such Person and the Trust is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that neither the Master Servicer nor the Special
Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of
Counsel has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other Person (including
the Master Servicer and the Special Servicer) upon receipt by the Trustee, the Certificate Administrator, the Operating Advisor
and the Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate Administrator, the
Master Servicer, the Operating Advisor or the Trust, to the effect that the taking of any action in respect of any REO Property
by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent
Contractor will not cause such REO Property to cease to qualify as “foreclosure property” within the meaning of Section
860G(a)(8) of the Code or cause any income realized in respect of such REO Property to fail to qualify as Rents from Real Property.

 

“Initial Cure
Period”: As defined in Section 2.03(b).

 

“Initial Purchasers”:
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner to deliver a Certificateholder Repurchase Request
as described in Section 2.03(k) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than
one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

“Initial Sub-Servicer”:
With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with the Master Servicer as of the Closing Date,
the Sub-Servicer under any such Sub-Servicing Agreement. As of the Closing Date, each entity listed on Exhibit FF is an
Initial Sub-Servicer.

 

“Initial Sub-Servicing
Agreement”: Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”: As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”: An institutional investor which is an “accredited investor” within the meaning of paragraphs
(1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity owners come within such
paragraphs.

 

“Insurance and
Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the Master Servicer

 

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or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth in
the related Intercreditor Agreement) and the REMIC Provisions.

 

“Insurance Summary
Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage Loan Seller
or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all insurance policies
covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each such provider and
the amount of coverage and any applicable deductible.

 

“Insurance Policy”:
With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other insurance policy
that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

“Intercreditor
Agreement”: Each of the Princeton Pike Corporate Center Intercreditor Agreement, the Penn Square Mall Intercreditor Agreement,
the Ellenton Premium Outlets Intercreditor Agreement, the GLP Industrial Portfolio A Intercreditor Agreement, the Le Meridien Cambridge
MIT Intercreditor Agreement, the University West Apartments Intercreditor Agreement and any Serviced AB Intercreditor Agreement
and any intercreditor agreement entered into in connection with the issuance to the direct or indirect equity holders in the Mortgagor
of any existing mezzanine indebtedness or any future mezzanine indebtedness permitted under the related Mortgage Loan documents.

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates (other than any Exchangeable Combined
Certificates) and any Trust Components, the amount of interest for the related Interest Accrual Period accrued at the Pass-Through
Rate for such Class of Certificates or Trust Components on the Certificate Balance or Notional Amount, as applicable, for such
Class immediately prior to that Distribution Date. Calculations of interest for each Interest Accrual Period will be made on 30/360
basis.

 

“Interest Accrual
Period”: For each Distribution Date, the calendar month prior to the month in which that Distribution Date occurs.

 

“Interest Distribution
Amount”: With respect to any Class of Regular Certificates (other than any Exchangeable Combined Certificates) and any
Trust Component for any Distribution Date, an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such
Class of Certificates or Trust Component for such Distribution Date and (ii) the Interest Shortfall, if any, with respect to such
Class of Certificates or Trust Component for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated
to such Class of Certificates (other than any Exchangeable Combined Certificates) or Trust Component on such Distribution Date.

 

For purposes of clause
(B) above, the Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated to each Class of
Regular Certificates (other than any Exchangeable Combined Certificates) or Trust Component in an amount equal to the product of
(i) the amount of such Excess Prepayment Interest Shortfall and (ii) a fraction, the numerator of which is the Interest Accrual
Amount for such Class for such Distribution Date and

 

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the denominator of which is the aggregate Interest Accrual Amounts for all
Classes of Regular Certificates and Trust Components for such Distribution Date.

 

“Interest Reserve
Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate Administrator
pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Interest Reserve Account”,
into which the amounts set forth in Section 3.21 shall be deposited directly and which must be an Eligible Account or subaccount
of an Eligible Account.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Regular Certificates (other than any Exchangeable Combined Certificates)
and any Trust Component, the sum of (a) the portion of the Interest Distribution Amount for such Class or Trust Component remaining
unpaid as of the close of business on the preceding Distribution Date, and (b) to the extent permitted by applicable law, (i) other
than in the case of Class X Certificates, one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable
to such Class for the current Distribution Date and (ii) in the case of the Class X Certificates, one-month’s interest on
that amount remaining unpaid at the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Interested
Person”: As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, any Sponsor,
any Borrower Party, any Independent Contractor engaged by the Special Servicer, or any known Affiliate of any of the preceding
entities. With respect to a Whole Loan if it is a Defaulted Loan, the Depositor, the Master Servicer, the Special Servicer (or
any Independent Contractor engaged by such Special Servicer), or the trustee for the securitization of a Companion Loan, and each
related Companion Holder or its representative, any holder of a related mezzanine loan, or any known Affiliate of any such party
described above.

 

“IntraLinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor
and Mortgage Loan Sellers to accept and upload the Diligence Files.

 

“Investment
Account”: As defined in Section 3.06(a).

 

“Investment
Representation Letter”: As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor-Based
Exemption”: Any of PTCE 84-14 (for transactions by independent “qualified professional asset managers”),
PTCE 91-38 (for transactions by bank collective investment funds), PTCE 90-1 (for transactions by insurance company pooled separate
accounts), PTCE 95-60 (for transactions by insurance company general accounts) or PTCE 96-23 (for transactions effected by “in-house
asset managers”) or a similar exemption under Similar Law.

 

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“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit P-1B, Exhibit
P-1C and Exhibit P-1D to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s
Website (which may be a click-through confirmation), representing (i) that such Person executing the certificate is a Certificateholder,
the Directing Certificateholder (to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a
prospective purchaser of a Certificate or a Companion Holder (or any investment advisor, manager or other representative of the
foregoing), (ii) that either (a) such Person is not a Borrower Party,
in which case such Person shall have access to all the reports and information made available to Certificateholders via
the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person
is the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall have access to all the reports and
information made available to Certificateholders via the Certificate Administrator’s Website hereunder other than any Excluded
Information as set forth herein, or (2) if such Person is not the Directing Certificateholder or a Controlling Class Certificateholder,
such Person shall only receive access to the Statements to Certificateholders prepared by the Certificate Administrator, (iii)
that such Person has received a copy of the final Prospectus and (iv) such Person agrees to keep any Privileged Information confidential
and will not violate any securities laws; provided, however, that any Excluded Controlling Class Holder (i) shall
be permitted to obtain in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded
Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information
is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website) and (ii)
shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information with respect
to any related Excluded Controlling Class Loan. The Certificate Administrator may require that Investor Certifications be re-submitted
from time to time in accordance with its policies and procedures and shall restrict access to the Certificate Administrator’s
Website to any mezzanine lender upon notice from any party to this Agreement that such mezzanine lender has accelerated the related
mezzanine loan or commenced foreclosure proceedings against the equity collateral pledged to secure the related mezzanine loan.

 

“Investor Q&A
Forum”: As defined in Section 4.07(a).

 

“Investor Registry”:
As defined in Section 4.07(b).

 

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

 

“Late Collections”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to the related Determination
Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which

 

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represent late payments
or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion Loan, as applicable (without
regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to the immediately preceding Determination
Date and not previously recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property
prior to the related Determination Date, whether as Insurance and Condemnation Proceeds, Liquidation Proceeds, REO Revenues or
otherwise, which represent late collections of principal or interest due or deemed due in respect of such REO Loan or the predecessor
Mortgage Loan, Whole Loan or Companion Loan, as applicable (without regard to any acceleration of amounts due under the predecessor
Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default), on a Due Date prior to the immediately preceding
Determination Date and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.
With respect to any Whole Loan, as used in this Agreement, Late Collections shall refer to such portion of Late Collections to
the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related
Intercreditor Agreement.

 

“Le Meridien
Cambridge MIT Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of February 5, 2016, by
and between the holders of the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans and the holder of the Le Meridien
Cambridge MIT Mortgage Loan, relating to the relative rights of such holders of the Le Meridien Cambridge MIT Whole Loan, as the
same may be further amended in accordance with the terms thereof.

 

“Le Meridien
Cambridge MIT Mortgage Loan”: With respect to the Le Meridien Cambridge MIT Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 12 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and
is pari passu in right of payment with the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans to the extent set
forth in the Le Meridien Cambridge MIT Intercreditor Agreement.

 

“Le Meridien
Cambridge MIT Mortgaged Property”: The Mortgaged Property that secures the Le Meridien Cambridge MIT Whole Loan.

 

“Le Meridien
Cambridge MIT Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets
include the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans.

 

“Le Meridien
Cambridge MIT Serviced Pari Passu Companion Loans”: With respect to the Le Meridien Cambridge MIT Whole Loan, as of the
Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes A-2 and A-3, made by
the related Mortgagor and secured by the Mortgage on the Le Meridien Cambridge MIT Mortgaged Property, which are not included in
the Trust and which are pari passu in right of payment to the Le Meridien Cambridge MIT Mortgage Loan to the extent set
forth in the related Mortgage Loan documents and as provided in the Le Meridien Cambridge MIT Intercreditor Agreement.

 

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“Le Meridien
Cambridge MIT Whole Loan”: The Le Meridien Cambridge MIT Mortgage Loan, together with the Le Meridien Cambridge MIT Serviced
Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Le Meridien Cambridge MIT Mortgaged Property.
References herein to the Le Meridien Cambridge MIT Whole Loan shall be construed to refer to the aggregate indebtedness under the
Le Meridien Cambridge MIT Mortgage Loan and the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage
Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to Section 5 of the related Mortgage
Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by the Special Servicer, or by any Companion Holder or any mezzanine
lender (as applicable) pursuant to Section 3.16 (and the related Intercreditor Agreement, as applicable); (v) such Mortgage
Loan is purchased by the Special Servicer, the Master Servicer, the Holders of the majority of the Controlling Class or the Holders
of the Class R Certificates pursuant to Section 9.01 or acquired by the Sole Certificateholder in exchange for its Certificates
pursuant to Section 9.01; or (vi) such Mortgage Loan is sold by the Special Servicer pursuant to the terms of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Special
Servicer in connection with a liquidation of any Specially Serviced Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses, committee or referee
fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to each Specially Serviced Loan or REO Property (except with
respect to a Non-Serviced Mortgaged Property) as to which the Special Servicer receives (i) a full, partial or discounted payoff
from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with respect to the
related Companion Loan, if applicable), or REO Property (in any case, other than amounts for which a Workout Fee has been paid,
or will be payable), equal to the product of the Liquidation Fee Rate and the proceeds of such full, partial or discounted payoff
or other partial payment or the Liquidation Proceeds or Insurance and Condemnation Proceeds (net of the related costs and expenses
associated with the related liquidation) related to such liquidated Specially Serviced Loan or REO Property, as the case may be;
provided, however, that no Liquidation Fee shall be payable with respect to (a) the purchase of any Specially Serviced
Loan by the Special Servicer or any Affiliate thereof (except if such Affiliate purchaser is the Directing Certificateholder or
any Affiliate thereof; provided, however, that prior to a Control Termination Event, if the Directing Certificateholder
or an Affiliate thereof purchases any Specially Serviced Loan within ninety (90) days after the Special Servicer delivers to the
Directing Certificateholder for its approval the initial Asset Status Report with respect to such Specially Serviced Loan, the
Special Servicer will not be entitled to a Liquidation Fee in connection with such purchase by the Directing Certificateholder
or its Affiliates), (b) any event described in clause (iv) of the definition of “Liquidation Proceeds” (or any
substitution in lieu of a repurchase) so long as such repurchase or substitution occurs prior to the termination of the Extended
Cure Period, (c) any event described in clauses (v), (vi) and (vii) of the definition of

 

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“Liquidation
Proceeds”, as long as, with respect to a purchase pursuant to clause (vi) of the definition of “Liquidation
Proceeds”, a purchase occurs within ninety (90) days of such holder’s purchase option first becoming exercisable during
that period prior to such Mortgage Loan becoming a Corrected Loan pursuant to the related Intercreditor Agreement, (d) with respect
to a Serviced Companion Loan, (x) a repurchase of such Serviced Companion Loan by the applicable Mortgage Loan Seller for a breach
of a representation or warranty or for a defective or deficient mortgage loan documentation under an Other Pooling and Servicing
Agreement within the time period (or extension thereof) provided for such repurchase of such repurchase occurs prior to the termination
of the extended resolution period provided therein or (y) a purchase of such Serviced Companion Loan by any applicable party to
the Other Pooling and Servicing Agreement pursuant to a clean-up call or similar liquidation of the Other Securitization; or (e)
if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan solely because of a Servicing Transfer Event described
in clause (i) or (ii) of the definition of “Servicing Transfer Event”, Liquidation Proceeds are received
within ninety (90) days following the related Maturity Date as a result of such Mortgage Loan or Serviced Whole Loan being refinanced
or otherwise repaid in full (but, in the event that a Liquidation Fee is not payable due to the application of any of clauses
(a) through (e) above, the Special Servicer may still charge, collect and retain a Liquidation Fee and similar fees
from the related Mortgagor to the extent provided for in, or not prohibited by, the related loan documents); provided that
the Liquidation Fee with respect to any Specially Serviced Loan will be reduced by the amount of any Excess Modification Fees paid
by or on behalf of the related Mortgagor with respect to the related Mortgage Loan and any related Companion Loan, as applicable,
or REO Property and received by the Special Servicer as compensation within the prior twelve (12) months, but only to the extent
those fees have not previously been deducted from a Workout Fee or Liquidation Fee. No Liquidation Fee shall be payable in connection
with a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment
within ninety (90)-days of receipt of notice of a breach (and giving effect to an extension period of ninety (90)-days).

 

“Liquidation
Fee Rate”: A rate equal to 1.00% with respect to any Specially Serviced Loan (and each related Serviced Companion Loan)
and REO Property; provided that if such rate would result in an aggregate Liquidation Fee less than $25,000, then the Liquidation
Fee Rate will be equal to such rate as would result in an aggregate Liquidation Fee equal to $25,000;
provided, further, that in no event will the Liquidation Fee payable in respect of any Specially Serviced Loan or
REO Property exceed $1,000,000.

 

“Liquidation
Proceeds”: Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: (i) the
liquidation (including a payment in full of the Mortgage Loan) of a Mortgaged Property or other collateral constituting security
for a Defaulted Loan or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition
or otherwise, exclusive of any portion thereof required to be released to the related Mortgagor in accordance with applicable law
and the terms and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained
against a Mortgagor or guarantor; (iii) any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a) or (B) any
REO Property pursuant to Section 3.16(b); (iv) the repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller
pursuant to Section 5 of the related Mortgage Loan Purchase Agreement; (v) the purchase of a Specially Serviced Loan or REO Property
by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the

 

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Holders of the Class
R Certificates pursuant to Section 9.01; (vi) the purchase of a Mortgage Loan or an REO Property by (a) the applicable Serviced
Subordinate Companion Loan Holder or (b) the related mezzanine lender pursuant to Section 3.16 and the related Intercreditor
Agreement; or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account in
accordance with Section 3.05(h) of this Agreement (provided that, for the purpose of determining the amount of the
Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount of such
Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any)
is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to any Whole
Loan, as used in this Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds to the extent allocable
to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

“Loss of Value
Payment”: As defined in Section 2.03(b) of this Agreement.

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(i) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(c).

 

“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary Statement hereto,
and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of the Class
of Related Certificates or Related Trust Component on the Distribution Date immediately prior to such date of determination (determined
as adjusted pursuant to Section 1.02(iii)), and as set forth in Section 4.01(c)).

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LAS, Class LB, Class LC,
Class LD, Class LE1, Class LE2, Class LF1, Class LF2, Class LG1, Class LG2, Class LH1 and Class LH2 Uncertificated Interests.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising a portion of the Trust Fund, the assets of which consist of the Mortgage
Loans (exclusive of Excess Interest) and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof,
in the case of any Serviced Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect to a Non-Serviced
Whole Loan, such amounts as shall from time to time be held in the Collection Account (other than with respect to any Companion
Loan), the related portion of the REO Account, if any, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Lower-Tier
REMIC Distribution Account, and all other properties included in the Trust Fund that are not in the Upper-Tier REMIC or the Grantor
Trust, except for the Loss of Value Reserve Fund.

 

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“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall initially
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of U.S. Bank National Association,
as Trustee, for the benefit of the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial
Mortgage Pass-Through Certificates, Series 2016-C28, Lower-Tier REMIC Distribution Account”. Any such account, accounts or
sub-accounts shall be an Eligible Account.

 

“LTV Ratio”:
With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the numerator of which
is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments on such Mortgage
Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
As defined in Section 6.08(a).

 

“Master Servicer”:
With respect to each of the Mortgage Loans, Wells Fargo Bank, National Association, and its successors in interest and assigns,
or any successor appointed as allowed herein.

 

“Material Defect”:
With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach, as the case may be, materially
and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of any Certificateholder
therein or causes such Mortgage Loan to be other than a “qualified mortgage” within the meaning of Section 860G(a)(3)
of the Code, but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective obligation to
be treated as a “qualified mortgage”.

 

“Maturity Date”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan, Whole
Loan or Companion Loan by reason of default thereunder or (ii) any Grace Period permitted by the related Mortgage Note.

 

“Mediation Rules”:
As defined in Section 2.03(m)(i).

 

“Mediation Services
Provider”: As defined in Section 2.03(m)(i).

 

“Merger Notice”:
As defined in Section 6.03(b).

 

“Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, any and
all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of the
Mortgage Loan documents and/or related Serviced Companion Loan documents (as

 

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evidenced by a signed writing) agreed to by the Master
Servicer or the Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent fees, defeasance
fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

 

“Money Term”:
With respect to any Mortgage Loan or Serviced Companion Loan, the stated Maturity Date, Mortgage Rate, principal balance, amortization
term or payment frequency or any provision of such mortgage loan or Serviced Companion Loan requiring the payment of a Prepayment
Premium or Yield Maintenance Charge (but does not include late fee or default interest provisions).

 

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

 

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

 

“Mortgage”:
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage File”:
The mortgage documents listed below (provided, that references to the Mortgage File for any Serviced Subordinate Companion
Loan shall refer to the Mortgage File for the related Serviced AB Mortgage Loan and the Mortgage Note evidencing such Serviced
Subordinate Companion Loan):

 

(i)          the
original Mortgage Note bearing, or accompanied by, all prior or intervening endorsements, endorsed either in blank or to the order
of the Trustee in the following form: “Pay to the order of U.S. Bank National Association, as Trustee for Morgan Stanley
Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, without recourse,
representation or warranty” or if the original Mortgage Note is not included therein, then a lost note affidavit and indemnity
with a copy of the Mortgage Note attached thereto;

 

(ii)        the
original Mortgage, with evidence of recording thereon, and, if the Mortgage was executed pursuant to a power of attorney, a certified
true copy

 

    	-75-

    	 

    

 

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

 

(iii)       the
originals of all agreements modifying a Money Term or other material modification, consolidation and extension agreements, if any,
with evidence of recording thereon, or if such original modification, consolidation or extension agreements have been delivered
to the appropriate recording office for recordation and either have not yet been returned on or prior to the 45th day
following the Closing Date with evidence of recordation thereon or have been lost after recordation, true copies of such modifications,
consolidations or extensions certified by the applicable Mortgage Loan Seller together with (A) in the case of a delay caused by
the public recording office, an Officer’s Certificate of the applicable Mortgage Loan Seller stating that such original modification,
consolidation or extension agreement has been dispatched or sent to the appropriate public recording official for recordation or
(B) in the case of an original modification, consolidation or extension agreement that has been lost after recordation, a certification
by the appropriate county recording office where such document is recorded that such copy is a true and complete copy of the original
recorded modification, consolidation or extension agreement, and the originals of all assumption agreements, if any;

 

(iv)        an
original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording, signed by the holder of
record in blank or in favor of U.S. Bank National Association, as Trustee for Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28” (or, in the case of a Serviced AB Whole Loan, substantially
similar language notating an assignment in favor of the Trustee (in such capacity and on behalf of the holders of any related Serviced
Subordinate Companion Loan or Serviced Companion Loan));

 

(v)          originals
of all intervening assignments of Mortgage, if any, with evidence of recording thereon or, if such original assignments of Mortgage
have been delivered to the appropriate recorder’s office for recordation, certified true

 

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copies of such assignments of Mortgage
certified by the applicable Mortgage Loan Seller, or in the case of an original blanket intervening assignment of Mortgage retained
by the applicable Mortgage Loan Seller, a copy thereof certified by the applicable Mortgage Loan Seller or, if any original intervening
assignment of Mortgage has not yet been returned on or prior to the 45th day following the Closing Date from the applicable
recording office or has been lost after recordation, a true and correct copy thereof, together with (A) in the case of a delay
caused by the public recording office, an Officer’s Certificate of the applicable Mortgage Loan Seller stating that such
original intervening assignment of Mortgage has been sent to the appropriate public recording official for recordation or (B) in
the case of an original intervening assignment of Mortgage that has been lost after recordation, a certification by the appropriate
county recording office where such assignment is recorded that such copy is a true and complete copy of the original recorded intervening
assignment of Mortgage;

 

(vi)        if
the related Assignment of Leases is separate from the Mortgage, the original of such Assignment of Leases with evidence of recording
thereon or, if such Assignment of Leases has not been returned on or prior to the 45th day following the Closing Date
from the applicable public recording office, a copy of such Assignment of Leases certified by the applicable Mortgage Loan Seller
to be a true and complete copy of the original Assignment of Leases submitted for recording, together with (A) an original of each
assignment of such Assignment of Leases with evidence of recording thereon and showing a complete recorded chain of assignment
from the named assignee to the holder of record, and if any such assignment of such Assignment of Leases has not been returned
from the applicable public recording office, a copy of such assignment certified by the applicable Mortgage Loan Seller to be a
true and complete copy of the original assignment submitted for recording, and (B) an original assignment of such Assignment of
Leases, in recordable form, signed by the holder of record in favor of U.S. Bank National Association, as Trustee for Morgan Stanley
Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28” (or, in the
case of a Serviced Whole Loan, substantially similar language notating an assignment in favor of the Trustee (in such capacity
and on behalf of the holders of any related Serviced Subordinate Companion Loan or Serviced Companion Loan)), which assignment
may be effected in the related Assignment of Mortgage;

 

(vii)       the
original or a copy of each guaranty, if any, constituting additional security for the repayment of such Mortgage Loan;

 

(viii)      the
original (which may be electronic) or a copy (which may be electronic) title insurance policy or if such title insurance policy
has not been issued, an original binder or actual title commitment or a copy (which may be electronic) thereof certified by the
title company with the original (which may be electronic) or a copy (which may be electronic) title insurance policy to follow
within 180 days of the Closing Date or a preliminary title report binding on the

 

    	-77-

    	 

    

 

title company with an original (which may be electronic)
or a copy (which may be electronic) title insurance policy to follow within 180 days of the Closing Date;

 

(ix)        any
filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements, related amendments and continuation
statements in the possession of the applicable mortgage loan seller;

 

(x)          copies
of the related ground lease(s), space lease(s) or air rights lease(s), if any, related to any Mortgage Loan where the Mortgagor
is the lessee under any such lease and there is a lien in favor of the mortgagee in such lease;

 

(xi)        copies
of any loan agreements, lock-box agreements, co-lender agreements and intercreditor agreements (including, without limitation,
any Intercreditor Agreement or Non-Serviced Mortgage Loan Intercreditor Agreement);

 

(xii)       either
(A) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan, which shall be assigned
to the Trustee and delivered to the Custodian on behalf of the Trustee on behalf of the Trust with a copy to be held by the Master
Servicer, and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable Mortgage Loan,
this Agreement or (B) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan,
which shall be held by the Master Servicer on behalf of the Trustee, with a copy to be held by the Custodian on behalf of the Trustee,
and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable Mortgage Loan, this
Agreement (it being understood that each Mortgage Loan Seller has agreed (a) that the proceeds of such letter of credit belong
to the Trust, (b) to notify, on or before the Closing Date, the bank issuing the letter of credit that the letter of credit and
the proceeds thereof belong to the Trust, and to use reasonable efforts to obtain within thirty (30) days (but in any event to
obtain within ninety (90) days) following the Closing Date, an acknowledgement thereof by the bank (with a copy of such acknowledgement
to be sent to the Master Servicer (who shall forward a copy of such acknowledgement to the Custodian and the Trustee)) or a reissued
letter of credit and (c) to indemnify the Trust for any liabilities, charges, costs, fees or other expenses accruing from the failure
of the Mortgage Loan Seller to assign all rights in and to the letter of credit hereunder including the right and power to draw
on the letter of credit). In the case of clause (B) above, the Master Servicer acknowledges that any letter of credit held
by it shall be held in its capacity as agent of the Trust, and if the Master Servicer sells its rights to service the applicable
Mortgage Loan, the Master Servicer shall assign the applicable letter of credit to the Trust or (with respect to any Specially
Serviced Loan) at the direction of the Special Servicer to such party as the Special Servicer may instruct, in each case, at the
expense of the Master Servicer. The Master Servicer shall indemnify the Trust for any loss caused by the ineffectiveness of such
assignment;

 

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(xiii)      the
original or a copy of the environmental indemnity agreement, if any, related to any Mortgage Loan;

 

(xiv)       third-party
management agreements, if any, with respect to any Mortgaged Property;

 

(xv)        copies
of any environmental insurance policy;

 

(xvi)       copies
of any affidavit and indemnification agreement;

 

(xvii)      if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement provided to the applicable Mortgage Loan Seller in connection
with such Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan; (b) a copy of any related estoppel certificate
or any comfort letter delivered by the franchisor for the benefit of the holder of the Mortgage Loan in connection with the applicable
Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan; and (c) if the related Mortgage Loan is a franchise
Mortgage Loan, a copy of the notice (to the extent such a notice is required under the terms of the related franchise, management
or similar agreement) to the related franchisor stating that the franchise Mortgage Loan has been transferred to the Trust and
requesting a replacement comfort letter in favor of the Trust (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; and

 

(xviii)     with
respect to any Non-Serviced Mortgage Loan, a copy of the related Non-Serviced PSA;

 

provided, however, that (a)
whenever the term “Mortgage File” is used to refer to documents held by the Custodian, such term shall not be deemed
to include such documents and instruments required to be included therein unless they are actually received by the Custodian, (b)
if there exists with respect to any Crossed Mortgage Loan Group only one original or certified copy of any document referred to
in the definition of “Mortgage File” covering all of the Mortgage Loans in such Crossed Mortgage Loan Group, then the
inclusion of such original or certified copy in the Mortgage File for any of the Mortgage Loans constituting such Crossed Mortgage
Loan Group shall be deemed the inclusion of such original or certified copy in the Mortgage File for each such Mortgage Loan, (c)
to the extent that this Agreement refers to a “Mortgage File” for a Companion Loan, such “Mortgage File”
shall be construed to mean the Mortgage File for the related Mortgage Loan (except that references to the Mortgage Note for a Companion
Loan otherwise described above shall be construed to instead refer to a photocopy of such Mortgage Note), and (d) with respect
to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation of any Assignment in the name of the
Trustee shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such instrument and the benefits
intended to be provided to them by such instrument, it being acknowledged that (I) the Trustee shall hold such record title for
the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion Holder(s) collectively and (II) any
efforts undertaken

 

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by the Trustee, the Master Servicer, or the Special Servicer on its behalf to enforce or obtain the benefits
of such instrument shall be construed to be so undertaken by the Trustee, the Master Servicer or the Special Servicer for the benefit
of the Trust as the holder of the applicable Mortgage Loan and the related Companion Holder(s) collectively.

 

Notwithstanding any of the foregoing to
the contrary, with respect to any Non-Serviced Mortgage Loan, (A) if the Custodian is not also the related Non-Serviced Custodian,
the preceding document delivery requirements shall be met by the delivery by the applicable Seller of copies of the documents specified
above (other than the Mortgage Notes (and all intervening endorsements) respectively evidencing such Non-Serviced Mortgage Loan
with respect to which the originals shall be required), including a copy of the Non-Serviced Mortgage Loan Mortgage, and the requirement
to deliver any of the preceding documents in the name of the Trustee shall be met by the delivery of such documents in the name
of the Non-Serviced Mortgage Loan Trustee for the benefit of, among others, the Trustee, as holder of such Non-Serviced Mortgage
Loan, or (B) if (and only for so long as) the Custodian is also the related Non-Serviced Custodian, the preceding document delivery
requirements shall be met by (1) the delivery by the applicable Seller of originals of the documents described in clause (i)
and (2) custody of the documents specified in clauses (ii) through (xviii) above by the related Non-Serviced
Custodian pursuant to the related Non-Serviced PSA; provided, that if any document specified in clauses (ii) through
(xviii) above was not or was not required to be delivered to the related Non-Serviced Custodian in connection with the related
Other Securitization, the applicable Seller shall deliver such document to the Custodian; provided, further, that
(a) the Custodian represents and warrants to each other party hereto and for the benefit of the Certificateholders that, as of
the Closing Date, it is the related Non-Serviced Custodian for such Non-Serviced Mortgage Loan; (b) the Custodian shall perform
its duties under this Agreement (including, without limitation, Article II), and be liable to the other parties hereto,
with respect to such Non-Serviced Mortgage Loan as if such documents were required to be delivered and included in the Mortgage
File and as if the Non-Serviced Custodian’s receipt of the documents contained in the related “mortgage file”
delivered under the related Non-Serviced PSA constituted delivery of those same documents to the Custodian under this Agreement;
(c) the Custodian shall not resign as the related Non-Serviced Custodian without giving at least thirty (30) days’ advance
written notice of resignation to each other party hereto; (d) if for any reason the Custodian shall resign as Custodian hereunder
or resign as the related Non-Serviced Custodian or shall otherwise no longer act as Custodian hereunder or as the related Non-Serviced
Custodian or shall otherwise be required to surrender possession of the related “mortgage file” delivered under the
related Non-Serviced PSA (including by reason of the Non-Serviced Companion Loan being removed from the related securitization
trust), the Custodian shall include the documents contemplated by clauses (ii) through (xviii) above in the Mortgage
File for such Non-Serviced Whole Loan (to the extent such documents were delivered in connection with the related Other Securitization)
that shall be maintained by it or any successor custodian hereunder.

 

In addition, the applicable Mortgage Loan
Seller shall deliver (A) with respect to a Serviced Companion Loan, a copy of the related Mortgage Note evidencing such Serviced
Companion Loan and (B) with respect to a Non-Serviced Companion Loan, a copy of the related Mortgage Note evidencing such Non-Serviced
Companion Loan.

 

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“Mortgage Loan”:
Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group, each of which, for the
purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual Crossed Underlying Loan
within any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage Loan) transferred and assigned
to the Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage Loan”
includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related agreements.
The term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage Loan that
has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan. For the avoidance of
doubt, no BANA Lender Successor Borrower Right, CIBC Lender Successor Borrower Right, SMF III Lender Successor Borrower Right or
MSMCH Seller Defeasance Rights and Obligations is part of a “Mortgage Loan”.

 

“Mortgage Loan
Checklist”: As defined in the definition of Mortgage File.

 

“Mortgage Loan
Purchase Agreement”: Each agreement between the Depositor and each Mortgage Loan Seller, relating to the transfer of
all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust Fund, attached
hereto as Exhibit B, as any such schedule may be amended from time to time in connection with a substitution under Section
2.03 and in accordance with the relevant Mortgage Loan Purchase Agreement, and which list sets forth the following information
with respect to each Mortgage Loan so transferred:

 

(i)          the
loan identification number (as specified in Annex A-1 to the Prospectus);

 

(ii)        the
name of the Mortgage Loan Seller;

 

(iii)       the
name of the related Mortgaged Property;

 

(iv)        the
Cut-off Date Balance;

 

(v)          the
Mortgagor’s name;

 

(vi)        the
street address (including city and state);

 

(vii)       the
date of the related promissory note;

 

(viii)      the
Maturity Date;

 

(ix)        the
Mortgage Rate in effect at origination;

 

(x)          the
original term and remaining to stated maturity or, if applicable, Anticipated Repayment Date;

 

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(xi)        remaining
term to stated maturity or, if applicable, Anticipated Repayment Date;

 

(xii)       the
original amortization term;

 

(xiii)      whether
the loan is an ARD Loan;

 

(xiv)       the
Primary Servicing Fee rate; and

 

(xv)        the
Pari Passu Loan Primary Servicing Fee Rate.

 

Such list may be in the
form of more than one list, collectively setting forth all of the information required.

 

“Mortgage Loan
Seller”: Each of (i) Bank of America, National Association, a national banking association, or its successor in interest,
(ii) Morgan Stanley Mortgage Capital Holdings LLC, a New York limited liability company, or its successor in interest, (iii) CIBC
Inc., a Delaware corporation, or its successor in interest, and (iv) Starwood Mortgage Funding III LLC, a Delaware limited liability
company, or its successor in interest.

 

“Mortgage Note”:
The original executed promissory note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan, as
the case may be, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement thereof.

 

“Mortgage Rate”:
With respect to: (i) any Mortgage Loan (including the Non-Serviced Mortgage Loans) or related Companion Loan on or prior to its
Maturity Date, the annual rate at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan or
related Companion Loan from time to time in accordance with the related Mortgage Note and applicable law; or (ii) any Mortgage
Loan or related Companion Loan after its Maturity Date, the annual rate described in clause (i) above determined without
regard to the passage of such Maturity Date. For the avoidance of doubt, the Mortgage Rate of any ARD Loan shall not be construed
to include the related Excess Rate.

 

“Mortgaged Property”:
The real property subject to the lien of a Mortgage.

 

“Mortgagor”:
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor individually
and collectively, as the context may require.

 

“MSBAM 2015-C27
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2015, among Morgan Stanley
Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management LLC, as special
servicer, Situs Holdings, LLC, as trust advisor, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate

 

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administrator, certificate registrar, authenticating agent and custodian, as from time to time amended,
supplemented or modified relating to the issuance of the Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27, Commercial
Mortgage Pass-Through Certificates, Series 2015-C27.

 

“MSCI 2015-UBS8
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of December 1, 2015, among Morgan Stanley
Capital I Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Situs Holdings, LLC, as trust advisor, and Wells Fargo Bank, National Association, as trustee,
certificate administrator, certificate registrar, authenticating agent and custodian, as from time to time amended, supplemented
or modified relating to the issuance of the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8.

 

“MSCI 2016-PSQ
Trust and Servicing Agreement”: The trust and servicing agreement, dated as of January 1, 2016, between Morgan Stanley
Capital I Inc., as depositor, Wells Fargo Bank, National Association, as servicer, Wells Fargo Bank, National Association, as special
servicer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
as from time to time amended, supplemented or modified relating to the issuance of the Morgan Stanley Capital I Trust 2016-PSQ

Commercial Mortgage Pass-Through Certificates, Series 2016-PSQ.

 

“MSMCH Seller
Defeasance Rights and Obligations”: has the meaning set forth in Section 3.18(i) hereof.

 

“Net Investment
Earnings”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution
Account for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount, if any, by which
the aggregate of all interest and other income realized during such period on funds relating to the Trust held in such account,
exceeds the aggregate of all losses, if any, incurred during such period in connection with the investment of such funds in accordance
with Section 3.06.

 

“Net Investment
Loss”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution Account
for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount by which the aggregate
of all losses, if any, incurred during such period in connection with the investment of funds relating to the Trust held in such
account in accordance with Section 3.06, exceeds the aggregate of all interest and other income realized during such period
on such funds.

 

“Net Mortgage
Rate”: With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) and any REO Loan (other than the portion
of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal to the related Mortgage
Rate then in effect (without regard to any increase in the interest rate of any ARD Loan after its respective Anticipated Repayment
Date), minus the related Administrative Cost Rate; provided, however, that for purposes of calculating Pass-Through
Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to

 

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any modification,
waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer
or resulting from a bankruptcy, insolvency or similar proceeding involving the related Mortgagor; provided, further,
that for any Mortgage Loan that does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then,
solely for purposes of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage Rate of such
Mortgage Loan or for any one-month period preceding a related Due Date will be the annualized rate at which interest would have
to accrue in respect of such Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce
the aggregate amount of interest actually accrued in respect of such Mortgage Loan during such one-month period at the related
Net Mortgage Rate; provided, further, that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate
for the one-month period (A) preceding the Due Dates that occur in January and February in any year which is not a leap year or
preceding the Due Date that occurs in February in any year which is a leap year (in either case, unless the related Distribution
Date is the final Distribution Date), will be determined exclusive of any Withheld Amounts, and (B) preceding the Due Date in March
(or February, if the related Distribution Date is the final Distribution Date) (commencing in 2017), shall be determined inclusive
of the amounts withheld in the immediately preceding January and February, if applicable; and provided, further,
that, with respect to each Actual/360 Mortgage Loan and with respect to the Distribution Date in March 2016, the Closing Date Interest
Deposit Amount will be included in determining the Net Mortgage Rate. With respect to any REO Loan, the Net Mortgage Rate shall
be calculated as described above, determined as if the predecessor Mortgage Loan had remained outstanding.

 

“Net Operating
Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating Income will
be calculated in accordance with the standard definition of “Net Operating Income” approved from time to time endorsed
and put forth by the CREFC®.

 

“New Lease”:
Any lease of REO Property entered into at the direction of the Special Servicer on behalf of the Trust, including any lease renewed,
modified or extended on behalf of the Trust, if the Trust has the right to renegotiate the terms of such lease.

 

“Non-Book Entry
Certificates”: As defined in Section 5.02(c).

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. For the avoidance of doubt, Workout-Delayed
Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination in accordance with
the procedures specified herein, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections, Default Interest, Insurance
and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the related REO
Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors), or (b) has determined
that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been
reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately

 

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recoverable from
the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which, in the reasonable
judgment of the Master Servicer, the Special Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together
with any accrued and unpaid interest thereon at the Reimbursement Rate, from Late Collections or any other recovery on or in respect
of such Mortgage Loan or REO Loan; provided, however, that the Special Servicer may, at its option (with respect
to any Specially Serviced Loan and, prior to the occurrence of a Consultation Termination Event (other than with respect to any
Excluded Loan), in consultation with the Directing Certificateholder), make a determination in accordance with the Servicing Standard,
that any P&I Advance previously made or proposed to be made is a Nonrecoverable P&I Advance and shall deliver to the Master
Servicer (and with respect to a Serviced Mortgage Loan, to any Other Servicer, and with respect to a Non-Serviced Mortgage Loan,
to the related Non-Serviced Master Servicer and Non-Serviced Special Servicer), the Certificate Administrator, the Trustee, the
Operating Advisor and the 17g-5 Information Provider notice of such determination. Any such determination may be conclusively relied
upon by, but shall not be binding upon, the Master Servicer and the Trustee, provided, however, that the Special
Servicer shall have no such obligation to make an affirmative determination that any P&I Advance is or would be recoverable
and in the absence of a determination by the Special Servicer that such P&I Advance is or would be a Nonrecoverable P&I
Advance, such decision shall remain with the Master Servicer or Trustee, as applicable. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed P&I Advance is a Nonrecoverable P&I Advance, the Master
Servicer and the Trustee shall have the right to make its own subsequent determination that any remaining portion of any such previously
made or proposed P&I Advance is a Nonrecoverable P&I Advance. With respect to any Non-Serviced Whole Loan, if any Non-Serviced
Master Servicer or Non-Serviced Special Servicer, as applicable,
in connection with a securitization of the related Non-Serviced Companion Loan determines that a principal and interest advance
with respect to the related Non-Serviced Companion Loan, if made, would be nonrecoverable, such determination shall not be binding
on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage
Loan. Similarly, with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee,
as applicable, determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable
P&I Advance, such determination shall not be binding on the related Non-Serviced Master Servicer and related Non-Serviced Trustee
as it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion Loan (unless the related Non-Serviced
PSA provides otherwise). In making such recoverability determination, the Master Servicer, Special Servicer or Trustee, as applicable,
will be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor under the terms of the related Mortgage
Loan or Companion Loan, as applicable, as it may have been modified and (ii) the related Mortgaged Properties in their “as-is”
or then-current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee, solely
in its capacity as Trustee) regarding the possibility and effects of future adverse changes

 

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with respect to such Mortgaged Properties,
(b) to estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future
expenses, (c) to estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special
Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things)
the timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such
consideration, the recovery of which are being deferred or delayed by the Master Servicer, in light of the fact that related proceeds
are a source of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed
or deferred Advance. In addition, any Person, in considering whether a P&I Advance is a Nonrecoverable Advance, will be entitled
to give due regard to the existence of any outstanding Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the reimbursement of which, at the time of such consideration, is being deferred or delayed by the Master
Servicer or the Trustee because there is insufficient principal available for such recovery, in light of the fact that proceeds
on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential
source of reimbursement of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred
or delayed. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any
other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in
the case of the Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity as Trustee),
may obtain at the expense of the Trust any reasonably required analysis, Appraisals or market value estimates or other information
for making a recoverability determination. Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. The determination
by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable P&I Advance has been
made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any updated or changed
recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either the Special Servicer or
the Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder (but only prior
to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan other than an Excluded Loan) (and
in the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer)
and the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the
Certificate Administrator (and, in the case of a Serviced Mortgage Loan, any Other Servicer). The Officer’s Certificate shall
set forth such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or the Trustee,
as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, related income
and expense statements, rent rolls, occupancy status, property inspections and any other information used by the Master Servicer,
the Special Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal of the
related Mortgage Loan or the related Mortgaged Property). The Trustee shall be entitled to conclusively rely on the Master Servicer’s
or Special Servicer’s determination that a P&I Advance is or would be nonrecoverable, and the Master Servicer shall be
entitled to conclusively rely on the Special

 

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Servicer’s determination that a P&I Advance is or would be nonrecoverable.
In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall take into account the cross-collateralization
of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property which, in the reasonable judgment of the Master Servicer,
the Special Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together with any accrued and unpaid
interest thereon, at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan,
Serviced Whole Loan or REO Property. In making such recoverability determination, such Person will be entitled (a) to consider
(among other things) (i) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable,
as it may have been modified and (ii) the related Mortgaged Properties in their “as-is” or then-current conditions
and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (b) to estimate and
consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith
business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses, (c) to estimate
and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good
faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries
and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the recovery
of which are being deferred or delayed by the Master Servicer or the Trustee because there is insufficient principal available
for such recovery, in light of the fact that related proceeds are a source of recovery not only for the Advance under consideration
but also a potential source of recovery for such delayed or deferred Advance. In addition, any Person, in considering whether a
Servicing Advance is a Nonrecoverable Servicing Advance, will be entitled to give due regard to the existence of any Nonrecoverable
Advance or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement of which, at the time
of such consideration, is being deferred or delayed by the Master Servicer, in light of the fact that proceeds on the related Mortgage
Loan are a source of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery
of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. In addition,
any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in the case of the Master Servicer or
in its good faith business judgment in the case of the Trustee (solely in its capacity as Trustee), may obtain at the expense of
the Trust any reasonably required analysis, Appraisals or market value estimates or other information for making a recoverability
determination. Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s determination as
to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders. The determination by
the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable Servicing Advance has been
made or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, or any updated or changed
recoverability

 

    	-87-

    	 

    

 

determination, shall be evidenced by an Officer’s Certificate delivered by either of the Special Servicer
or Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder (but only prior
to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan other than an Excluded Loan) (and
in the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer)
and the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the
Certificate Administrator (and in the case of a Serviced Mortgage Loan, any Other Servicer); provided, however, that
the Special Servicer may, at its option (with respect to any Specially Serviced Loan and, prior to the occurrence of a Consultation
Termination Event (other than with respect to any Excluded Loan), in consultation with the Directing Certificateholder) make a
determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is a
Nonrecoverable Servicing Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any
Other Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider notice of
such determination. Any such determination may be conclusively relied upon by, but shall not be binding upon, the Master Servicer
and the Trustee, provided, however, that the Special Servicer shall have no such obligation to make an affirmative
determination that any Servicing Advance is or would be recoverable and in the absence of a determination by the Special Servicer
that such Servicing Advance is or would be a Nonrecoverable Servicing Advance, such decision shall remain with the Master Servicer
or the Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously
made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the
right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance
is a Nonrecoverable Servicing Advance. The Officer’s Certificate shall set forth such determination of nonrecoverability
and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination
(which shall be accompanied by, to the extent available, related income and expense statements, rent rolls, occupancy status, property
inspections and any other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make
such determination and shall include any existing Appraisal with respect to the related Mortgage Loan, Serviced Companion Loan
or related Mortgaged Property). The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder
with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make
Servicing Advances may reasonably request for purposes of making recoverability determinations. The Trustee shall be entitled to
conclusively rely on the Master Servicer’s or Special Servicer’s determination that a Servicing Advance is or would
be nonrecoverable, and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination
that a Servicing Advance is or would be nonrecoverable. Notwithstanding anything herein to the contrary, if the Special Servicer
requests that the Master Servicer make a Servicing Advance, the Master Servicer may conclusively rely on such request as evidence
that such advance is not a Nonrecoverable Servicing Advance; provided, however, the Special Servicer shall not be
entitled to make such a request more frequently than once per calendar month with respect to Servicing Advances other than emergency
advances (although such request may relate to more than one Servicing Advance). In the case of a cross-collateralized Mortgage
Loan (if any), such recoverability determination shall take into

 

    	-88-

    	 

    

 

account the cross-collateralization of the related cross-collateralized
Mortgage Loan. The determination as to the recoverability of any servicing advance or property protection advance previously made
or proposed to be made in respect of a Non-Serviced Whole Loan shall be made by the related Non-Serviced Master Servicer, Non-Serviced
Special Servicer or Non-Serviced Trustee, as the case may be, pursuant to the related Non-Serviced PSA.

 

“Non-Registered
Certificate”: Unless and until registered under the Securities Act, any Class X-D, Class D, Class E-1, Class E-2, Class
E, Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1, Class H-2, Class H, Class R or
Class V Certificate.

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under a Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”: Each Non-Serviced Pari Passu Companion Loan and each Non-Serviced Subordinate Companion Loan.

 

“Non-Serviced
Controlling Holder”: The “directing holder”, “controlling class certificateholder” or similarly
defined party under a Non-Serviced PSA.

 

“Non-Serviced
Custodian”: The “Custodian” under a Non-Serviced PSA.

 

“Non-Serviced
Depositor”: The “Depositor” under a Non-Serviced PSA.

 

“Non-Serviced
Gain-on-Sale Proceeds”: Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage Loan pursuant
to the related Non-Serviced PSA.

 

“Non-Serviced
Indemnified Parties”: As defined in Section 6.04(i).

 

“Non-Serviced
Intercreditor Agreement”: Each of the Penn Square Mall Intercreditor Agreement, the Ellenton Premium Outlets Intercreditor
Agreement, the GLP Industrial Portfolio A Intercreditor Agreement and the University West Apartments Intercreditor Agreement.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” or “Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan”: Each of the Penn Square Mall Mortgage Loan, the Ellenton Premium Outlets Mortgage Loan, the GLP Industrial
Portfolio A Mortgage Loan and the University West Apartments Mortgage Loan.

 

“Non-Serviced
Mortgaged Property”: Each of the Penn Square Mall Mortgaged Property, the Ellenton Premium Outlets Mortgaged Property,
the GLP Industrial Portfolio A Mortgaged Property and the University West Apartments Mortgaged Property.

 

“Non-Serviced
Operating Advisor”: The “Operating Advisor” or “Trust Advisor” under a Non-Serviced PSA.

 

    	-89-

    	 

    

 

“Non-Serviced
Pari Passu-AB Whole Loan”: Each of the Penn Square Mall Whole Loan and the GLP Industrial Portfolio A Whole Loan.

 

“Non-Serviced
Pari Passu Companion Loan”: Each of the Penn Square Mall Non-Serviced Pari Passu Companion Loans, the Ellenton Premium
Outlets Non-Serviced Pari Passu Companion Loans, the GLP Industrial Portfolio A Non-Serviced Pari Passu Companion Loans and the
University West Apartments Non-Serviced Pari Passu Companion Loans.

 

“Non-Serviced
Pari Passu Whole Loan”: Each of the Ellenton Premium Outlets Whole Loan and the University West Apartments Whole Loan.

 

“Non-Serviced
Paying Agent”: The “Paying Agent” under a Non-Serviced PSA.

 

“Non-Serviced
PSA”: With respect to (i) the Penn Square Mall Whole Loan, the MSCI 2016-PSQ Trust and Servicing Agreement, (ii) the
Ellenton Premium Outlets Whole Loan, the MSCI 2015-UBS8 Pooling and Servicing Agreement, (iii) the GLP Industrial Portfolio A Whole
Loan, the CSMC 2015-GLPA Trust and Servicing Agreement and (iv) the University West Apartments Whole Loan, the MSBAM 2015-C27 Pooling
and Servicing Agreement.

 

“Non-Serviced
Special Servicer”: The “Special Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Subordinate Companion Loan”: With respect to any Non-Serviced Pari-Passu AB Whole Loan, the related subordinate companion
loan evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on the related Non-Serviced
Mortgaged Property, which is not included in the Trust and which is subordinate in right of payment to the related Non-Serviced
Mortgage Loan and the Non-Serviced Pari-Passu Companion Loans to the extent set forth in the related Mortgage Loan documents and
as provided in the related Intercreditor Agreement. The only Non-Serviced Subordinate Companion Loans related to the Trust as of
the Closing Date are the Penn Square Mall Non-Serviced Subordinate Companion Loan and the GLP Industrial Portfolio A Non-Serviced
Subordinate Companion Loans.

 

“Non-Serviced
Trust”: The “Trust” formed under a Non-Serviced PSA.

 

“Non-Serviced
Trustee”: The “Trustee” under a Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”: Each of the Penn Square Mall Whole Loan, the Ellenton Premium Outlets Whole Loan, the GLP Industrial Portfolio
A Whole Loan and the University West Apartments Whole Loan.

 

“Non-Specially
Serviced Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan that is not a
Specially Serviced Loan.

 

“Non-U.S. Beneficial
Ownership Certification”: As defined in Section 5.03(f).

 

“Non-U.S. Tax
Person”: Any person other than a U.S. Tax Person.

 

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“Non-Waiving
Successor”: As defined in Section 3.23(l).

 

“Notional Amount”:
In the case of the Class X-A Certificates, the Class X-A Notional Amount, in the case of the Class X-B Certificates, the Class
X-B Notional Amount, and in the case of the Class X-D Certificates, the Class X-D Notional Amount.

 

“NRSRO”:
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agencies.

 

“NRSRO Certification”:
A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO or (b) provided electronically and executed
by such NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s Website, in either
case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement or that such
NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act,
that such NRSRO has access to the Depositor’s 17g-5 website and that such NRSRO will keep such information confidential,
except to the extent such information has been made available to the general public. Each NRSRO shall be deemed to recertify to
the foregoing each time it accesses the Certificate Administrator’s Website.

 

“OCC”:
Office of the Comptroller of the Currency.

 

“Offered Certificates”:
The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer or any Additional
Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator, as the case may be.

 

“Offshore Transaction”:
Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, and its successors in interest and assigns, or any successor
operating advisor appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.26(d).

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and performed
its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor agrees to pay)
with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans), payable pursuant to Section 3.05 of this
Agreement; provided, however, that no such fee shall be payable unless specifically paid by the related Mortgagor
as a separately identifiable fee; provided, further, that the Operating Advisor may in its sole discretion reduce
the Operating Advisor Consulting Fee with respect to any Major Decision; provided, further, that the Master Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related
Mortgagor if it determines that such full or partial waiver

 

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is in accordance with the Servicing Standard (provided that
the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior
to any such waiver or reduction).

 

“Operating Advisor
Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts or additional
trust fund expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating Advisor Fee and the Operating
Advisor Consulting Fee).

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan and REO Loan (but excluding each Non-Serviced Mortgage Loan), the fee payable
to the Operating Advisor pursuant to Section 3.26(j).

 

“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a rate equal to
(i) 0.0020% per annum with respect to each Mortgage Loan and REO Loan (other than the Princeton Pike Corporate Center Mortgage
Loan and the Le Meridien Cambridge MIT Mortgage Loan), (ii) 0.0050% per annum with respect to the Princeton Pike Corporate
Center Mortgage Loan, and (iii) 0.0070% per annum with respect to the Le Meridien Cambridge MIT Mortgage Loan.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest
of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the holders
of the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted a single lender),
and not for the benefit of any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of
its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the
Operating Advisor or any of its Affiliates may have with any of the underlying Mortgagors, any Sponsor, any Mortgage Loan Seller,
the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder or
any of their Affiliates.

 

“Operating Advisor
Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(a)          any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the holders
of Certificates having greater than 25% of the aggregate Voting Rights, provided that any such failure which is not curable
within such thirty (30) day period, the Operating Advisor will have an additional cure period of thirty (30) days to effect such
cure so long as it has commenced to cure such failure within the initial thirty (30) day

 

    	-92-

    	 

    

 

period and has provided the Trustee and
the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and is continuing
to pursue, such cure;

 

(b)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure continues unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is
given to the Operating Advisor by any party to this Agreement;

 

(c)          any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement;

 

(d)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding
up or liquidation of its affairs, shall have been entered against the operating advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of sixty (60) days;

 

(e)          the
Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
operating advisor or of or relating to all or substantially all of its property; or

 

(f)          the
Operating Advisor admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered to
the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification of any Trust
REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as a grantor trust, or (d)
the resignation of the Master Servicer, the Special Servicer or the Depositor pursuant to Section 6.05, must be an opinion
of counsel who is in fact Independent of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer.

 

“Original Certificate
Balance”: With respect to any Class of Principal Balance Certificates, the initial aggregate principal amount thereof
as of the Closing Date, in each case as specified in the Preliminary Statement and with respect to each Trust Component, as provided
in Section 5.09(a).

 

    	-93-

    	 

    

 

“Original Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interest, the initial principal amount thereof as
of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original Notional
Amount”: With respect to the Class X-A Notional Amount, the Class X-B Notional Amount and the Class X-D Notional Amount,
the applicable initial Notional Amount thereof as of the Closing Date, as specified in the Preliminary Statement.

 

“Other Asset
Representations Reviewer”: Any asset representations reviewer under an Other Pooling and Servicing Agreement.

 

“Other Certificate
Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other Depositor”:
Any depositor under an Other Pooling and Servicing Agreement.

 

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

 

“Other Pooling
and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include any Serviced
Companion Loan. For the avoidance of doubt, the Princeton Pike Corporate Center Pooling and Servicing Agreement and the Le Meridien
Cambridge MIT Pooling and Servicing Agreement shall be an Other Pooling and Servicing Agreement.

 

“Other Securitization”:
As defined in Section 11.06.

 

“Other Servicer”:
Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other Trustee”:
Any trustee under an Other Pooling and Servicing Agreement.

 

“Ownership Interest”:
As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any other interest therein,
whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I Advance”:
As to any Mortgage Loan or REO Loan (but not any related Companion Loan or any portion of an REO Loan related to a Companion
Loan), any advance

 

    	-94-

    	 

    

 

made by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I Advance
Date”: The Business Day immediately prior to each Distribution Date.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the close of business on the related Determination Date.

 

“Pari Passu
Loan Primary Servicing Fee Rate”: The “master servicing fee rate” (or analogous term) (as defined in the
related Non-Serviced PSA) and any other servicing fee rate payable to the applicable Non-Serviced Master Servicer applicable to
any Non-Serviced Mortgage Loan. The Pari Passu Loan Primary Servicing Fee Rate for the Penn Square Mall Mortgage Loan is 0.00250%;
the Pari Passu Loan Primary Servicing Fee Rate for the Ellenton Premium Outlets Mortgage Loan is 0.00250%; the Pari Passu Loan
Primary Servicing Fee Rate for the GLP Industrial Portfolio A Mortgage Loan is 0.00125%; and the Pari Passu Loan Primary Servicing
Fee Rate for the University West Apartments Mortgage Loan is 0.00500%.

 

“Pass-Through
Rate”: Any of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-SB Pass-Through Rate, the
Class A-3 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-S Pass-Through Rate, the Class B Pass-Through Rate, the
Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class E-1 Pass-Through Rate, the Class E-2 Pass-Through Rate, the
Class F-1 Pass-Through Rate, the Class F-2 Pass-Through Rate, the Class G-1 Pass-Through Rate, the Class G-2 Pass-Through Rate,
the Class H-1 Pass-Through Rate, the Class H-2 Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-B Pass-Through Rate
or the Class X-D Pass-Through Rate, as the case may be.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan (or any successor REO
Loan), any amounts actually collected thereon (or, in the case of a Serviced Companion Loan (or any successor REO Loan thereto)
that is part of a Serviced Whole Loan, actually collected on such Serviced Whole Loan, and allocated and paid on such Serviced
Companion Loan (or any successor REO Loan), as applicable, in accordance with the related Intercreditor Agreement) that represent
late payment charges or Default Interest, other than a Prepayment Premium, a Yield Maintenance Charge or any Excess Interest.

 

“Penn Square
Mall Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of February 11, 2016, by and between
the holder of the Penn Square Mall Non-Serviced Pari Passu Companion Loan, the holder of the Penn Square Mall Non-Serviced Subordinate
Companion Loan and the holder of the Penn Square Mall Mortgage Loan, relating to the relative rights of such holders of the Penn
Square Mall Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Penn Square
Mall Mortgage Loan”: With respect to the Penn Square Mall Whole Loan, the Mortgage Loan that is included in the Trust
(identified as Mortgage Loan No. 1 on the Mortgage Loan Schedule), which is designated as promissory note A-1B, and is pari

 

    	-95-

    	 

    

 

passu in right of payment with the Penn Square Mall Non-Serviced Pari Passu Companion Loan and senior in right of payment to
the Penn Square Mall Non-Serviced Subordinate Companion Loan to the extent set forth in the Penn Square Mall Intercreditor Agreement.

 

“Penn Square
Mall Mortgaged Property”: The Mortgaged Property that secures the Penn Square Mall Whole Loan.

 

“Penn Square
Mall Non-Serviced Pari Passu Companion Loan”: With respect to the Penn Square Mall Whole Loan, as of the Closing Date,
the Companion Loan evidenced by the related promissory note designated as promissory note A-1A and A-1C, made by the related Mortgagor
and secured by the Mortgage on the Penn Square Mall Mortgaged Property, which is not included in the Trust and which is pari
passu in right of payment to the Penn Square Mall Mortgage Loan and senior in right of payment to the Penn Square Mall Non-Serviced
Subordinate Companion Loan to the extent set forth in the related Mortgage Loan documents and as provided in the Penn Square Mall
Intercreditor Agreement.

 

“Penn Square
Mall Non-Serviced Subordinate Companion Loan”: With respect to the Penn Square Mall Whole Loan, as of the Closing Date,
the Companion Loan evidenced by the related promissory note designated as promissory note A-2, made by the related Mortgagor and
secured by the Mortgage on the Penn Square Mall Mortgaged Property, which is not included in the Trust and which is subordinate
in right of payment to the Penn Square Mall Mortgage Loan and the Penn Square Mall Non-Serviced Pari Passu Companion Loan to the
extent set forth in the related Mortgage Loan documents and as provided in the Penn Square Mall Intercreditor Agreement.

 

“Penn Square
Mall Whole Loan”: The Penn Square Mall Mortgage Loan, together with the Penn Square Mall Non-Serviced Pari Passu Companion
Loan and the Penn Square Mall Non-Serviced Subordinate Companion Loan, each of which is secured by the same Mortgage on the Penn
Square Mall Mortgaged Property. References herein to the Penn Square Mall Whole Loan shall be construed to refer to the aggregate
indebtedness under the Penn Square Mall Mortgage Loan, the Penn Square Mall Non-Serviced Pari Passu Companion Loan and the Penn
Square Mall Non-Serviced Subordinate Companion Loan.

 

“Percentage
Interest”: As to any Certificate (other than the Class R and Class V Certificates), the percentage interest evidenced
thereby in distributions required to be made with respect to the related Class. With respect to any Certificate (other than the
Class R and Class V Certificates), the percentage interest is equal to the Denomination as of the Closing Date of such Certificate
divided by the Original Certificate Balance or Original Notional Amount, as applicable, of such Class of Certificates as of the
Closing Date. For these purposes on any date of determination, (i) the “Denomination as of the Closing Date” of any
Exchangeable Certificate or any Exchangeable Combined Certificate received in an exchange will be determined as if such
Certificate was part of the related Class on the Closing Date, (ii) the “Denomination as of the Closing Date” of any
Exchangeable Certificate or any Exchangeable Combined Certificate surrendered in an exchange will be determined as if such
Certificate was not part of the related Class on the Closing Date and (iii) the “initial Certificate Balance” of the
related Class of Exchangeable Certificates or Exchangeable Combined Certificates will be determined as if such Class consisted
only of the Certificates composing the Class on that date of determination and

 

    	-96-

    	 

    

 

such Certificates had been outstanding as of the
Closing Date. With respect to a Class R Certificate or a Class V Certificate, the percentage interest is set forth on the face
thereof.

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

“Periodic Payment”:
With respect to any Mortgage Loan or any related Companion Loan, the scheduled monthly payment of principal and/or interest (other
than Excess Interest) on such Mortgage Loan or Companion Loan, including any Balloon Payment, which is payable (as the terms of
the applicable Mortgage Loan or Companion Loan may be changed or modified in connection with a bankruptcy or similar proceedings
involving the related Mortgagor or by reason of a modification, extension, waiver or amendment granted or agreed to pursuant to
the terms hereof) by a Mortgagor from time to time under the related Mortgage Note and applicable law, without regard to any acceleration
of principal of such Mortgage Loan or Companion Loan by reason of default thereunder and without regard to any Excess Interest.

 

“Permitted Investments”:
Any one or more of the following obligations or securities (including obligations or securities of the Certificate Administrator,
or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator, if otherwise qualifying hereunder),
regardless of whether issued by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
or any of their respective Affiliates and having the required ratings, if any, provided for in this definition and which shall
not be subject to liquidation prior to maturity:

 

(i)          direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by
the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided
that any obligation of, or guarantee by, Fannie Mae or Freddie Mac, other than an unsecured senior debt obligation of Fannie Mae
or Freddie Mac, shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal or qualification
of the then-current rating assigned by each Rating Agency to any Certificate (or, insofar as there is then outstanding any class
of Serviced Companion Loan Securities that are then rated by such rating agency, such class of securities) as evidenced in writing;

 

(ii)        time
deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the date of
issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or organized
under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state
banking authorities (A) in the case of such investments with maturities of thirty (30) days or less, the short-term debt obligations
of which are rated in the highest short-term rating category by Moody’s or the long-term debt obligations of which are rated
at least “A2” by Moody’s, (B) in the case of such investments with

 

    	-97-

    	 

    

 

maturities of three (3) months or less, but
more than thirty (30) days, the short-term obligations of which are rated in the highest short-term rating category by Moody’s
and the long-term obligations of which are rated at least “A1” by Moody’s, (C) in the case of such investments
with maturities of six (6) months or less, but more than three (3) months, the short-term obligations of which are rated in the
highest short-term rating category by Moody’s and the long-term obligations of which are rated at least “Aa3”
by Moody’s, (D) in the case of such investments with maturities of more than six (6) months, the short-term obligations of
which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which are rated “Aaa”
by Moody’s (or, in each case, if permitted by the related Mortgage Loan, if not rated by Moody’s, otherwise acceptable
to Moody’s, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification
or withdrawal of the then current ratings assigned to the Certificates), (E) for maturities of less than three (3) months, a short-term
rating of “R-1(high)” by DBRS (if then rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s
and/or Fitch)), (F) for maturities greater than three (3) months, a long-term rating of “AAA” by DBRS (if then rated
by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s and/or Fitch)) and (G) the commercial paper or other
short- term debt obligations of such depository institution or trust company are rated in the highest rating categories of each
Rating Agency or such other rating as would not result in the downgrading, withdrawal or qualification of the then-current rating
assigned by each Rating Agency to any Class of Certificates (or, insofar as there is then outstanding any class of Serviced Companion
Loan Securities that is then rated by such rating agency, such class of securities) as evidenced in writing;

 

(iii)       repurchase
agreements or obligations with respect to any security described in clause (i) above where such security has a remaining
maturity of one year or less and where such repurchase obligation has been entered into with a depository institution or trust
company (acting as principal) described in clause (ii) above;

 

(iv)        debt
obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of
America or any state thereof which mature in one (1) year or less from the date of acquisition, which debt obligations are rated
in the highest rating categories of each Rating Agency (in the case of DBRS, if then rated by DBRS and, if not so rated, by two
other NRSROs (which may be Moody’s and/or Fitch)), if the obligations mature within 60 days; provided, however,
that securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein will
cause the then outstanding principal amount of securities issued by such corporation and held in the accounts established hereunder
to exceed 10% of the sum of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in
such accounts;

 

    	-98-

    	 

    

 

(v)          commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations) of any corporation or other entity
organized under the laws of the United States or any state thereof payable on demand or on a specified date maturing in one (1)
year or less from the date of acquisition thereof and which is rated in the highest rating category of each Rating Agency (in the
case of DBRS, if then rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s and/or Fitch));

 

(vi)        money
market funds, rated in the highest rating categories of each Rating Agency (if so rated by each such Rating Agency (and if not
rated by any such Rating Agency, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Fitch, KBRA, DBRS,
Moody’s and/or S&P)) and the highest money market fund category by Moody’s (or, if not rated by Moody’s,
otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation relating to the Certificates), which may
include the investments referred to in clause (i) hereof if so qualified that (a) have substantially all of their assets
invested continuously in the types of investments referred to in clause (i) above and (b) have net assets of not less than
$5,000,000,000;

 

(vii)       any
other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more of the
minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above with respect
to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the
applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security or investment
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25); and

 

(viii)      any
other demand, money market or time deposit, obligation, security or investment not listed in clauses (i) – (vi)
above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency;

 

provided, however, that each
Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6) of the Code, and that (a)
it shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change and (b) any such investment
that provides for a variable rate of interest must have an interest rate that is tied to a single interest rate index plus a fixed
spread, if any, and move proportionately with such index; and provided, further, however, that no such instrument
shall be a Permitted Investment (a) if such instrument evidences principal and interest payments derived from obligations underlying
such instrument and the interest payments with respect to such instrument provide a yield to maturity at the time of acquisition
of greater than 120% of the yield to maturity at par of such underlying obligations or (b) if such instrument may be redeemed at
a price below the purchase price; and provided,

 

    	-99-

    	 

    

 

further, however, that no amount beneficially owned by any
Trust REMIC (even if not yet deposited in the Trust) may be invested in investments (other than money market funds) treated as
equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion of Counsel, at its own expense,
to the effect that such investment will not adversely affect the status of any Trust REMIC. Permitted Investments that are subject
to prepayment or call may not be purchased at a price in excess of par.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title agency fees, insurance
commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed
by such party with respect to any Mortgage Loan and Serviced Companion Loan (including any related REO Property) in accordance
with this Agreement.

 

“Permitted Transferee”:
Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate
Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer)
to the effect that the transfer of an Ownership Interest in any Class R Certificate to such Person will not cause either Trust
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that is a Disqualified Non-U.S.
Tax Person, (d) any partnership if any of its interests are (or under the partnership agreement are permitted to be) owned, directly
or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect
to whom income from the Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning
of an applicable income tax treaty, of the transferee or any other U.S. Tax Person.

 

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

 

“Plan”:
As defined in Section 5.03(m).

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(i).

 

“Prepayment
Assumption”: A “constant prepayment rate” of 0% used for determining the accrual of original issue discount
and market discount, if any, and the amortization premium, if any, on the Certificates for federal income tax purposes; provided
that it is assumed that each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date
and prior to the following Determination Date, the amount of interest (net of the related Servicing Fees and any Excess Interest),
to the extent collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance

 

    	-100-

    	 

    

 

Charge actually
collected), that would have accrued at a rate per annum equal to (x) in the case of any Mortgage Loan other than a Serviced
Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate Administrator Fee
Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty
License Fee Rate and (y) in the case of any Serviced Whole Loan, the Mortgage Rate (net of Servicing Fees and any Excess Interest)
on the amount of such Principal Prepayment from such Due Date to, but not including, the date of such prepayment (or any later
date through which interest accrues). Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls
or required to be paid as Compensating Interest Payments) collected on the Mortgage Loans (other than any Non-Serviced Mortgage
Loan) and any Serviced Companion Loan, will be retained by the Master Servicer as additional servicing compensation.

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Determination
Date (or, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable,
with a Due Date occurring after the related Determination Date, the related Due Date) and prior to the following Due Date, the
amount of interest (net of the related Servicing Fees and any Excess Interest), to the extent not collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per
annum equal to (x) in the case of any Mortgage Loan other than a Serviced Mortgage Loan, the sum of (i) the related Net Mortgage
Rate for such Mortgage Loan, and (ii) the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate, the Asset Representations
Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan,
the Mortgage Rate (net of Servicing Fees and any Excess Interest) on the amount of such Principal Prepayment during the period
commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable,
and ending on such following Due Date. With respect to any Serviced AB Whole Loan, any Prepayment Interest Shortfall for any Distribution
Date shall be allocated first to the related Serviced Subordinate Companion Loan and then to the related Mortgage
Loan.

 

“Prepayment
Premium”: With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a borrower in connection with a principal prepayment on, or other early collection
of principal of, that Mortgage Loan or any successor REO Loan with respect thereto (including any payoff of a Mortgage Loan by
a mezzanine lender on behalf of the subject borrower if and as set forth in the related Intercreditor Agreement).

 

“Primary Collateral”:
With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly securing such Crossed
Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Underlying Loan.

 

    	-101-

    	 

    

 

“Primary Servicing
Fee”: The monthly fee payable by the Master Servicer solely from the Servicing Fee to each Initial Sub-Servicer, which
monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such Initial Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of the New York City edition of The Wall
Street Journal (or, if such section or publication is no longer available, such other comparable publication as determined
by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate”
no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may
be in effect from time to time.

 

“Princeton Pike
Corporate Center Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of February 19, 2016,
by and between the holders of the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans and the holder of the Princeton
Pike Corporate Center Mortgage Loan, relating to the relative rights of such holders of the Princeton Pike Corporate Center Whole
Loan, as the same may be further amended in accordance with the terms thereof.

 

“Princeton Pike
Corporate Center Mortgage Loan”: With respect to the Princeton Pike Corporate Center Whole Loan, the Mortgage Loan that
is included in the Trust (identified as Mortgage Loan No. 5 on the Mortgage Loan Schedule), which is designated as promissory note
A-1, and is pari passu in right of payment with the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans
to the extent set forth in the Princeton Pike Corporate Center Intercreditor Agreement.

 

“Princeton Pike
Corporate Center Mortgaged Property”: The Mortgaged Property that secures the Princeton Pike Corporate Center Whole Loan.

 

“Princeton Pike
Corporate Center Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets
include the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans.

 

“Princeton Pike
Corporate Center Serviced Pari Passu Companion Loans”: With respect to the Princeton Pike Corporate Center Whole Loan,
as of the Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes A-2 and A-3,
made by the related Mortgagor and secured by the Mortgage on the Princeton Pike Corporate Center Mortgaged Property, which are
not included in the Trust and which are pari passu in right of payment to the Princeton Pike Corporate Center Mortgage Loan
to the extent set forth in the related Mortgage Loan documents and as provided in the Princeton Pike Corporate Center Intercreditor
Agreement.

 

“Princeton Pike
Corporate Center Whole Loan”: The Princeton Pike Corporate Center Mortgage Loan, together with the Princeton Pike Corporate
Center Serviced Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Princeton Pike Corporate Center
Mortgaged Property. References herein to the Princeton Pike Corporate Center Whole Loan shall be construed to refer to the aggregate
indebtedness under the Princeton Pike

 

    	-102-

    	 

    

 

Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Serviced Pari Passu
Companion Loans.

 

“Principal Balance
Certificates”: Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class
D, Class E-1, Class E-2, Class E, Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1,
Class H-2 and Class H Certificates.

 

“Principal Distribution
Amount”: With respect to any Distribution Date and the Principal Balance Certificates, an amount equal to the sum of
the following amounts: (a) the Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution Amount
for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for such Distribution Date; provided that
the Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements
of (A) Nonrecoverable Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related
Non-Serviced PSA reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at
the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such
principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date and (B)
Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which
such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date (provided
that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections
on the Mortgage Loans (including REO Loans) are subsequently recovered on the related Mortgage Loan (or REO Loan), such recovery
will increase the Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs).

 

“Principal Prepayment”:
Any payment of principal made by the Mortgagor on a Mortgage Loan or Serviced Whole Loan that is received in advance of its scheduled
Due Date as a result of such prepayment.

 

“Principal Shortfall”:
For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans, the amount, if any, by which
(a) the related Principal Distribution Amount for the preceding Distribution Date, exceeds (b) the aggregate amount actually distributed
on the preceding Distribution Date in respect of such Principal Distribution Amount. The Principal Shortfall for the initial Distribution
Date will be zero. If Exchangeable Certificates are exchanged for Exchangeable Combined Certificates, then all Principal Shortfalls
that would otherwise be distributable to such exchanged Exchangeable Certificates shall be deemed allocable to such Exchangeable
Combined Certificates, without duplication. Similarly, if Exchangeable Combined Certificates are exchanged for Exchangeable Certificates,
then all Principal Shortfalls that would otherwise be distributable to such Exchangeable Combined Certificates shall be deemed
allocable to such Exchangeable Certificates, without duplication.

 

“Privileged
Communications”: Any correspondence between the Directing Certificateholder and the Special Servicer referred to in clause
(i) of the definition of “Privileged Information”.

 

    	-103-

    	 

    

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder and the Special Servicer related to any
Specially Serviced Loan (other than with respect to any Excluded Loan) or the exercise of the Directing Certificateholder’s
consent or consultation rights under this Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably
determined could compromise the Trust’s position in any ongoing or future negotiations with the related Mortgagor or other
interested party and (iii) information subject to attorney-client privilege. The Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer shall be entitled to rely on any identification of materials as “attorney-client
privileged” without liability for any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing
such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for the Restricted
Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other governmental
agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality
obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as evidenced by an opinion of counsel (which
will be an additional expense of the Trust) delivered to each of the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee), required by law, rule,
regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Companion Holder who provides
an Investor Certification, any Non-Serviced Master Servicer, any Other Servicer, any Person (including the Directing Certificateholder)
who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides
the Certificate Administrator with an NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted
electronically via the Certificate Administrator’s Website; provided,
however, that in no event may a Borrower Party (other than a Borrower Party that is the Special Servicer) be entitled to
receive (i) if such party is the Directing Certificateholder or any Controlling Class Certificateholder, any Excluded Information
via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if
such party is not the Directing Certificateholder or any Controlling Class Certificateholder, any information other than the Distribution
Date Statement. In determining whether any Person is an Additional Servicer or an Affiliate of the Operating Advisor, the Certificate
Administrator may rely on direction by the

 

    	-104-

    	 

    

 

Master Servicer, the Special Servicer, any Mortgage Loan Seller or the Operating Advisor,
as the case may be.

 

Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer is a Borrower Party, the Special Servicer shall nevertheless be a Privileged
Person; provided that the Special Servicer (i) shall not view or otherwise retrieve any Excluded Special Servicer Information
specific to the related Excluded Special Servicer Loan, (ii) shall not directly or indirectly provide any information related to
the related Excluded Special Servicer Loan to (A) the related Borrower Party, (B) any of the Special Servicer’s employees
or personnel or any of its Affiliate involved in the management of any investment in the related Borrower Party or the related
Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Borrower Party, and (iii) shall maintain sufficient internal controls and appropriate policies and procedures in place
in order to comply with the obligations described in clause (i) and clause (ii) above; provided, further,
that nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict
access by the Special Servicer or any Excluded Special Servicer to any information related to any Excluded Special Servicer Loan
and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any Excluded
Special Servicer Information relating to the Excluded Special Servicer Loan; provided, further, however, that
any Excluded Controlling Class Holder shall be permitted to obtain in accordance with Section 4.02(f) of this Agreement
any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class
Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder
via the Certificate Administrator’s Website).

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited
Prepayment”: As defined in the definition of Compensating Interest Payments.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(l)(i).

 

“Prospectus”:
The Prospectus, dated February 12, 2016.

 

“PSA Party Repurchase
Request”: As defined in Section 2.03(k)(ii).

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Purchase Price”:
With respect to any Mortgage Loan (or any successor REO Loan) (including, to the extent required pursuant to the final paragraph
hereof, any related Companion Loan) to be purchased pursuant to (A) Section 5 of the related Mortgage Loan Purchase Agreement by
the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01, a price, without duplication, equal to:

 

(i)          the
outstanding principal balance of such Mortgage Loan (or any successor REO Loan) as of the date of purchase; plus

 

    	-105-

    	 

    

 

(ii)        all
accrued and unpaid interest on the Mortgage Loan (or any related successor REO Loan), at the related Mortgage Rate in effect from
time to time (excluding any portion of such interest that represents Default Interest or Excess Interest on any ARD Loan), to,
but not including, the Due Date therefor immediately preceding or coinciding with the Determination Date for the Collection Period
of purchase; plus

 

(iii)       all
related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate, Special
Servicing Fees (whether paid or unpaid) and any other additional trust fund expenses (except for Liquidation Fees) in respect of
such Mortgage Loan (or related successor REO Loan, if any; plus

 

(iv)        if
such Mortgage Loan (or successor REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant to
Section 5 of the applicable Mortgage Loan Purchase Agreement, the Asset Representations Reviewer Asset Review Fee (to the extent
not previously paid by the related Mortgage Loan Seller), all expenses reasonably incurred or to be incurred by the Master Servicer,
the Special Servicer, the Depositor, the Certificate Administrator, the Asset Representations Reviewer or the Trustee in respect
of the omission, breach or defect giving rise to the repurchase or substitution obligation, including any expenses arising out
of the enforcement of the repurchase or substitution obligation, including, without limitation, legal fees and expenses and any
additional trust fund expenses relating to such Mortgage Loan (or successor REO Loan); provided, however, that such
out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset
Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s,
as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(l) hereof; plus

 

(v)          Liquidation
Fees, if any, payable with respect to such Mortgage Loan (or successor REO Loan) (which will not include any Liquidation Fees if
such repurchase occurs prior to the expiration of the Extended Cure Period).

 

Solely with respect to
any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price” shall mean the amount
calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for such purposes, the Mortgage
Loan and the related Companion Loan, as applicable. With respect to any REO Property to be sold pursuant to Section 3.16(b),
“Purchase Price” shall mean the amount calculated in accordance with the second preceding sentence in respect
of the successor REO Loan. With respect to any sale pursuant to Section 3.16(a)(ii) or Section 3.16(e) or for purposes
of calculating any Gain-on-Sale Proceeds, the “Purchase Price” shall be allocated between the related Mortgage Loan
and Companion Loan, as applicable, in accordance with, and shall be equal to the amount provided pursuant to, the provisions of
the related Intercreditor Agreement. Notwithstanding the foregoing, with respect to any repurchase pursuant to subclause (A)
and subclause (C) hereof, the

 

    	-106-

    	 

    

 

“Purchase Price” shall not include any amounts payable in respect of any related
Companion Loan.

 

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

 

“Qualified Insurer”:
(i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or bonding company qualified
to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength rating of at least: (a)
“A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at least two NRSROs (which may
include Fitch and/or DBRS) or (B) one NRSRO (which may include Fitch or DBRS) and A.M. Best Company, Inc.), (b) “A(low)”
by DBRS (or, if not rated by DBRS, at least an equivalent rating as that listed above by one other nationally recognized insurance
rating organization (which may include Moody’s or Fitch)) and (c) “A” by Fitch (or, if not rated by Fitch, at
least “A-” or an equivalent rating as “A-” by one other nationally recognized insurance rating organization
(which may include Moody’s or DBRS)) and (ii) with respect to the fidelity bond and errors and omissions insurance policy
required to be maintained pursuant to Section 3.07(c), except as otherwise permitted by Section 3.07(c), an insurance
company that has a claims paying ability (or the obligations which are guaranteed or backed by a company having such claims paying
ability) with at least one of the following ratings: (a) “A3” by Moody’s, (b) “A-“ by S&P, (c)
“A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc. or (e) “A(low)” by DBRS, or, in the case
of clauses (i) or (ii), any other insurer acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation.

 

“Qualified Mortgage
Material Defect”: As defined in Section 2.03(b).

 

“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to
special servicers contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an Affiliate
of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor (x) any fees
or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, and (y) for the appointment of
the successor special servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become the
Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is not
material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement special
servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer,
in each case, unless such fee is expressly approved by 100% of the Certificateholders, (vi) currently has a special servicer rating
of at least “CSS3” from Fitch, (vii) is currently acting as a special servicer in a CMBS transaction rated by Moody’s
(as to which CMBS transaction there are outstanding CMBS rated by Moody’s), (viii) is currently acting as a special servicer
in a CMBS transaction rated by DBRS (as to which CMBS transaction there are outstanding CMBS rated by rated by DBRS), and (ix)
is not a special servicer that has been cited by Moody’s or DBRS as having servicing concerns as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination.

 

    	-107-

    	 

    

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan replacing a removed Mortgage Loan that must, on the date of substitution:
(i) has an outstanding principal balance, after deduction of the principal portion of the Periodic Payment due in the month of
substitution, not in excess of the Stated Principal Balance of the removed Mortgage Loan; provided, that, to the extent
that the principal balance of such Mortgage Loan is less than the Stated Principal Balance of the removed Mortgage Loan, then such
differential in principal amount, together with interest thereon at the Mortgage Rate on the related Mortgage Loan from the date
as to which interest was last paid through the last day of the month in which such substitution occurs, shall be paid by the party
effecting such substitution to the Master Servicer for deposit into the Collection Account, and shall be treated as a Principal
Prepayment hereunder; (ii) is accruing interest at a rate of interest at least equal to that of the removed Mortgage Loan; (iii)
has a remaining term to stated maturity not greater than, and not more than two (2) years less than, that of the removed Mortgage
Loan; (iv) has an original loan-to-value ratio not higher than that of the removed Mortgage Loan and a current loan-to-value ratio
(equal to the outstanding principal balance on the date of substitution divided by its current Appraised Value) not higher than
the current loan-to-value ratio of the removed Mortgage Loan and has a current debt service coverage ratio equal to or greater
than the current debt service coverage ratio of the removed Mortgage Loan; (v) will comply with all of the representations and
warranties relating to Mortgage Loans set forth in the applicable Mortgage Loan Purchase Agreement, as of the date of substitution;
(vi) has an environmental report relating to the related Mortgaged Property in its Mortgage Files and such environmental report
does not, in the good faith reasonable judgment of the Special Servicer, consistent with the Servicing Standard, raise material
issues that have not been adequately addressed; (vii) has an engineering report relating to the related Mortgaged Property in its
Mortgage Files and such engineering report does not, in the good faith reasonable judgment of the Special Servicer, consistent
with the Servicing Standard raise material issues that have not been adequately addressed; and (viii) as to which the Trustee and
the Certificate Administrator have received an Opinion of Counsel, at the related Seller’s expense, that such Mortgage Loan
is a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code; provided that no
Mortgage Loan may have a Maturity Date after the date three (3) years prior to the Rated Final Distribution Date, and provided,
further, that no such Mortgage Loan shall be substituted for a removed Mortgage Loan unless a Rating Agency Confirmation
has been obtained from each Rating Agency (the cost to be paid by the related Mortgage Loan Seller), and provided, further,
that, so long as a Control Termination Event has not occurred and is not continuing and the affected Mortgage Loan is not an Excluded
Loan, no such Mortgage Loan shall be substituted for a removed Mortgage Loan unless the Directing Certificateholder shall have
approved of such substitution (provided, that such approval of the Directing Certificateholder may not be unreasonably withheld),
and provided, further, that no Mortgage Loan may be replaced by more than one substituted mortgage loan.

 

When a Qualified Substitute
Mortgage Loan is substituted for a removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that such Qualified
Substitute Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Trustee,
the Certificate Administrator and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder.

 

“RAC No-Response
Scenario”: As defined in Section 3.25(a).

 

    	-108-

    	 

    

 

“RAC Requesting
Party”: As defined in Section 3.25(a).

 

“Rated Final
Distribution Date”: As to each Class of Certificates, the Distribution Date in January 2049.

 

“Rating Agency”:
Each of DBRS, Fitch and Moody’s or their successors in interest. If no such rating agency nor any successor thereof remains
in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating agency or other
comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer, and specific ratings of DBRS, Fitch and Moody’s herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Rating Agency
Communication”: With respect to any action, any written communication intended for a Rating Agency relating to such action,
which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document format suitable
for website posting to the 17g-5 Information Provider (which will be required to post such request on the 17g-5 Information Provider’s
Website in accordance with this Agreement).

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in any format that is consistent with
the policies, procedures or guidelines of the applicable Rating Agency at the time such Rating Agency Confirmation is sought, including,
without limitation, by way of electronic communication, press release (provided such press release has been posted to the
17g-5 Information Provider’s website) or any other written communication and need not be directed or addressed to any party
to this Agreement) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not,
in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates
(if then rated by the Rating Agency) which Rating Agency Confirmation may be obtained or deemed not to apply pursuant to Section
3.25; provided that a written waiver or other acknowledgment from a Rating Agency indicating its decision not to review
the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency
Confirmation from such Rating Agency with respect to such matter and the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may proceed with the contemplated action(s) as if it had received the Rating Agency
Confirmation. At any time during which no Certificates are rated by a Rating Agency, a Rating Agency Confirmation shall not be
required from that Rating Agency.

 

“Rating Agency
Inquiry”: As defined in Section 4.07(c).

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 4.07(c).

 

“Realized Loss”:
As defined in Section 4.04(a).

 

“Record Date”:
With respect to any Distribution Date, the last Business Day of the month immediately preceding the month in which that Distribution
Date occurs.

 

    	-109-

    	 

    

 

“Regular Certificates”:
Any of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E-1, Class E-2,
Class E, Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1, Class H-2, Class H, Class
X-A, Class X-B and Class X-D Certificates.

 

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

 

“Regulation
AB Companion Loan Securitization”: As defined in Section 11.15(a).

 

“Regulation
AB Servicing Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved
in, or responsible for, the administration and servicing of the Mortgage Loans or Companion Loans, or this Agreement and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the
Trustee and/or the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from
time to time be amended.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Book-Entry Certificates”: The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Non-Registered Certificates
deposited with the Certificate Administrator as custodian for the Depository.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.03(d) and P&I Advances in accordance with Section 4.03(d), which rate per annum shall equal the Prime Rate.

 

“Related Certificates”,
“Related Trust Component” and “Related Lower-Tier Regular Interests”: For each of the following
Classes of Certificates and Trust Components, the related Class of Lower-Tier Regular Interests; and for each of the following
Classes of Lower-Tier Regular Interests, the related Class of Certificates or Trust Components set forth below:

 

    	-110-

    	 

    

 

	
        Related Certificates

or Trust Component
	 	
        Related Lower-Tier Regular
Interest 

	Class A-1 Certificates	 	Class LA1 Uncertificated Interest
	Class A-2 Certificates	 	Class LA2 Uncertificated Interest
	Class A-SB Certificates	 	Class LASB Uncertificated Interest
	Class A-3 Certificates	 	Class LA3 Uncertificated Interest
	Class A-4 Certificates	 	Class LA4 Uncertificated Interest
	Class A-S Certificates	 	Class LAS Uncertificated Interest
	Class B Certificates	 	Class LB Uncertificated Interest
	Class C Certificates	 	Class LC Uncertificated Interest
	Class D Certificates	 	Class LD Uncertificated Interest
	Class E-1 Trust Component	 	Class LE1 Uncertificated Interest
	Class E-2 Trust Component	 	Class LE2 Uncertificated Interest
	Class F-1 Trust Component	 	Class LF1 Uncertificated Interest
	Class F-2 Trust Component	 	Class LF2 Uncertificated Interest
	Class G-1 Trust Component	 	Class LG1 Uncertificated Interest
	Class G-2 Trust Component	 	Class LG2 Uncertificated Interest
	Class H-1 Trust Component	 	Class LH1 Uncertificated Interest
	Class H-2 Trust Component	 	Class LH2 Uncertificated Interest

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit AA attached hereto.
For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect to
a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer,
the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the
Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC Administrator”:
The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

“REMIC Provisions”:
Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through
860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and final Treasury Regulations (or proposed
regulations that would apply by reason of their proposed effective date to the extent not inconsistent with temporary or final
regulations) and any rulings or announcements promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Remittance
Date”: The Business Day immediately preceding each Distribution Date.

 

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

 

    	-111-

    	 

    

 

“Retained Defeasance
Rights and Obligations”: Any of the BANA Lender Successor Borrower Right, the MSMCH Seller Defeasance Rights and Obligations,
the CIBC Lender Successor Borrower Right or the SMF III Lender Successor Borrower Right.

 

“REO Account”:
A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.14(b) on
behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan, for the benefit of
the related Serviced Companion Noteholder, which shall initially be entitled “C-III Asset Management LLC, as Special Servicer,
on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, REO Account”. Any such account
or accounts shall be an Eligible Account.

 

“REO Acquisition”:
The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO Disposition”:
The sale or other disposition of the REO Property pursuant to Section 3.16.

 

“REO Extension”:
As defined in Section 3.14(a).

 

“REO Loan”:
Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as applicable), deemed for
purposes hereof to be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding for so long
as the applicable portion of the related REO Property (or beneficial interest therein, in the case of a Non-Serviced Mortgage Loan)
remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor, and otherwise has the same
terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including, without limitation, with respect
to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions to be applied without regard to
the default on such predecessor Mortgage Loan or Companion Loan, if applicable). Each REO Loan shall be deemed to have an initial
outstanding principal balance and Stated Principal Balance equal to the outstanding principal balance and Stated Principal Balance,
respectively, of its predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition.
All amounts due and owing in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related
REO Acquisition, including, without limitation, accrued and unpaid interest, shall continue to be due and owing in respect of a
REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor Mortgage Loan or Companion
Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, any unpaid Special Servicing
Fees and Servicing Fees, additional trust fund expenses and any unreimbursed Advances, together with any interest accrued and payable
to the Master Servicer or the Trustee, as applicable, in respect of such Advances in accordance with Section 3.03(d) or
Section 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of an REO
Loan. In addition, Unliquidated Advances and Nonrecoverable Advances

 

    	-112-

    	 

    

 

with respect to such REO Loan, in each case, that were paid
from collections on the related Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced as
a result of the first proviso in the definition of “Principal Distribution Amount” shall be deemed outstanding until
recovered. Notwithstanding anything to the contrary, with respect to each Serviced Whole Loan, no amounts relating to the related
REO Property or REO Loan allocable to the related Serviced Pari Passu Companion Loan, as applicable, will be available for amounts
due to the Certificateholders or to reimburse the Trust, other than in the limited circumstances related to Servicing Advances,
indemnification payments, Special Servicing Fees and other reimbursable expenses related to such Serviced Whole Loan incurred with
respect to such Serviced Whole Loan, in accordance with Section 3.05(a), or with respect to a Serviced Subordinate Companion
Loan, as set forth in the related Intercreditor Agreement.

 

“REO Property”:
A Mortgaged Property acquired by the Special Servicer on behalf of, and in the name of, the Trustee or a nominee thereof for the
benefit of the Certificateholders (and the related Companion Holder, subject to the related Intercreditor Agreement, with respect
to a Mortgaged Property securing a Serviced Whole Loan) to the extent set forth herein and the Trustee (as holder of the Lower-Tier
Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in a Non-Serviced Mortgaged Property
acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the applicable Non-Serviced Trustee
or a nominee thereof for the benefit of the certificateholders under the applicable Non-Serviced Trust) through foreclosure, acceptance
of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default
of a Mortgage Loan. References herein to the Special Servicer acquiring, maintaining, managing, inspecting, insuring, selling or
reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with respect to an “REO Property”, shall
not include the Trust’s beneficial interest in a Non-Serviced Mortgaged Property. For the avoidance of doubt, REO Property,
to the extent allocable to a Companion Loan, shall not be an asset of the Trust Fund, any Trust REMIC or the Grantor Trust.

 

“REO Revenues”:
All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting Requirements”:
As defined in Section 11.12.

 

“Reporting Servicer”:
The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Custodian or
any Servicing Function Participant engaged by such parties, as the case may be.

 

“Repurchase
Request”: A Certificateholder Repurchase Request or a PSA Party Repurchase Request.

 

“Repurchase
Request Recipient”: As defined in Section 2.02(g).

 

“Request for
Release”: A release signed by a Servicing Officer of the Master Servicer or the Special Servicer, as applicable, in the
form of Exhibit E attached hereto.

 

    	-113-

    	 

    

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.05(b).

 

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

 

“Resolution
Failure”: As defined in Section 2.03(k)(iii).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related Mortgage Loan has been
repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for the
related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer, on
behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under
the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result
of a sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject, in each case, with direct responsibility for the administration of this Agreement and (ii) the Certificate
Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility for the administration of
this Agreement and, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate
Administrator because of such officer’s knowledge of and familiarity with the particular subject.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which Certificates
are first offered to Persons other than the Initial Purchasers or Underwriters and any other distributor (as such term is defined
in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained Fee
Rate”: An amount equal to 0.0000% per annum with respect to each Mortgage Loan.

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.18(i).

 

“Review Materials”:
As defined in Section 12.01(b)(i).

 

“Review Package”:
A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

“Revised Rate”:
With respect to any ARD Loan, the increased interest rate after the related Anticipated Repayment Date (in the absence of a default)
for each applicable Mortgage Loan, as calculated and as set forth in the related Mortgage Loan.

 

    	-114-

    	 

    

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A Book-Entry
Certificate”: With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A, a single, permanent
Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“Rules”:
As defined in Section 2.03(n)(iv).

 

“S&P”:
Standard & Poor’s Ratings Services, and its successors in interest. If neither S&P nor any successor remains in existence,
“S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer, the Directing Certificateholder and the Special Servicer and specific ratings of S&P herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Sarbanes-Oxley
Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”: As defined in Section 11.05(a)(iv).

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all Periodic Payments (excluding Balloon Payments) due in respect of such Mortgage Loans during or, if and
to the extent not previously received or advanced pursuant to Section 4.03 in respect of a preceding Distribution Date (and
not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments
with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Mortgagor
as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the
related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent received by the
Master Servicer as of the Business Day preceding the related P&I Advance Date) or (ii) advanced by the Master Servicer or the
Trustee, as applicable, pursuant to Section 4.03 in respect of such Distribution Date, and (b) all Balloon Payments with
respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each Mortgage
Loan with a Due Date occurring or a Grace Period ending after the related Determination Date, the related Due Date or last day
of such Grace Period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related
P&I Advance Date), and to the extent not included in clause (a) above.

 

“Secure Data
Room”: The website, which shall initially be located within the Certificate Administrator’s Website (initially
“www.ctslink.com”), under the “Diligence Files” tab on the page relating to this transaction.

 

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

 

    	-115-

    	 

    

 

“Security Agreement”:
With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained in the related Mortgage or
executed separately, creating in favor of the holder of such Mortgage a security interest in the personal property constituting
security for repayment of such Mortgage Loan.

 

“Senior Certificate”:
Any Class A (other than the Class A-S Certificates) or Class X Certificate.

 

“Serviced AB
Control Appraisal Period”: With respect to any Serviced Subordinate Companion Loan, the period during which (a)(i) the
initial principal balance of such Serviced Subordinate Companion Loan minus (ii) the sum of (x) any payments of principal
allocated to, and received on, such Serviced Subordinate Companion Loan, (y) any Appraisal Reduction Amounts for the related Serviced
AB Whole Loan that are allocated to such Serviced Subordinate Companion Loan and (z) any losses realized with respect to the related
Mortgaged Property or Serviced AB Whole Loan that are allocated to such Serviced Subordinate Companion Loan, is less than (b) 25%
of the remainder of the (i) initial principal balance of such Serviced Subordinate Companion Loan less (ii) any payments of principal
allocated to, and received by, the holders of such Serviced Subordinate Companion Loan. With respect to any Serviced AB Whole Loan,
the period during which the holder of the related Serviced Subordinate Companion Loan is the Serviced AB Whole Loan Controlling
Holder.

 

“Serviced AB
Intercreditor Agreement”: Any Intercreditor Agreement by and among the holder of a Serviced Subordinate Companion Loan
and the holder of the related Mortgage Loan, relating to the relative rights of such holders of the related Serviced AB Whole Loan,
as the same may be further amended in accordance with the terms thereof. For the avoidance of doubt, there is no Serviced AB Intercreditor
Agreement under this Agreement.

 

“Serviced AB
Mortgage Loan”: A senior “A note” that is part of a Serviced AB Whole Loan and which is a Mortgage Loan that
is part of the Trust Fund and that is senior in right of payment to the related Serviced Subordinate Companion Loan to the extent
set forth in the related Intercreditor Agreement. For the avoidance of doubt, there is no Serviced AB Mortgage Loan under this
Agreement.

 

“Serviced AB
Mortgaged Property”: The Mortgaged Property which secures the related Serviced AB Whole Loan.

 

“Serviced AB
Whole Loan”: A Whole Loan that consists of a Mortgage Loan and one or more related Serviced Subordinate Companion Loans.
For the avoidance of doubt, there is no Serviced AB Whole Loan under this Agreement.

 

“Serviced AB
Whole Loan Controlling Holder”: The “Directing Lender” or similarly defined party identified in the related
Serviced AB Intercreditor Agreement. For the avoidance of doubt, there is no Serviced AB Whole Loan Controlling Holder under this
Agreement.

 

“Serviced Companion
Loan”: Each of (a) the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans, (b) the Le Meridien Cambridge
MIT Serviced Pari Passu

 

    	-116-

    	 

    

 

Companion Loans and (c) any Serviced Subordinate Companion Loan related to a Serviced AB Whole Loan, as
applicable.

 

“Serviced Companion
Loan Securities”: Any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan.

 

“Serviced Companion
Noteholder”: Each of the holders of (a) the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans, (b)
the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans and (c) any Serviced Subordinate Companion Loan related to a
Serviced AB Whole Loan, as applicable.

 

“Serviced Mortgage
Loan”: Each of (a) the Princeton Pike Corporate Center Mortgage Loan, (b) the Le Meridien Cambridge MIT Mortgage Loan
and (c) any Serviced Subordinate Companion Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced Pari
Passu Companion Loan”: Each of (a) the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans and (b) the
Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans.

 

“Serviced Pari
Passu Companion Loan Securities”: For so long as the related Mortgage Loan or any successor REO Loan is in the Trust
Fund, any class of securities issued by another securitization and backed by a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Mortgage Loan”: Each of (a) the Princeton Pike Corporate Center Mortgage Loan and (b) the Le Meridien Cambridge
MIT Mortgage Loan.

 

“Serviced Pari
Passu Whole Loan”: Each of (a) the Princeton Pike Corporate Center Whole Loan and (b) the Le Meridien Cambridge MIT Whole
Loan.

 

“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Securitized
Companion Loan”: Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long as each such Companion
Loan is included in a Regulation AB Companion Loan Securitization.

 

“Serviced Subordinate
Companion Loan”: With respect to any Serviced AB Whole Loan, any related companion loan evidenced by the related promissory
note made by the related Mortgagor and secured by the Mortgage on the related Serviced AB Mortgaged Property, which is not included
in the Trust and which is subordinate in right of payment to the related Serviced AB Mortgage Loan to the extent set forth in the
related Mortgage Loan documents and as provided in the related Intercreditor Agreement. For the avoidance of doubt, there is no
Serviced Subordinate Companion Loan under this Agreement.

 

    	-117-

    	 

    

 

“Serviced Whole
Loan”: Each of (a) the Princeton Pike Corporate Center Whole Loan and (b) the Le Meridien Cambridge MIT Whole Loan.

 

“Serviced Whole
Loan Controlling Holder”: The “Controlling Noteholder” or similar term identified in the Intercreditor Agreement
related to a Serviced Whole Loan.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, the Master Servicer Remittance Date and (y) following contribution of such Serviced Companion
Loan to an Other Securitization, the earlier of (A) Master Servicer Remittance Date or (B) the Business Day immediately succeeding
the “determination date” set forth in the related Other Pooling and Servicing Agreement; provided, however,
such Serviced Whole Loan Remittance Date shall not be earlier than the sixth (6th) day of any month.

 

“Servicer Termination
Event”: One or more of the events described in Section 7.01(a).

 

“Servicing Account”:
The account or accounts created and maintained pursuant to Section 3.03(a).

 

“Servicing Advances”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan, as applicable), other than a Non-Serviced Mortgage Loan, in respect of which a default,
delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property
securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property (other than an REO Property related to a
Non-Serviced Mortgage Loan), including, in the case of each of such clause (a) and clause (b), but not limited to,
(x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.03(c), (ii) the preservation,
restoration and protection of a Mortgaged Property and the priority of a Mortgage, (iii) obtaining any Insurance and Condemnation
Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation
Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and
(v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing Advances”
shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment,
supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses
incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the
Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase
rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

    	-118-

    	 

    

 

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

 

“Servicing Fee”:
With respect to each Mortgage Loan (including each Non-Serviced Mortgage Loan), Serviced Companion Loan, and any REO Loan, the
fee payable to the Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per annum
rate equal to the sum of the rates set forth on Annex A-1 to the Prospectus under the heading “Master Servicing Fee Rate”
and “Primary Servicing Fee Rate”, which rate includes, in each such case, the rate at which applicable master, primary
(other than any Pari Passu Loan Primary Servicing Fee Rate, which is not included under such heading) and sub-servicing fees accrue,
in each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or REO Loan in the same manner
in which interest is calculated in respect of such loans. With respect to the Princeton Pike Corporate Center Serviced Pari Passu
Companion Loans, a per annum rate equal to 0.00500%. With respect to the Le Meridien Cambridge MIT Serviced Pari Passu Companion
Loans, a per annum rate equal to 0.00500%.

 

“Servicing File”:
A photocopy of all items required to be included in the Mortgage File relating to a Mortgage Loan and, to the extent required to
be (and actually) delivered to the applicable Mortgage Loan Seller pursuant to the applicable Mortgage Loan documents, copies of
the following items: the Mortgage Note, any Mortgage, the Assignment of Leases and the Assignment of Mortgage, any guaranty/indemnity
agreement, any loan agreement, any insurance policies or certificates (as applicable), any environmental insurance policies, any
property inspection reports, any financial statements on the property, any escrow analysis, any tax bills, any Appraisal, any environmental
report, any engineering report, third-party management agreements, any asset summary, financial information on the Mortgagor/sponsor
and any guarantors, any letters of credit and any intercreditor agreement.

 

“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Master Servicer,
the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Certificate Administrator,
that is performing activities that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5%
or less of the Mortgage Loans by unpaid principal balance as of any date of determination in accordance with ARTICLE XI
or (ii) the Depositor reasonably determines that a Master Servicer or the Special Servicer may, for the purposes of the Exchange
Act reporting requirements pursuant to applicable Commission guidance, take responsibility for the assessment of compliance with
the Servicing Criteria of such Person. The Servicing Function Participants as of the Closing Date are listed on Exhibit GG
hereto. Exhibit GG shall be updated and provided to the Depositor and the Certificate Administrator in accordance with Section
11.10(c).

 

“Servicing Officer”:
Any officer and/or employee of the Master Servicer, the Special Servicer or any Additional Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name and specimen

 

    	-119-

    	 

    

 

signature appear
on a list of servicing officers furnished by the Master Servicer, the Special Servicer or any Additional Servicer to the Certificate
Administrator, the Trustee, the Operating Advisor and the Depositor on the Closing Date as such list may be amended from time to
time thereafter.

 

“Servicing Standard”:
As defined in Section 3.01(a).

 

“Servicing Transfer
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or related Serviced Companion Loan,
the occurrence of any of the following events:

 

(i)         with
respect to a Mortgage Loan or Serviced Companion Loan that is not a Balloon Mortgage Loan, (a) a payment default shall have occurred
at its original Maturity Date, or (b) if the original Maturity Date of such Mortgage Loan or Serviced Companion Loan has been extended
as provided herein, a payment default shall have occurred at such extended Maturity Date; or

 

(ii)        with
respect to each Mortgage Loan or Serviced Companion Loan that is a Balloon Mortgage Loan, the Balloon Payment is delinquent and
the related Mortgagor has not provided the Master Servicer or the Special Servicer, as of the related Maturity Date, with a written
and fully executed (subject only to customary final closing conditions) written commitment for refinancing, from an acceptable
lender, reasonably satisfactory in form and substance to the Special Servicer (and the party receiving such commitment shall promptly
forward a copy of such commitment to the Master Servicer or Special Servicer, as applicable, if it is not evident that a copy has
been delivered to such other party), which provides that such refinancing will occur within one hundred-twenty (120) days of such
related Maturity Date, provided that the Mortgage Loan and any related Serviced Companion Loan, as applicable, will become
a Specially Serviced Loan immediately (a) if, in the judgment of the Special Servicer in accordance with the Servicing Standard,
the related Mortgagor fails to diligently pursue such refinancing, or fails to satisfy any condition of such refinancing or the
related Mortgagor fails to pay any Assumed Scheduled Payment on the related Due Date (subject to any applicable Grace Period) at
any time before the refinancing, (b) if such refinancing does not occur within one hundred twenty (120) days of the related Maturity
Date (or within such shorter period as the refinancing is scheduled to occur pursuant to the related refinancing commitment), or
(iii) the related refinancing commitment is terminated before the refinancing is scheduled to occur; or

 

(iii)       any
Periodic Payment (other than a Balloon Payment) is more than sixty (60) days delinquent (unless, in the case of a Mortgage Loan
with mezzanine debt, prior to such Periodic Payment becoming more than sixty (60) days delinquent the holders of the related Companion
Loan or the holders of related mezzanine debt, as applicable, cures such delinquency, subject to the terms and provisions of the
related Intercreditor Agreement); or

 

    	-120-

    	 

    

 

(iv)      the
Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with respect to any Mortgage Loan other than
an Excluded Loan and unless a Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder)
makes a judgment that a payment default is imminent or reasonably foreseeable and is not likely to be cured by the related Mortgagor
within sixty (60) days; or

 

(v)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, is entered against the related Mortgagor; provided that if such decree or order was involuntary
and is discharged or stayed within sixty (60) days of being entered, or if, as to a bankruptcy, the automatic stay is lifted within
sixty (60) days of a filing for relief or the case is dismissed, upon such discharge, stay, lifting or dismissal such Mortgage
Loan (and any related Serviced Companion Loan, as applicable), shall no longer be a Specially Serviced Loan (and no Special Servicing
Fees, Workout Fees or Liquidation Fees will be payable with respect thereto and any such fees actually paid shall be reimbursed
to the Trust Fund by the Special Servicer); or

 

(vi)       the
related Mortgagor shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of
debt, marshaling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all or
substantially all of its property; or

 

(vii)      the
related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or

 

(viii)    a
default of which the Master Servicer or the Special Servicer, as applicable, has notice (other than a failure by such Mortgagor
to pay principal or interest) and which the Master Servicer or Special Servicer (in the case of the Special Servicer, with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with
the consent of the Directing Certificateholder) determines in its good faith reasonable judgment may materially and adversely affect
the interests of the Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion
Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans,
as the case may be), if applicable, has occurred and remained unremedied for the applicable Grace Period specified in the related
Mortgage Loan or related Companion Loan documents, other than the failure to maintain terrorism insurance if such failure constitutes
an Acceptable Insurance Default (or if no

 

    	-121-

    	 

    

 

Grace Period is specified for those defaults which are capable of cure, sixty (60) days);
or

 

(ix)       the
Master Servicer or Special Servicer has received notice of the foreclosure or proposed foreclosure of any lien other than the Mortgage
on the related Mortgaged Property; or

 

(x)        the
Master Servicer or Special Servicer (in the case of the Special Servicer, with respect to any Mortgage Loan other than an Excluded
Loan, prior to the occurrence and continuance of any Control Termination Event, with the consent of the Directing Certificateholder)
determines that (i) a default (other than as described in clause (iv) above) under a Mortgage Loan or related Serviced Companion
Loan is imminent or reasonably foreseeable, (ii) such default will materially impair the value of the corresponding Mortgaged Property
as security for the Mortgage Loan and related Serviced Companion Loan (if any) or otherwise materially adversely affect the interests
of Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion Noteholder),
as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans, as the
case may be), and (iii) the default will continue unremedied for the applicable cure period under the terms of the Mortgage Loan
or related Serviced Companion Loan, as applicable, or, if no cure period is specified and the default is capable of being cured,
for sixty (60) days (provided that such 60-day grace period does not apply to a default that gives rise to immediate acceleration
without application of a grace period under the terms of the Mortgage Loan or related Serviced Companion Loan, as applicable; provided
that any determination that a Servicing Transfer Event has occurred under this clause (x) with respect to any Mortgage Loan
or related Serviced Companion Loan, as applicable, solely by reason of the failure (or imminent failure) of the related Mortgagor
to maintain or cause to be maintained insurance coverage against damages or losses arising from acts of terrorism may only be made
by the Special Servicer (and with respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance
of any Control Termination Event, with the consent of the Directing Certificateholder);

 

provided that any Mortgage Loan
(excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Loan shall be a Specially Serviced
Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan. If any Serviced Companion Loan becomes
a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a Specially Serviced Loan. If any Serviced Mortgage
Loan becomes a Specially Serviced Loan, any related Serviced Companion Loan shall also become a Specially Serviced Loan. With respect
to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing Transfer Event” shall be as defined in the Non-Serviced
PSA.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Distribution Date occurring on or immediately following the
date on

 

    	-122-

    	 

    

 

which financial statements for such calendar quarter are required to be delivered to the related lender under the related
Mortgage Loan documents. The Depositor, the Master Servicer and the Certificate Administrator acknowledge that in the event the
Mortgaged Property securing the related Serviced Companion Loan is a “significant obligor” (within the meaning of Item
1101(k) of Regulation AB) with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which
quarterly financial statements are required to be delivered to the related lender under the related Mortgage Loan documents is,
with respect to net operating income information, for the Princeton Pike Corporate Center Serviced Pari Passu Companion Loans and
the Le Meridien Cambridge MIT Serviced Pari Passu Companion Loans, thirty (30) days following the end of each fiscal quarter, subject
to the terms of the related loan agreement.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.03(m).

 

“SMF III Lender
Successor Borrower Right”: has the meaning set forth in Section 3.18(i) hereof.

 

“Sole Certificateholder”:
Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or a Holder of a Definitive Certificate
holding 100% of the then-outstanding Class E-1, Class E-2, Class E, Class F-1, Class F-2, Class F, Class EF, Class G-1, Class G-2,
Class G, Class EFG, Class H-1, Class H-2 and Class H Certificates; provided, however, that the Certificate Balances
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates have been retired.

 

“Special Notice”:
As defined in Section 5.06.

 

“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Loan)
and the Serviced Companion Loans, C-III Asset Management LLC, and its successors in interest and assigns, or any successor special
servicer appointed as herein provided and (ii) any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer
appointed pursuant to Section 7.01(g) of this Agreement, as applicable and as the context may require.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan), the fee payable
to the Special Servicer pursuant to Section 3.11(b).

 

“Special Servicing
Fee Rate”: With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage Loan) on
a loan by loan basis, (a) 0.2500% per annum computed on the basis of the Stated Principal Balance of the related Mortgage
Loan (including any REO Loan) and Companion Loan, as applicable, in the same manner as interest is calculated on such Specially
Serviced Loan; and (b) if the rate in clause (a) would result in a Special Servicing Fee that would be less than $3,500
in any given month, then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Loan shall be a
rate equal to such higher rate as would result in a Special Servicing Fee equal to $3,500 for such month with respect to such Specially
Serviced Loan or REO Loan.

 

    	-123-

    	 

    

 

“Specially Serviced
Loan”: As defined in Section 3.01(a).

 

“Sponsors”:
The Mortgage Loan Sellers.

 

“Startup Day”:
The day designated as such in Section 10.01(b).

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, as of any date of determination, an amount equal to the Cut-off Date Balance
of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance of such Mortgage Loan
after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether
or not received) reduced, to not less than zero, on each subsequent Distribution Date by the sum of:

 

(i)         the
principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, due after the Due Date in the related month of substitution), to the extent received from the Mortgagor or advanced
by the Master Servicer;

 

(ii)        all
Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution);

 

(iii)       the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan) and Liquidation
Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage
Loan, after the Due Date in the related month of substitution); and

 

(iv)      any
reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification of
such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection Period
for the most recent Distribution Date.

 

With respect to any REO
Loan that is a successor to a Mortgage Loan, as of any date of determination, an amount equal to (x) the Stated Principal Balance
of the predecessor Mortgage Loan as of the date of the related REO Acquisition, minus (y) the sum of:

 

(i)         the
principal portion of any P&I Advance made with respect to such REO Loan; and

 

(ii)        the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage Loan),
Liquidation Proceeds and REO Revenues received with respect to such REO Loan.

 

A Mortgage Loan or an
REO Loan that is a successor to a Mortgage Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated
Principal Balance until the Distribution Date on which the payments or other proceeds, if any, received in connection with a

 

    	-124-

    	 

    

 

Liquidation
Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection with such Liquidation
Event, would have been) distributed to Certificateholders.

 

With respect to each
Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Companion
Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall equal the sum of the
Stated Principal Balances of the related Mortgage Loan and the related Companion Loan, as applicable, on such date.

 

With respect to any REO
Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance shall equal (x) the
Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition, minus (y) the
principal portion of any amounts allocable to the related Companion Loan in accordance with the related Intercreditor Agreement.

 

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

 

“Subject Loans”:
As defined in Section 12.02(a).

 

“Subordinate
Certificate”: Any Class A-S, Class B, Class C, Class D, Class E-1, Class E-2, Class E, Class F-1, Class F-2, Class F,
Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1, Class H-2 or Class H Certificate.

 

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the material
servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under this
Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b) hereof, an amount equal to the excess,
if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the Stated Principal
Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution.

 

“Surviving Entity”:
As defined in Section 6.03(b).

 

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“Tax Returns”:
The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC)
Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss
Allocation, or any successor forms, to be filed on behalf of each Trust REMIC due to its respective classification as a REMIC under
the REMIC Provisions and (ii) Internal Revenue Service Form 1041 or Internal Revenue Service Form 1099, as applicable, or any successor
forms to be filed on behalf of the Grantor Trust, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders or filed with the Internal Revenue Service or any other governmental taxing authority
under any applicable provisions of federal tax law or Applicable State and Local Tax Law.

 

“Temporary Regulation
S Book-Entry Certificate”: As defined in Section 5.02(a).

 

“Test”:
As defined in Section 12.01(b)(iv).

 

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transferable
Servicing Interest”: The amount by which the Servicing Fee otherwise payable to the Master Servicer hereunder exceeds
the sum of (i) the Primary Servicing Fee and (ii) the amount of the Servicing Fee calculated using the Retained Fee Rate, which
is subject to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.

 

“Transferee”:
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(n)(ii).

 

“Transferor”:
Any Person who is disposing by Transfer any Ownership Interest in a Certificate.

 

“Transferor
Letter”: As defined in Section 5.03(n)(ii).

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named: “Morgan Stanley Bank of America Merrill
Lynch Trust 2016-C28”.

 

“Trust Component”:
As defined in Section 5.09(a).

 

“Trust Fund”:
The corpus of the Trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans as from time to
time are subject to this Agreement (including a Qualified Substitute Mortgage Loan replacing a removed Mortgage Loan), together
with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests of the related Serviced
Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled payments on or collections in respect of
the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month
of substitution); (iii) any REO Property (to the extent of the Trust’s interest therein) or the Trust’s beneficial
interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related Non-Serviced PSA; (iv) all revenues

 

    	-126-

    	 

    

 

received in respect of any REO Property (to the extent of the Trust’s interest therein); (v) the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof (to the extent
of the Trust’s interest therein); (vi) any Assignment of Leases and any security agreements (to the extent of the Trust’s
interest therein); (vii) any letters of credit, indemnities, guaranties or lease enhancement policies given as additional security
for any related Mortgage Loans (to the extent of the Trust’s interest therein); (viii) all assets deposited in the Loss of
Value Reserve Fund and the Servicing Accounts (to the extent of the Trust’s interest therein), amounts on deposit in the
Collection Account (to the extent of the Trust’s interest therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier
REMIC Distribution Account, the Class E Distribution Account, the Class F Distribution Account, the Class G Distribution Account,
the Class H Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve
Account (to the extent of the Trust’s interest in such Gain-on-Sale Reserve Account) and any REO Account (to the extent of
the Trust’s interest in such REO Account), including any reinvestment income, as applicable; (ix) any Environmental Indemnity
Agreements (to the extent of the Trust’s interest therein); (x) the rights and remedies of the Depositor under each Mortgage
Loan Purchase Agreement (to the extent transferred to the Trustee); (xi) the Lower-Tier Regular Interests and the Trust Components;
(xii) the Closing Date Interest Deposit Amount; and (xiii) the proceeds of the foregoing (other than any interest earned on deposits
in the lock-box accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest belongs
to the related Mortgagor). For the avoidance of doubt, no BANA Lender Successor Borrower Right, CIBC Lender Successor Borrower
Right, SMF III Lender Successor Borrower Right or MSMCH Seller Defeasance Rights and Obligations is an asset of the Trust Fund.

 

“Trust-Related
Litigation”: As defined in Section 3.32.

 

“Trust REMIC”:
As defined in the Preliminary Statement.

 

“Trustee”:
U.S. Bank National Association, or its successor in interest, in its capacity as trustee and its successors in interest, or any
successor trustee appointed as herein provided.

 

“Trustee Fee”:
The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which fee is included
as part of the Certificate Administrator Fee. No portion of the Trustee Fee shall be calculated by reference to any Companion Loan
or the Stated Principal Balance of any Companion Loan. The Trustee Fee shall be equal to $210 per month and shall be paid as a
portion of the Certificate Administrator Fee.

 

“UCC”:
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC Financing
Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Underwriters”:
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, CIBC World Markets Corp. and Drexel Hamilton,
LLC.

 

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“Uninsured Cause”:
Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is not fully reimbursable
by the hazard insurance policies or flood insurance policies required to be maintained pursuant to Section 3.07.

 

“United States
Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“University
West Apartments Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of October 28, 2015,
by and between the holder of the University West Apartments Non-Serviced Pari Passu Companion Loan and the holder of the University
West Apartments Mortgage Loan, relating to the relative rights of such holders of the University West Apartments Whole Loan, as
the same may be further amended in accordance with the terms thereof.

 

“University
West Apartments Mortgage Loan”: With respect to the University West Apartments Whole Loan, the Mortgage Loan that is
included in the Trust (identified as Mortgage Loan No. 18 on the Mortgage Loan Schedule), which is designated as promissory note
A-2, and is pari passu in right of payment with the University West Apartments Non-Serviced Pari Passu Companion Loan to
the extent set forth in the University West Apartments Intercreditor Agreement.

 

“University
West Apartments Mortgaged Property”: The Mortgaged Property that secures the University West Apartments Whole Loan.

 

“University
West Apartments Non-Serviced Pari Passu Companion Loan”: With respect to the University West Apartments Whole Loan, as
of the Closing Date, the Companion Loan evidenced by the related promissory note designated as promissory note A-1, made by the
related Mortgagor and secured by the Mortgage on the University West Apartments Mortgaged Property, which is not included in the
Trust and which is pari passu in right of payment to the University West Apartments Mortgage Loan to the extent set forth
in the related Mortgage Loan documents and as provided in the University West Apartments Intercreditor Agreement.

 

“University
West Apartments Whole Loan”: The University West Apartments Mortgage Loan, together with the University West Apartments
Non-Serviced Pari Passu Companion Loan, each of which is secured by the same Mortgage on the University West Apartments Mortgaged
Property. References herein to the University West Apartments Whole Loan shall be construed to refer to the aggregate indebtedness
under the University West Apartments Mortgage Loan and the University West Apartments Non-Serviced Pari Passu Companion Loan.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant
to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from the Mortgagor or otherwise
from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance was made.

 

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“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portions
of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing Fees, Liquidation Fees, accrued interest
on Advances and other additional expenses of the Trust incurred in connection with the related Mortgage Loan) and, if applicable,
REO Revenues received with respect to such Mortgage Loan and any REO Loans on or prior to the related Determination Date, but in
each case only to the extent that such principal portion represents a recovery of principal for which no advance was previously
made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Unsolicited
Information”: As defined in Section 12.01(b)(iii).

 

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

 

“Upper-Tier
REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created
and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the
Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of U.S. Bank National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Upper-Tier REMIC Distribution Account”.
Any such account or accounts shall be an Eligible Account.

 

“U.S. Dollars”
or “$”: Lawful money of the United States of America.

 

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

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times during the term
of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows: (i) 2% in the
case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as of the date of determination)
and (ii) in the case of the Principal Balance Certificates, a percentage equal to the product of 98% and a fraction, the numerator
of which is equal to the Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove
the Special Servicer pursuant to Section 7.01(d) and the Operating Advisor pursuant

 

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to Section 3.26(k) or the Asset
Representations Reviewer pursuant to Section 12.05, taking into account any notional reduction in the Certificate Balance
for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a) hereof) of such Class, in each
case, determined as of the Distribution Date immediately preceding such time, and the denominator of which is equal to the aggregate
Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer
pursuant to Section 7.01(d), the Operating Advisor pursuant to Section 3.26(k) or the Asset Representations Reviewer
pursuant to Section 12.05, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction
Amounts allocated to the Certificates pursuant to Section 4.05(a) hereof) of the Principal Balance Certificates, determined
as of the Distribution Date immediately preceding such time. For purposes of such allocations, (i) the Class E-1 Certificates,
the Class E Component E-1, the Class EF Component E-1 and the Class EFG Component E-1 will be considered as if they together constituted
a single “Class”; (ii) the Class E-2 Certificates, the Class E Component E-2, the Class EF Component E-2 and the Class
EFG Component E-2 will be considered as if they together constituted a single “Class”; (iii) the Class F-1 Certificates,
the Class F Component F-1, the Class EF Component F-1 and the Class EFG Component F-1 will be considered as if they together constituted
a single “Class”; (ii) the Class F-2 Certificates, the Class F Component F-2, the Class EF Component F-2 and the Class
EFG Component F-2 will be considered as if they together constituted a single “Class”; (v) the Class G-1 Certificates,
the Class G Component G-1 and the Class EFG Component G-1 will be considered as if they together constituted a single “Class”;
(vi) the Class G-2 Certificates, the Class G Component G-2 and the Class EFG Component G-2 will be considered as if they together
constituted a single “Class”; (vii) the Class H-1 Certificates and the Class H Component H-1 will be considered as
if they together constituted a single “Class”; and (viii) the Class H-2 Certificates and the Class H Component H-2
will be considered as if they together constituted a single “Class”. Voting Rights will be allocated to each of the
Class E, Class F, Class G, Class H, Class EF and Class EFG Certificates only with respect to each Exchangeable Component that is
part of such Class of Certificates, as described in the preceding sentence.

 

The Voting Rights of
any Class of Certificates are required to be allocated among Certificateholders of such Class in proportion to their respective
Percentage Interests. Neither the Class R nor Class V Certificates will be entitled to any Voting Rights.

 

“Weighted Average
Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage Rates
of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection Period, weighted
on the basis of their respective Stated Principal Balances as of the first day of such Collection Period (after giving effect to
any payments received during any applicable Grace Period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations Section 1.671-5, as amended or successor provisions.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

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“Whole Loan”:
Any of (i) the Princeton Pike Corporate Center Whole Loan, (ii) the Le Meridien Cambridge MIT Whole Loan, (iii) the Penn Square
Mall Whole Loan, (iv) the Ellenton Premium Outlets Whole Loan, (v) the GLP Industrial Portfolio A Whole Loan, and (vi) the University
West Apartments Whole Loan.

 

“Withheld Amounts”:
As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage
Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its modified terms,
would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent
that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on or before
the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued and unpaid interest
thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified loan documents. That
any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner limit the right of
any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

“Workout Fee”:
The fee paid to the Special Servicer with respect to each Corrected Loan in accordance with Section 3.11(c).

 

“Workout Fee
Rate”: With respect to each Corrected Loan and in accordance with Section 3.11(c), a fee of 1.00% of each collection
(other than Penalty Charges and Excess Interest) of interest and principal (other than any amount for which a Liquidation Fee would
be paid), including (i) Periodic Payments, (ii) Balloon Payments, (iii) Principal Prepayments and (iv) payments (other than those
included in clause (i) or (ii) of this definition) at maturity or on the Anticipated Repayment Date, received on
each Corrected Loan for so long as it remains a Corrected Loan; provided, that in no event will the Workout Fee exceed $1,000,000
in the aggregate with respect to any particular workout of a Mortgage Loan (other than any Non-Serviced Mortgage Loan) that is
a Specially Serviced Loan.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable, as the context
requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of, a Mortgage Loan,
calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that reflects the lost
interest, including any specified amount or specified percentage of the amount prepaid which constitutes the minimum amount that
such Yield Maintenance Charge may be.

 

Section
1.02     Certain Calculations. Unless otherwise specified
herein, for purposes of determining amounts with respect to the Certificates and the rights and obligations of the parties
hereto, the following provisions shall apply:

 

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(i)         All
calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on the
basis of a 360-day year consisting of twelve 30-day months.

 

(ii)        Any
Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer
or the Special Servicer; provided, however, that for purposes of calculating distributions on the Certificates, Principal
Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with the Servicing
Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal balance of such
Mortgage Loan, on which interest accrues.

 

(iii)       Any
reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer
to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a)
any distributions made on such Distribution Date pursuant to Section 4.01(a) and (c), (b) any Realized Losses allocated
to such Class of Principal Balance Certificates on that Distribution Date pursuant to Section 4.04, and (c) any recoveries
on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal
collections on the related Mortgage Loans, that resulted in a reduction of the Principal Distribution Amount, which recoveries
are allocated to such Class of Principal Balance Certificates, and added to the Certificate Balance pursuant to Section 4.04(a).

 

(iv)       Unless
otherwise specifically provided for herein, all net present value calculations and determinations made with respect to a Mortgage
Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing
Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal
and interest payments on a Mortgage Loan, Serviced Companion Loan, as applicable, or sale by the Special Servicer of a Defaulted
Loan, the highest of (x) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates the market
rate that would be obtainable by the related Mortgagor on similar non-defaulted debt of such Mortgagor as of such date of determination,
(y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan based on its outstanding principal balance and
(z) the yield on 10-year U.S. treasuries as of such date of determination, and (b) for all other cash flows, including property
cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related
Mortgaged Property.

 

(v)        Any
reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall
be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor
Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement
refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following
application of trust fund expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu,
to the Trust and to the related Serviced Pari Passu Companion Loans in

 

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accordance with the respective Stated Principal Balances
of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan or (ii) with respect to any Serviced AB
Whole Loan, first, to the related Serviced Subordinate Companion Loan and then, to the Trust.

 

[End of Article I]

 

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ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section
2.01     Conveyance of Mortgage Loans. (a) The Depositor, concurrently with the execution and delivery hereof, does hereby
establish a trust, appoint the Trustee as trustee of the trust, assign, sell, transfer and convey to the Trustee, in trust,
without recourse, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests)
all the right, title and interest of the Depositor, including any security interest therein for the benefit of the Depositor,
in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor’s rights under
each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee pursuant to Section 14 thereof; (iii)
the Intercreditor Agreements, and (iv) all other assets included or to be included in the Trust Fund. Such assignment
includes all interest and principal received or receivable on or with respect to the Mortgage Loans (in each case, other than
(i) payments of principal and interest due and payable on the Mortgage Loans on or before the Cut-off Date; (ii) prepayments
of principal collected on or before the Cut-off Date; (iii) with respect to those Mortgage Loans that were closed in February
2016 but have their first Due Date in March 2016, any interest amounts relating to the period prior to the Cut-off Date; (iv)
any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans and (v) the Closing Date Interest Deposit
Amount). The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and,
notwithstanding Section 13.07, is intended by the parties to constitute a sale. In connection with the assignment to
the Trustee of the Depositor’s rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to
the Trustee pursuant to Section 14 thereof it is intended that the Trustee get the benefit of Sections 9, 10 and 11 thereof
in connection with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to make
available to the Trustee the benefits of Sections 9, 10 and 11 in connection therewith.

 

(b)      In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian, (A) on or before the Closing Date,
the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee or in blank as specified in clause (i)
of the definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has been lost, a lost
note affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition of “Mortgage
File”) and (B) on or before the date that is forty-five (45) days following the Closing Date (or such later date as may be
provided under this Section 2.01(b) or under Section 2.01(c)), the remainder of the Mortgage File for each Mortgage
Loan and, except in the case of a Mortgage Loan that is a Non-Serviced Whole Loan as of the Closing Date, any other items required
to be delivered or deposited by the Mortgage Loan Seller pursuant to this Agreement (other than amounts from reserve accounts and
originals of letters of credit, which shall be transferred to the Master Servicer) for each Mortgage Loan. If the applicable Mortgage
Loan

 

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Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, the delivery requirements
of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied upon
such Mortgage Loan Seller’s delivery of a copy or duplicate original of such Mortgage Note, together with an affidavit certifying
that the original thereof has been lost or destroyed and indemnifying the Trustee and the Trust. If the applicable Mortgage Loan
Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or instruments referred to in
clauses (ii), (iii), (v), (vi) and/or (ix) of the definition of “Mortgage File”
with evidence of filing or recording thereon, solely because of a delay caused by the public filing or recording office where such
document or instrument has been delivered, or will be delivered within the forty-five (45) day period following the Closing Date,
for filing or recordation, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b)
shall be deemed to have been satisfied on a provisional basis as of the Closing Date as to such non-delivered document or instrument,
and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a duplicate original
or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or recording office, the
applicable title insurance company or the applicable Mortgage Loan Seller to be a true and complete copy of the original thereof
submitted or to be submitted for filing or recording) is delivered to the Custodian within such forty-five (45) day period, and
such delivery requirements shall be deemed satisfied in full if either the original of such non-delivered document or instrument,
or a photocopy thereof (certified by the appropriate county recorder’s office or the applicable title insurance company,
in the case of the documents and/or instruments referred to in clause (ii) of the definition of “Mortgage File”,
to be a true and complete copy of the original thereof submitted for recording), with evidence of filing or recording thereon,
is delivered to the Custodian within one hundred-eighty (180) days of the Closing Date (or within such longer period, not to exceed
eighteen (18) months, after the Closing Date as the Custodian shall consent to, which consent shall not be unreasonably withheld
as long as the applicable Mortgage Loan Seller is, as certified in writing to the Trustee and the Custodian no less often than
every ninety (90) days following such one hundred-eighty (180)–day period after the Closing Date, attempting in good faith
to obtain from the appropriate public filing office or county recorder’s office such original or photocopy). If the applicable
Mortgage Loan Seller is required to, but cannot, deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents
and/or instruments referred to in clauses (ii), (iii), (v), (vi) and/or (ix) (or, if applicable,
a copy thereof) of the definition of “Mortgage File,” with evidence of filing or recording thereon (if intended to
be recorded or filed), for any other reason, including, without limitation, that such non-delivered document or instrument has
been lost or destroyed, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b)
shall be deemed to have been satisfied as to such non-delivered document or instrument, and such non-delivered document or instrument
shall be deemed to have been included in the Mortgage File, if a photocopy of such non-delivered document or instrument (with evidence
of filing or recording thereon and certified in the case of the documents and/or instruments referred to in clause (ii)
of the definition of “Mortgage File” by the appropriate county recorder’s office or the applicable title insurance
company to be a true and complete copy of the original thereof submitted for recording) is delivered to the Custodian on or before
the date set forth herein. Neither the Trustee nor any Custodian shall in any way be liable for any failure by any Mortgage Loan
Seller or the Depositor to comply with the delivery requirements of the related Mortgage Loan Purchase

 

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Agreement and this Section
2.01(b). If, on the Closing Date as to any Mortgage Loan, subject to the next sentence, the applicable Mortgage Loan Seller
is required to, but cannot, deliver (in complete and recordable form or form suitable for filing or recording, if applicable) any
one of the assignments in favor of the Trustee referred to in clause (iv) or clause (vi) of the definition of “Mortgage
File” solely because of the unavailability of filing or recording information as to any existing document or instrument,
such Mortgage Loan Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement and
this Section 2.01(b) with respect to such assignment by delivering with respect to such Mortgage Loan on the Closing Date
an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit H; provided that all required original
assignments with respect to such Mortgage Loan (in fully complete and recordable form or form suitable for filing or recording,
if applicable) are delivered to the Custodian within one hundred-eighty (180) days after the Closing Date (or within such longer
period, not to exceed eighteen (18) months, which the Custodian shall consent to so long as the applicable Mortgage Loan Seller
is, as certified in writing to the Trustee and the Custodian no less often than every ninety (90) days following such 180–day
period after the Closing Date, attempting in good faith to obtain from the appropriate public filing office or county recorder’s
office the applicable filing or recording information as to the related document or instrument); and provided, further,
that in the case of a Non-Serviced Mortgage Loan, the delivery of any such assignments shall be subject to clause (e) of
the final proviso to the definition of “Mortgage File” herein. As to any Mortgage Loan, the related Mortgage Loan Seller
or its agent is responsible for recording or filing, as applicable, any one of the assignments in favor of the Trustee referred
to in clause (iv) or clause (vi) of the definition of “Mortgage File”, and such Mortgage Loan Seller
may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b)
with respect to such assignment by delivering to the Custodian with respect to such Mortgage Loan on the Closing Date a copy of
such assignment in the form sent for recording or filing or (except for recording or filing information not yet available) to be
sent for recording or filing; provided that an original or copy of such assignment (with evidence of recording or filing,
as applicable, indicated thereon) shall be delivered to the Custodian as contemplated by Section 2.01(c) of this Agreement.
Notwithstanding anything herein to the contrary, with respect to letters of credit referred to in clause (xii) of the definition
of “Mortgage File”, the applicable Mortgage Loan Seller shall deliver, within ten (10) Business Days following the
Closing Date, the original to the Master Servicer (which letter of credit shall be titled in the name of, or assigned to, “Wells
Fargo Bank, National Association”, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee, for the benefit
of registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28”), and a copy to the Custodian or, if such original has been submitted by the applicable Mortgage Loan Seller
to the issuing bank to effect a reissuance, assignment or amendment of such letter of credit (changing the beneficiary thereof
to the Master Servicer (in care of the Trustee, as titled above) that may be required in order for the Master Servicer to draw
on such letter of credit on behalf of the Trust in accordance with the applicable terms thereof and/or of the related Mortgage
Loan documents), the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related
Mortgage Loan Purchase Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof
to the Custodian indicating that such document has been delivered to the issuing bank for reissuance or a copy of an Officer’s
Certificate from the Master Servicer certifying that it holds the letter(s) of

 

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credit pursuant to this Section 2.01(b),
one of which shall be delivered to the Custodian within forty-five (45) days after the Closing Date. If a letter of credit referred
to in the previous sentence is not in a form that would allow the Master Servicer to draw on such letter of credit on behalf of
the Trust in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents, the applicable Mortgage
Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment or amendment documents
if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of credit for processing)
to the Custodian within forty-five (45) days of the Closing Date. If not otherwise paid by the related Mortgagor, the applicable
Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit required in order for the Master
Servicer to draw on such letter(s) of credit on behalf of the Trust and shall cooperate with the reasonable requests of the Master
Servicer in connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned
or amended in order that it may be drawn by the Master Servicer on behalf of the Trust.

 

(c)      Except
in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller is required at its sole cost and expense, to itself,
or to engage a third party to, put each Assignment of Mortgage, each assignment of Assignment of Leases and each assignment of
each UCC Financing Statement (collectively, the “Assignments” and, individually, “Assignment”)
relating to the Mortgage Loans conveyed by it under the applicable Mortgage Loan Purchase Agreement in proper form for filing or
recording, as applicable, and to submit such Assignments for filing or recording, as the case may be, in the applicable public
filing or recording office. On the Closing Date, the Mortgage Loan Sellers may deliver one (1) omnibus assignment for all such
Mortgage Loans substantially in the form of Exhibit H hereto to the Custodian as provided in Section 2.01(b). Except
under the circumstances provided for in the last sentence of this subsection (c) and except in the case of a Non-Serviced
Mortgage Loan, the related Mortgage Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will,
promptly (and in any event within one hundred-twenty (120) days after the later of the Closing Date and the related Mortgage Loan
Seller’s actual receipt of the related documents and the necessary recording and filing information) cause to be submitted
for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements,
as appropriate, each Assignment. Each such Assignment submitted for recording shall reflect that it (or a certified copy thereof)
should be returned by the public recording office to the Custodian or its designee following recording or filing (or to the related
Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian or its designee). Any
such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be deemed a part thereof,
and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to be delivered to the Custodian
to be included as part of the related Mortgage File within thirty (30) days after receipt. If any such document or instrument is
determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction in which it is to be recorded
or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be, because of a defect therein, on
or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller or its designee shall prepare,
at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter the related Mortgage Loan Seller
or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause the same to be duly recorded or
filed, as appropriate. If, by the first anniversary of the Closing Date, the Custodian has not received

 

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confirmation of the recording
or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage Loan Seller who may then pursue such
confirmation itself or request that the Custodian pursue such confirmation at the related Mortgage Loan Seller’s expense,
and upon such a request and provision for payment of such expenses satisfactory to the Custodian, the Custodian, at the expense
of the applicable Mortgage Loan Seller, shall cause a search of the land records of each applicable jurisdiction and of the records
of the offices of the applicable Secretary of State for confirmation that the Assignment appears in such records and retain a copy
of such confirmation in the related Mortgage File. In the event that confirmation of the recording or filing of an Assignment cannot
be obtained, the Custodian or the related Mortgage Loan Seller, as applicable, shall promptly inform the other and the Custodian
shall provide such Mortgage Loan Seller with a copy of the Assignment and request the preparation of a new Assignment. The related
Mortgage Loan Seller shall pay the expenses for the preparation of replacement Assignments for any Assignments which, having been
properly submitted for filing or recording to the appropriate governmental office by the Custodian, fail to appear of record and
must be resubmitted. Notwithstanding the foregoing, there shall be no requirement to record any assignment to the Trustee referred
to in clause (iv) or (vi) of the definition of “Mortgage File,” or to file any UCC-3 to the Trustee referred
to in clause (ix) of the definition of “Mortgage File,” in those jurisdictions where, in the written opinion
of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller) acceptable to the Depositor and the Trustee,
such recordation and/or filing is not required to protect the Trustee’s interest in the related Mortgage Loan against sale,
further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the Master Servicer, the Special Servicer, any
Sub-Servicer or the Depositor. Notwithstanding the fact that such Assignments of Mortgages, assignments of Assignments of Leases
(to the extent separate from the Assignments of Mortgages) and assignments of UCC financing statements shall name the Trustee,
on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the MSMCH
Loans shall be deemed to have been transferred from MSMCH to the Depositor, the BANA Loans shall be deemed to have been transferred
from BANA to the Depositor, the CIBC Loans shall be deemed to have been transferred from CIBC to the Depositor, and the SMF III
Loans shall be deemed to have been transferred from SMF III to the Depositor, and all Mortgage Loans shall be deemed to have been
transferred from the Depositor to the Trustee on behalf of the Certificateholders.

 

(d)   
  All documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession
relating to the Mortgage Loans (including, in each case, financial statements, operating statements and any other information
provided by the respective Mortgagor from time to time, but excluding the applicable Mortgage Loan Seller’s internal
communications (including such communications between such Mortgage Loan Seller and its Affiliates) and underwriting analysis
(including documents prepared by the applicable Mortgage Loan Seller or any of its Affiliates for such purposes), draft
documents, attorney-client communications that are privileged communications or constitute legal or other due diligence
analyses and credit underwriting or due diligence analyses or data) that (i) are not required to be a part of a Mortgage File
in accordance with the definition thereof and (ii) are reasonably necessary for the servicing of each such Mortgage Loan,
together with copies of all documents in each Mortgage File, shall be delivered by the Depositor or the applicable Mortgage
Loan Seller to the Master Servicer within five (5) Business Days after the Closing Date and shall be held by the Master
Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders (and as holder of the Lower-Tier Regular
Interests) and, if applicable, on behalf of the related Companion Holder. Such

 

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documents
and records shall be any documents and records (with the exception of any items excluded under the immediately preceding sentence)
that would otherwise be a part of the Servicing File.

 

(e)  
   In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor
shall deliver to the Trustee and the Master Servicer, on or before two (2) Business Days after the Closing Date, a fully
executed original counterpart of each of the Mortgage Loan Purchase Agreements, as in full force and effect, without
amendment or modification, on the Closing Date.

 

(f)  
    The Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but
in all events within three (3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds
on deposit in escrow accounts maintained with respect to the Mortgage Loans transferred by such Mortgage Loan Seller, whether
such accounts are held in the name of the applicable Mortgage Loan Seller or any other name to be transferred to the Master
Servicer (or a Sub-Servicer) for deposit into Servicing Accounts.

 

(g)   
  With respect to the each Mortgage Loan identified on Schedule 4, each of which are subject to a franchise
agreement with a related comfort letter in favor of the respective Mortgage Loan Seller that requires notice to or request of
the related franchisor to transfer or assign any related comfort letter to the Trustee for the benefit of the
Certificateholders or otherwise 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 related
Mortgage Loan Seller or its designee shall provide any such required notice or make any such required request to the related
franchisor (with a copy of such notice or request to the Master Servicer) within forty-five (45) days of the Closing Date (or
any shorter period if required by the applicable comfort letter), and the Master Servicer shall use reasonable efforts in
accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new
document or acknowledgement as may be contemplated under the existing comfort letter).

 

(h)    
 Each Mortgage Loan Purchase Agreement shall provide that within sixty (60) days after the Closing Date, each Mortgage
Loan Seller shall deliver or cause to be delivered the Diligence File for each of its Mortgage Loans to the Depositor by
uploading such Diligence File to the IntraLinks Site. Promptly upon completion of such delivery of the Diligence File (but in
no event later than sixty (60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide to each of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the
Directing Certificateholder, the Asset Representations Reviewer and the Operating Advisor an officer’s certificate
signed by the applicable Mortgage Loan Seller certifying that the electronic copy of the Diligence File for such Mortgage
Loan to the IntraLinks Site contains all documents required under the definition of “Diligence File” and such
Diligence Files are organized and categorized in accordance with the electronic file structure reasonably agreed to by the
Depositor and Seller (the “Diligence File Certification”).

 

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Section
2.02     Acceptance by Trustee. (a) The Trustee, by the
execution and delivery of this Agreement (1) acknowledges receipt by it or the Custodian on its behalf, subject to the
provisions of Section 2.01, in good faith and without notice of any adverse claim, of the applicable documents
specified in clause (i) of the definition of “Mortgage File” with respect to each Mortgage Loan and of all
other assets included in the Trust Fund and (2) declares (a) that it or the Custodian on its behalf holds and will hold such
documents and the other documents delivered or caused to be delivered by the Mortgage Loan Sellers that constitute the
Mortgage Files in the name of the Trust for the benefit of all present and future Certificateholders and Serviced
Companion Noteholders, as applicable, and (b) that it holds and will hold such other assets included in the Trust Fund, in
trust for the exclusive use and benefit of all present and future Certificateholders (and for the benefit of the Trustee as
holder of the Lower-Tier Regular Interests), as applicable. If any Mortgage Loan Seller is unable to deliver or cause the
delivery of any original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage Note, together with a
signed lost note affidavit and appropriate indemnity and shall thereby be deemed to have satisfied the document delivery
requirements of Section 2.01 and of this Section 2.02.

 

(b)  
   Within sixty (60) days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan
within sixty (60) days after the Due Date in the month of substitution), the Custodian, shall review the Mortgage Loan
documents delivered or caused to be delivered by the Mortgage Loan Sellers constituting the Mortgage Files; and, promptly
following such review (but in no event later than sixty (60) days after the Closing Date), the Custodian shall, in the form
attached as Exhibit Q, certify in writing to the Depositor, the Master Servicer, the Special Servicer, the Directing
Certificateholder (so long as no Consultation Termination Event shall have occurred and be continuing and only with respect
to Mortgage Loans other than any Excluded Loan), the Trustee, the Certificate Administrator, the Asset Representations
Reviewer, the Operating Advisor and the applicable Mortgage Loan Seller (as to each Mortgage Loan listed in the Mortgage Loan
Schedule (other than any Mortgage Loan paid in full)) that, except as specifically identified in any exception report annexed
to such writing (the “Custodial Exception Report”), (i) subject to the final proviso of the definition of
“Mortgage File” herein and Section 2.01 hereof, all documents specified in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), (x)
and (xii), if any, of the definition of “Mortgage File”, as applicable, are in its possession, (ii) the
foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian and
appear regular on their face and appear to be executed and to relate to such Mortgage Loan, and (iii) based on such
examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to
the Mortgage Rate, Cut-off Date Balance and Maturity Date is correct. With respect to each Mortgage Loan listed on the
Custodial Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature of such
exception (in the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items
required to be in the Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller
but are out for filing or recording and have not been returned by the filing office or the recorder’s office).

 

(c)   
  The Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about
the first anniversary of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing
to each of the Depositor, the

 

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Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing Certificateholder and the
applicable Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any related Mortgage
Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically identified in any exception report
annexed to such writing) that, (i) subject to the final proviso of the definition of “Mortgage File” herein and Section
2.01 hereof, all documents specified in clauses (i), (ii), (iv), (v), (vi), (vii),
(viii), (x) and (xii), if any, of the definition of “Mortgage File”, as applicable, are in its
possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by
the Custodian and appear regular on their face and appear to be executed and relate to such Mortgage Loan, if applicable, and (iii)
based on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with
respect to the Mortgage Rate, Cut-off Date Balance and Maturity Date is correct.

 

(d) 
    Notwithstanding anything contained in this Section 2.02 and Section 2.03(b) to the
contrary, in the case of a Material Defect in any of the documents specified in clauses (ii) through (vi) and (ix)
in the definition of “Mortgage File”, which Material Defect results solely from a delay in the return of the
related documents from the applicable filing or recording office and gives rise to a repurchase or substitution obligation on
the part of the related Mortgage Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan
Purchase Agreement, the Directing Certificateholder, in its sole judgment, may (other than with respect to any Excluded Loan
and, with respect to any other Mortgage Loan, only prior to the occurrence and continuance of a Control Termination Event),
and the Special Servicer may, in accordance with the Servicing Standard, after the occurrence and during the continuance of a
Control Termination Event, permit the related Mortgage Loan Seller in lieu of repurchasing or substituting for the related
Mortgage Loan, to deposit with the Master Servicer an amount, to be held in trust in a segregated Eligible Account (which may
be a sub-account of the Collection Account), equal to 25% of the Stated Principal Balance of the related Mortgage Loan (in
the alternative, the related Mortgage Loan Seller may deliver to the Master Servicer a letter of credit in such amount, with
a copy to the Custodian). Such funds or letter of credit, as applicable, shall be held by the Master Servicer (i) until the
date on which the Custodian determines and notifies the Master Servicer that such Material Defect has been cured or the
related Mortgage Loan is no longer part of the Trust Fund, at which time the Master Servicer shall return such funds (or
letter of credit) to the related Mortgage Loan Seller, or (ii) until same are applied to the Purchase Price (or the
Substitution Shortfall Amount, if applicable) as set forth below in this Section 2.02(d) in the event of a
repurchase or substitution by the related Mortgage Loan Seller. Notwithstanding the two immediately preceding sentences, if
the Master Servicer or the Special Servicer certifies to the Trustee, the Certificate Administrator and the Custodian that it
has determined in the exercise of its reasonable judgment that the document with respect to which such Material Defect exists
is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing
the validity or priority of any lien on collateral securing the related Mortgage Loan or for any immediate significant
servicing obligation, the related Mortgage Loan Seller shall be required to repurchase or substitute for the related Mortgage
Loan in accordance with, and to the extent required by, the terms and conditions of Section 2.03(b) and Section 5 of
the related Mortgage Loan Purchase Agreement; provided, however, that such Mortgage Loan Seller shall not be
required to repurchase the Mortgage Loan for a period of ninety (90) days after receipt of a

 

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notice to repurchase (together with any applicable extension period) if it is attempting to recover the
document from the applicable filing or recording office and provides an officer’s certificate setting forth what actions
such Mortgage Loan Seller is pursuing in connection with such recovery. In the event of a repurchase or substitution, upon the
date of such repurchase or substitution, and in the event that the related Mortgage Loan Seller has delivered a letter of credit
to the Master Servicer in accordance with this Section 2.02(d), the Master Servicer shall, to the extent necessary, draw
on the letter of credit and deposit the proceeds of such draw, into the Collection Account to be applied to the Purchase Price
(or the Substitution Shortfall Amount, if applicable, in which event, the amount of such funds or proceeds that exceed the Substitution
Shortfall Amount shall be returned to the related Mortgage Loan Seller) in accordance with Section 2.03(b). All such funds
deposited in the Collection Account shall be invested in Permitted Investments, at the direction and for the benefit of the related
Mortgage Loan Seller. Such funds shall be treated as an “outside reserve fund” under the REMIC Provisions, which, together
with any reimbursement from the Lower-Tier REMIC, is beneficially owned by the related Mortgage Loan Seller for federal income
tax purposes, which Mortgage Loan Seller shall remain liable for any taxes payable on income or gain with respect thereto.

 

(e)    
 It is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine
whether any of the documents specified in clauses (iii), (x), (xi), (xii), (xiv), (xv)
and (xvii) of the definition of “Mortgage File” exist or are required to be delivered by the Depositor,
the Mortgage Loan Sellers or any other Person or (ii) to inspect, review or examine any of the documents, instruments,
certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are genuine,
enforceable, duly authorized, sufficient to perfect and maintain the perfection of a security interest or appropriate for the
represented purpose or that they are other than what they purport to be on their face and, with respect to the documents
specified in clause (viii) of the definition of the “Mortgage File”, whether the insurance is effective as
of the date of the recordation, whether all endorsements or riders issued are included in the file or if the policy has not
been issued whether any acceptable replacement document has been dated the date of the related Mortgage Loan funding.
Further, with respect to the UCC Financing Statements referenced in the Mortgage File, absent actual knowledge to the
contrary or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage File indicating otherwise,
the Custodian may assume, for the purposes of the filings and the certification to be delivered in accordance with this Section
2.02 that the related Mortgage File should include one state level UCC Financing Statement filing for each Mortgaged
Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor, except to the extent
multiple Mortgagors are named as debtors in the same UCC Financing Statement filing), or if the Custodian has received
notice that a particular UCC Financing Statement was filed as a fixture filing, that the related Mortgage File should include
only a local UCC Financing Statement filing for each Mortgaged Property (or with respect to any Mortgage Loan that has two or
more Mortgagors, for each Mortgagor, except to the extent multiple Mortgagors are named as debtors in the same UCC Financing
Statement filing). The assignments of the UCC Financing Statements to be assigned to the Trust will be delivered on the
national forms (or on such other form as may be acceptable for filing or recording in the applicable jurisdiction) and in a
format suitable for filing or recording, as applicable, and will be filed or recorded in the jurisdiction(s) where such UCC
Financing Statements were originally filed or recorded, as indicated in the documents provided, and in accordance with
then-current laws.

 

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(f) 
     If, in the process of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any
document or documents constituting a part of a Mortgage File (1) not to have been properly executed, (2) subject to the
timing requirements of Sections 2.01(b) and 2.01(c), not to have been delivered, (3) to contain information
that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule or
(4) to be defective on its face (each, a “Defect” in the related Mortgage File), the Custodian shall
promptly so notify the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Directing Certificateholder, the applicable Mortgage Loan Seller (and in no event later than ninety (90) days after the
Closing Date and every calendar quarter thereafter until all Defects are corrected) by providing a Custodial Exception Report
setting forth for each affected Mortgage Loan, with particularity, the nature of such Defect (in a form reasonably acceptable
to the Custodian and such Mortgage Loan Seller and separating items required to be in the Mortgage File but never delivered
from items which were delivered by such Mortgage Loan Seller but are out for recording or filing and have not been returned
by the recorder’s office or filing office).

 

(g)      If
the Master Servicer or the Special Servicer (i) receives a Repurchase Request or any other request or demand from any Person for
a Mortgage Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with a Repurchase
Request, a “15Ga-1 Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable, to the
extent it receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to such 15Ga-1
Repurchase Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase
Request or any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the Master Servicer
or Special Servicer by another party hereto), then the Repurchase Request Recipient shall deliver notice (which may be by electronic
format so long as a “backup” hard copy of such notice is also delivered on or prior to the next Business Day) of such
15Ga-1 Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1 Notice”)
to the applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller) and the Depositor,
in each case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof.

 

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

 

A Repurchase Request
Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client privilege or attorney
work product doctrines. The Mortgage Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice provided pursuant to this
Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor or their respective Affiliates to
comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation
and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no

 

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information provided pursuant to this
Section 2.02(g) by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of
any legal right the Repurchase Request Recipient may have with respect to the related Mortgage Loan Purchase Agreement, including
with respect to any 15Ga-1 Repurchase Request that is the subject of a 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward or otherwise provide written notice of
such 15Ga-1 Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced Loan, or to the Special Servicer,
if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence: “This
is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of the Pooling and Servicing Agreement relating to the Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 requiring
action by you as the ‘Repurchase Request Recipient’ thereunder.” Upon receipt of such 15Ga-1 Repurchase Request
by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient
in respect of such 15Ga-1 Repurchase Request, and such party shall comply with the procedures set forth in this Section 2.02(g)
with respect to such 15Ga-1 Repurchase Request. In no event shall the Custodian, by virtue of this provision, be required to provide
any notice other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

If the Depositor, a Responsible
Officer of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives notice or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which notice has been previously
received or given, and such notice was not received from or copied to the Master Servicer or the Special Servicer, then such party
shall give notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as applicable. Any such notice
received by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor, Asset Representations Reviewer
or the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice, to the applicable Mortgage Loan
Seller.

 

In the event that a Mortgage
Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Master Servicer (with respect to Non-Specially
Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans) shall promptly notify the Depositor of such repurchase
or replacement.

 

Section 2.03     Representations,
Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects
in Mortgage Files and Breaches of Representations and Warranties. (a) The Depositor hereby represents and warrants that:

 

(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North Carolina,
and the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement
by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby,
including, but not limited to, the

 

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power and authority to sell, assign and transfer the Mortgage Loans in accordance with this
Agreement;

 

(ii)        Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)       The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required for
the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)    
  There is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the
Depositor in any court or by or before any other governmental agency or instrumentality which would materially and adversely
affect the validity of the Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this
Agreement; and

 

(v)     
  The Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the
Trust, and the Mortgage Loans have been validly transferred to the Trust.

 

(b)      
 After receipt of a Repurchase Request, the Special Servicer shall request in writing that the applicable Mortgage Loan
Seller cure the Material Defect on or before the end of the Initial Cure Period or, if applicable, the Extended Cure Period
or repurchase the Mortgage Loan within such period in the event the Material Defect cannot be cured or is not cured. The
Mortgage Loan Seller is obligated under the related Mortgage Loan Purchase Agreement, (i) in the case of a Material Defect
other than a Qualified Mortgage Material Defect (as defined below), not later than ninety (90) days after the applicable
Mortgage Loan Seller’s receipt of such request by the Special Servicer or, if earlier, the receipt of such Repurchase
Request or, if earlier, such Mortgage Loan Seller’s discovery of such Material Defect or (ii) in the case of a Material
Defect relating to a Mortgage Loan not being a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code, but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan
to be treated as a

 

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qualified mortgage (a “Qualified Mortgage Material
Defect”) not later than eighty-five (85) days after the earlier of (x) the discovery by the related Mortgage Loan Seller
or any party to this Agreement of such Material Defect and (y) receipt of notice of a Material Defect from any party to this Agreement
(such ninety (90) or eighty-five (85) day period, as applicable, the “Initial Cure Period”), (A) cure such Material
Defect in all material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related reasonable
additional expenses of the Trust reasonably incurred by any party to this Agreement, (B) repurchase the affected Mortgage Loan
or successor REO Loan (excluding any related Companion Loan, if applicable), at the applicable Purchase Price and in conformity
with the applicable Mortgage Loan Purchase Agreement and this Agreement or (C) substitute a Qualified Substitute Mortgage Loan
for such affected Mortgage Loan or successor REO Loan (provided that (x) such affected Mortgage Loan or successor REO Loan
was not itself a Qualified Substitute Mortgage Loan and (y) in no event shall any such substitution occur on or after the second
(2nd) anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account, any Substitution
Shortfall Amount in connection therewith and in conformity with the applicable Mortgage Loan Purchase Agreement and this Agreement;
provided, however, that except with respect to a Material Defect resulting solely from the failure by the Mortgage
Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s title insurance required pursuant to clause
(viii) of the definition of Mortgage File by a date not later than eighteen (18) months following the Closing Date, and except
with respect to a Qualified Mortgage Material Defect if such Material Defect is capable of being cured but is not cured within
the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such
Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller will have an additional ninety (90) days commencing
immediately upon the expiration of the Initial Cure Period (such additional ninety (90) day period, the “Extended Cure
Period”) to complete such cure (or, failing such cure, to repurchase the related Mortgage Loan or successor REO Loan
(excluding any related Companion Loan, if applicable) or substitute a Qualified Substitute Mortgage Loan) and provided,
further, that with respect to such Extended Cure Period the applicable Mortgage Loan Seller is required to deliver a copy
of an officer’s certificate to the Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s
certificate to the 17g-5 Information Provider), the Master Servicer, the Special Servicer, the Operating Advisor and (with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder,
setting forth the reason such Material Defect is not capable of being cured within the Initial Cure Period and what actions the
applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller
anticipates that such Material Defect will be cured within the Extended Cure Period. Notwithstanding anything contained in this
Agreement or the related Mortgage Loan Purchase Agreement, if any such Material Defect is still not cured after the Initial Cure
Period and any such Extended Cure Period solely due to the failure of the applicable Mortgage Loan Seller to have received the
recorded document, then such Mortgage Loan Seller will be entitled to continue to defer its cure, repurchase and/or substitution
obligations in respect of such Material Defect so long as such Mortgage Loan Seller certifies to the Trustee, the Master Servicer,
the Special Servicer and the Certificate Administrator every thirty (30) days thereafter that the Material Defect is still in effect
solely because of its failure to have received the recorded document and that the Mortgage Loan Seller is diligently pursuing the
cure of such Material Defect (specifying the actions being taken). For

 

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the avoidance of doubt, it is understood that with respect
to a Qualified Mortgage Material Defect, the Extended Cure Period described in the second preceding sentence will not apply. If
the affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage
Loan Seller are to be remitted by wire transfer to the Master Servicer for deposit into the Collection Account. In the event the
Special Servicer is required to enforce the Repurchase Request related to a Non-Specially Serviced Loan under this Section 2.03(b),
within five (5) days of request by the Special Servicer, the Master Servicer shall deliver a copy of the Servicing File with respect
to any such Non-Specially Serviced Loan.

 

If a Mortgage Loan Seller,
in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage Loan, makes a cash payment
pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the
Trust (and, with respect to any Mortgage Loan other than an Excluded Loan, with the consent of the Directing Certificateholder
if no Control Termination Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”)
with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve
Fund to be applied in accordance with Section 3.05(h) of this Agreement. The Loss of Value Payment shall include the portion
of any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees of the
Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan. If such Loss of Value Payment is made, the
Loss of Value Payment shall serve as the sole remedy available to the Certificateholders and the Trust regarding any such Material
Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material Defect or repurchase or substitute
for the affected Mortgage Loan based on such Material Defect under any circumstances. This paragraph is intended to apply only
to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust,
provided that (i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller
or the Master Servicer or the Special Servicer, as applicable, from exercising any of its rights related to a Material Defect in
the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph)
(including any right to cure, repurchase or substitute for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater
than the Purchase Price of the affected Mortgage Loan; and (iii) a Qualified Mortgage Material Defect may not be cured by a Loss
of Value Payment

 

If any Breach that constitutes
a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents or any particular Mortgage
Loan document requires the related Mortgagor to bear the costs and expenses associated with any particular action or matter under
such Mortgage Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as
the same may be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for (i) the reasonable amount
of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Trust that are incurred as a result of such Breach and have not been reimbursed by the related Mortgagor and (ii) the amount
of any fees payable pursuant to Section 12.02(a) to the extent not previously paid by the Mortgage Loan Seller to the Asset
Representations Reviewer attributable to the Asset Review of such Mortgage Loan. Upon its making such remittance, the related Mortgage
Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees or expenses that are the subject
of a cure by the

 

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related Mortgage Loan Seller are subsequently obtained from the related Mortgagor, the portion of the cure payment
made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related Mortgagor shall promptly be returned
to the related Mortgage Loan Seller. Periodic Payments due with respect to each Qualified Substitute Mortgage Loan after the related
Due Date in the month of substitution, and Periodic Payments due with respect to the corresponding replaced Mortgage Loan (a “Deleted
Mortgage Loan”) on or prior to the related Due Date in the month of substitution (but after the related Cut-off date),
shall be part of the Trust Fund. Periodic Payments due with respect to each Qualified Substitute Mortgage Loan on or prior to the
Due Date in the month of substitution, and Periodic Payments due with respect to the related Deleted Mortgage Loan after the related
Due Date in the month of substitution, shall not be part of the Trust Fund and are to be remitted by the Master Servicer or the
Special Servicer to the applicable Mortgage Loan Seller effecting the related repurchase or substitution promptly following receipt.

 

Notwithstanding the foregoing,
if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a borrower),
healthcare facility, nursing home, assisted living facility, self-storage facility, theater or fitness center (operated by a borrower),
then the failure to deliver copies of the UCC Financing Statements with respect to such Mortgage Loan shall not be a Material Defect.

 

Pursuant to each Mortgage
Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage
Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan if (i) the affected Mortgaged Property
may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such Mortgaged
Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the
Mortgage Loan documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release would
not cause an Adverse REMIC Event and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

Pursuant to each Mortgage
Loan Purchase Agreement, if there is a breach of the representations and warranties set forth in paragraph 30 or paragraph 32 in
Exhibit 2 thereto, and as a result the payments, by a Mortgagor, of reasonable costs and expenses associated with securing the
consent or approval of the holder of the Mortgage for a waiver of a “due-on-sale” or “due-on-encumbrance”
clause or the defeasance of a Mortgage Loan are insufficient such that the Trust incurs an additional trust fund expense in an
amount equal to such reasonable costs and expenses not paid by such Mortgagor, the related Mortgage Loan Seller shall reimburse
the Trust within ninety (90) days of the receipt of notice of such breach in an amount sufficient to avoid such additional trust
fund expense (including, if applicable, the amount of any fees and expenses of the Asset Representations Reviewer related to the
Asset Review of such Mortgage Loan), and such reimbursement shall be the only obligation of such Mortgage Loan Seller with respect
to such breach.

 

Upon any substitution
of a Qualified Substitute Mortgage Loan related to the repurchase or substitution of the affected Mortgage Loan pursuant to the
related Mortgage Loan Purchase Agreement, such Qualified Substitute Mortgage Loan will become part of the Trust

 

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Fund and be subject
to the terms of the related Mortgage Loan Purchase Agreement in all respects.

 

The repurchase or substitution
of any Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement will be on a whole-loan, servicing released basis.

 

(c)   
  Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section
2.03, and further subject to Section 2.01(b) and Section 2.01(c), any of the following shall cause a
document in the Mortgage File to be deemed to have a Material Defect: (a) the absence from the Mortgage File of the original
signed Mortgage Note, unless the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the
Mortgage Note that appears to be regular on its face; (b) the absence from the Mortgage File of the original signed Mortgage
that appears to be regular on its face, unless there is included in the Mortgage File either a copy of the Mortgage with
evidence of recording thereon or a copy of the Mortgage and a certificate from the related Mortgage Loan Seller stating that
the original signed Mortgage was sent for recordation; (c) the absence from the Mortgage File of the item called for by clause
(viii) of the definition of Mortgage File; (d) the absence from the Mortgage File of any required letter of credit; or
(e) the absence from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease, it the
Mortgage Loan is secured solely by the related Ground Lease; provided, however, that no Defect (except the
Defects previously described in subclauses (a) through (e) of this Section 2.03(c)) shall be considered
to materially and adversely affect the value of the related Mortgage Loan, the value of the related Mortgaged Property or the
interests of the Trustee or Certificateholders unless the document with respect to which the Defect exists is required in
connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage Loan,
defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the
validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate significant
servicing obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan previously
described in subclauses (b) through (e) of this Section 2.03(c) shall be considered to materially and
adversely affect the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee
or Certificateholders unless the related Mortgage Loan Seller, after receipt of notice of such Defect, is unable to produce a
copy of the document with respect to which the Defect exists within a reasonable period after receiving such notice or
otherwise establish that the original or copy, as applicable, of such document has been delivered, in compliance with the
terms of the related Non-Serviced PSA, to the custodian under the related Non-Serviced PSA. Notwithstanding the foregoing,
the delivery of executed escrow instructions or a binding commitment to issue a lender’s title insurance policy, as
provided in clause (viii) of the definition of Mortgage File herein, in lieu of the delivery of the actual policy of
lender’s title insurance, shall not be considered a Material Defect with respect to any Mortgage File if such actual
policy is delivered to the Custodian not later than eighteen (18) months following the Closing Date. Notwithstanding the
foregoing, to the extent a Mortgage Loan Seller has otherwise complied with its document delivery requirements under this
Agreement and the related Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant
to Section 2.02 above of a document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove
delivery of the document, and the Custodian subsequently loses a document, the fact that such document is lost may not be
utilized as the basis for a claim of a Material Defect against a Mortgage Loan Seller

 

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pursuant to Section 5(a) of the related Mortgage Loan Purchase Agreement and/or
this Section 2.03 and the Custodian shall be liable for any such loss to the extent provided for in Section 8.01
hereof.

 

(d)   
  In connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan
contemplated by this Section 2.03, (i) the Certificate Administrator, the Custodian, the Master Servicer and the
Special Servicer shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of the Certificate
Administrator, the Custodian, the Master Servicer and the Special Servicer of a receipt executed by the applicable Mortgage
Loan Seller evidencing such repurchase or substitution, all portions of the Mortgage File and other documents pertaining to
such Mortgage Loan possessed by each of the Certificate Administrator, the Custodian, the Master Servicer and the Special
Servicer (other than attorney-client communications that are privileged communications), (ii) each document that constitutes
a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned, as the case may be to
the applicable Mortgage Loan Seller in the same manner as provided in Section 5 of the related Mortgage Loan Purchase
Agreement (and, if applicable, the definition of “Mortgage File” herein) so as to vest in such Mortgage Loan
Seller the legal and beneficial ownership of such repurchased or substituted Mortgage Loan (including property acquired in
respect thereof and proceeds of any insurance policy with respect thereto) and (iii) the Master Servicer or the Special
Servicer, as applicable, shall provide any related Mortgage Loan documents, any portion of the related Servicing File and
together with any Escrow Payments, reserve funds and any other items required to be delivered by the related Mortgage Loan
Seller under Sections Section 2.01(b) and Section 2.01(c) held by or on behalf of the Master Servicer or the
Special Servicer, as the case may be, with respect to any repurchase of, or substitution of a Qualified Substitute
Mortgage Loan for a Mortgage Loan contemplated by this Section 2.03, in each case at the expense of the related
Mortgage Loan Seller.

 

(e)   
  Section 5 of each of the Mortgage Loan Purchase Agreements provides the sole remedy available to the
Certificateholders (subject to the limitations on the rights of the Certificateholders under this Agreement), or the Trust on
behalf of the Certificateholders, the Master Servicer or the Special Servicer, with respect to any Material Defect; provided, however,
that the foregoing shall in no way limit the ability of the Master Servicer, Special Servicer or Trustee to take any action
against Starwood Mortgage Capital LLC, to the extent provided for pursuant to the related Mortgage Loan Purchase Agreement,
including, without limitation, pursuant to Section 5(d) and Section 17 thereof.

 

(f)    
 The Special Servicer shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier
Regular Interests), enforce the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan
Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, if any, shall be
carried out in such form, to such extent and at such time as the Special Servicer would require were it, in its individual
capacity, the owner of the affected Mortgage Loan(s). Any costs incurred by the Special Servicer with respect to the
enforcement of the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement
shall, to the extent not recovered from the applicable Mortgage Loan Seller, be deemed to be Servicing Advances to the extent
not otherwise provided for herein. The Master Servicer or the Special Servicer shall be reimbursed for the reasonable costs
of such enforcement: first, from a specific

 

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recovery, if any, of costs, expenses
or attorneys’ fees against the applicable Mortgage Loan Seller; second, pursuant to Section 3.05(a)(vii) herein
out of the related Purchase Price, to the extent that such expenses are a specific component thereof; and third, if at the
conclusion of such enforcement action it is determined that the amounts described in clauses first and second
are insufficient, then pursuant to Section 3.05(a)(viii) herein out of general collections on the Mortgage Loans on deposit
in the Collection Account. Any costs, expenses or attorneys’ fees related to a repurchase of a Companion Loan shall be paid
pursuant to the related Intercreditor Agreement or pursuant to the documents related to an Other Securitization, if applicable.

 

(g) 
    If a Mortgage Loan Seller incurs any expense in connection with the curing of a Breach that
constitutes a Material Defect, which also constitutes a default under the related Mortgage Loan and is reimbursable
thereunder, such Mortgage Loan Seller shall have a right, and shall be subrogated to the rights of the Trustee and the Trust
under the Mortgage Loan to recover the amount of such expenses from the related Mortgagor; provided, however,
that such Mortgage Loan Seller’s rights pursuant to this Section 2.03(g) shall be junior, subject and
subordinate to the rights of the Trustee, the Certificate Administrator, the Trust, the Master Servicer and the Special
Servicer to recover amounts owed by the related Mortgagor under the terms of such Mortgage Loan including, without
limitation, the rights to recover unreimbursed Advances, accrued and unpaid interest on Advances at the Reimbursement Rate,
fees owed to the Special Servicer, and unpaid or unreimbursed fees, expenses or indemnities of the Trustee, the
Certificate Administrator, the Trust, the Master Servicer or the Special Servicer allocable to such Mortgage Loan. The
Special Servicer shall use reasonable efforts to recover such expenses for such Mortgage Loan Seller to the extent consistent
with the Servicing Standard, but taking into account the subordinate nature of the reimbursement to the related Mortgage Loan
Seller; provided, however, that the Special Servicer determines in the exercise of its sole discretion
consistent with the Servicing Standard that such actions by it will not impair the Special Servicer’s collection or
recovery of principal, interest and other sums due with respect to the related Mortgage Loan that would otherwise be payable
to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders pursuant
to the terms of this Agreement; provided, further, that the Special Servicer may waive the collection of
amounts due on behalf of such Mortgage Loan Seller in its sole discretion in accordance with the Servicing Standard.

 

(h)   
  If (i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in
this Section 2.03 and (ii) the applicable Material Defect does not constitute a Material Defect as to any other
Crossed Underlying Loan in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable
Material Defect shall be deemed to constitute a Material Defect as to any other Crossed Underlying Loan in the related
Crossed Mortgage Loan Group for purposes of this paragraph, and the related Mortgage Loan Seller shall repurchase or
substitute for such other Crossed Underlying Loan(s) in the related Crossed Mortgage Loan Group as provided in Section
2.03(b) unless such other Crossed Underlying Loans satisfy the Crossed Underlying Loan Repurchase Criteria. In the event
that the remaining Crossed Underlying Loans in such Crossed Mortgage Loan Group satisfy the Crossed Underlying Loan
Repurchase Criteria, the applicable Mortgage Loan Seller may elect either to repurchase or substitute for only the affected
Crossed Underlying Loan(s) as to which the related Material Defect exists or to repurchase or substitute for all of the
Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve or other

 

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cash collateral or letters
of credit securing the Crossed Underlying Loans shall be allocated among the related Crossed Underlying Loans in accordance with
the related Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances.
Except as provided in this Section 2.03(h) and Section 2.03(i), all other terms of the related Mortgage Loans shall
remain in full force and effect without any modification thereof.

 

(i)       Notwithstanding
the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the Depositor
may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be repurchased pursuant
to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage, this
Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii) in
connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan Seller’s
expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection with such partial
release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications to the Mortgage
prepared and executed in connection with such partial release.

 

(j)  
    With respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is
required to repurchase or substitute for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or (i)
while the Trust continues to hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the
applicable Mortgage Loan Seller and the Master Servicer or, with respect to a Specially Serviced Loan, the Special Servicer,
on behalf of the Trustee, as assignee of the Depositor, will, as set forth in the related Mortgage Loan Purchase Agreement,
forbear from enforcing any remedies against the other’s Primary Collateral but each will be permitted to exercise
remedies against the Primary Collateral securing its respective related Mortgage Loans, including with respect to the
Trustee, the Primary Collateral securing the Mortgage Loans still held by the Trust, so long as such exercise does not
materially impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise of
the remedies by one party would materially impair the ability of the other party to exercise its remedies with respect to the
Primary Collateral securing the Crossed Underlying Loans held by such party, then both parties have agreed in the related
Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and
securing the relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase
Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

 (k)     (i)
In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan
be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Special Servicer, and the Special Servicer shall promptly
forward the Certificateholder Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement. Subject
to Section 2.03(l), the Special Servicer (the “Enforcing Servicer”) shall be the Enforcing Party with
respect to a Certificateholder Repurchase Request.

 

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(ii)        In
the event that the Depositor, the Master Servicer, the Special Servicer, a Responsible Officer of the Trustee, the Certificate
Administrator, the Operating Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder has knowledge
of a Material Defect with respect to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make,
such a discovery), that party shall deliver prompt written notice of such Material Defect to each other party to this Agreement
and the related Mortgage Loan Seller identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a
“PSA Party Repurchase Request” and each of a Certificateholder Repurchase Request or a PSA Party Repurchase
Request, the “Repurchase Request”). The Enforcing Servicer shall act as the Enforcing Party and enforce the
rights of the Trust against the related Mortgage Loan Seller with respect to a PSA Party Repurchase Request. However, if a Resolution
Failure occurs with respect to the Repurchase Request, the provisions described in Section 2.03(l)(i) below shall apply.

 

(iii)       In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described in Section 2.03(l) below shall apply. Receipt
of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage
Loan Seller. A Resolved Repurchase Request shall not preclude the Master Servicer (in the case of Non-Specially Serviced Loans)
or the Special Servicer (in the case of Specially Serviced Loans) from exercising any of their respective rights related to a Material
Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement or as provided
by law.

 

      (l)         (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator (which shall
be delivered via electronic mail to trustadministrationgroup@wellsfargo.com) who shall make such notice available to all
other Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s Website indicating
the Enforcing Servicer’s intended course of action with respect to the Repurchase Request. Such notice shall include a request
to Certificateholders to indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action
Notice, as well as notice that in the event any Certificateholder disagrees with the Proposed Course of Action Notice, the Enforcing
Servicer will be compelled to follow the course of action agreed to and/or proposed by the majority of the responding Certificateholders
that involves referring the matter to mediation or arbitration, as the case may be. If (a) the Enforcing Servicer’s intended
course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the
related Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any
other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding
arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise
rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder,
if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution

 

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method selected by the Enforcing
Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver
to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days
from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration.
In the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such responses will be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action Notice.

 

(ii)        If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer, as the Enforcing Party,
shall be the sole party entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights
against the related Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Certificateholder pursuant
to Section 6.08.

 

(iii)       Promptly
and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the
Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a)
and (b), a “Requesting Certificateholder”), the Enforcing Servicer shall consult with each Requesting
Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding
arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution
Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims
underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later
than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish
procedures the Enforcing Servicer deems in good faith to be appropriate relating to the timing and extent of such consultations.
No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may
provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation
or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)        If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

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(v)        If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there are more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing
Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder
or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer,
and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause
(ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce
the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)       Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)      In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)     For
the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)        The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder shall not be entitled to then utilize the alternative method in the event that the initial method is unsuccessful.

 

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(m)        If the Enforcing Party selects mediation (including nonbinding
arbitration), the following provisions shall apply:

 

(i)         The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)        The
mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference. The Mediation
Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices of the parties
to the extent possible.

 

(iii)       Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of bias
or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)    
  The expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between
the Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)       Out
of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the Enforcing
Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case of arbitration)
shall be reimbursable as a Servicing Advance.

 

     (n)        If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)          The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)        The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration

 

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Services Provider. Upon being supplied a list of
at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)       Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)       After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil
Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing
motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)       Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)       The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator
shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final determination
of the arbitrator shall be final

 

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and non-appealable, except for actions to confirm or vacate the determination permitted under
federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)      By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)     No
person may bring a putative or certificated class action to arbitration.

 

     (o) 
    The following provisions will apply to both mediation and third-party arbitration:

 

(i)   
     Any mediation or arbitration will be held in New York, New York unless another location is agreed by all
parties;

 

(ii)        If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York
for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)       The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course of
the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)       In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such

 

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proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder (provided
that a Consultation Termination Event has not occurred and is continuing) and in accordance with the Servicing Standard. All amounts
recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection
Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in
mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)        In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses
allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the
mediation proceedings.

 

(vi)       The
Trust (or the Trustee or the Enforcing Party, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation or
arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)      For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Special Servicer
to perform its obligations with respect to a Specially Serviced Loan (including without limitation, a liquidation, foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay off or deed in lieu, or bankruptcy or other litigation)
or the exercise of any rights of a Directing Certificateholder.

 

(viii)     In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

Section
2.04     Execution of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee hereby
acknowledges the assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02, the delivery
to the Custodian of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase Agreements,
together with the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust. Concurrently
with such assignment and delivery, and in exchange for the Mortgage Loans (other than Excess Interest) and the other assets comprising
the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee (i) acknowledges the issuance of the Lower-Tier Regular
Interests and the Class LR Interest to the Depositor; (ii) the Trustee acknowledges the creation of the Grantor Trust (as described
in Section 2.05 below); (iii) the

 

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Trustee acknowledges
the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC; (iv) immediately thereafter,
in exchange for the Lower-Tier Regular Interests, the Trustee acknowledges that it has caused the Certificate
Administrator to issue the Class UR Interest and the Trust Components and has caused the Certificate Registrar to execute and
caused the Authenticating Agent to authenticate and to deliver to or upon the order of the Depositor, the Regular
Certificates (other than the Exchangeable Certificates and the Exchangeable Combined Certificates) and the Class R
Certificates, and the Depositor hereby acknowledges the receipt by it or its designees, of such Certificates in authorized
Denominations, and such Certificates, together with the Trust Components, evidencing the entire beneficial ownership of the
Upper-Tier REMIC (and in the case of the Class R Certificates, the Class LR Interest and the Class UR Interest); (v) the
Trustee acknowledges the contribution by the Depositor of the Trust Components to the Grantor Trust; (vi) the Trustee
acknowledges that it has caused the Certificate Administrator to issue the Class V Certificates in exchange for the related
assets of the Grantor Trust and has caused the Certificate Registrar to execute and cause the Authenticating Agent to deliver
to or upon the order of the Depositor such Certificates, and the Depositor hereby acknowledges the receipt by it, or its
designees, of such Certificates in authorized denominations, evidencing beneficial ownership of their respective portions of
the Grantor Trust; and (vii) immediately thereafter, in exchange for the Trust Components, the Trustee acknowledges that
it has caused the Certificate Administrator to issue the Exchangeable Certificates and the Exchangeable Combined Certificates
and has caused the Certificate Registrar to execute and cause the Authenticating Agent to deliver to or upon the order of the
Depositor such Certificates, and the Depositor hereby acknowledges the receipt by it, or its designees, of such Certificates
in authorized denominations, evidencing beneficial ownership of their respective portions of the Grantor Trust.

 

Section
2.05     Creation of the Grantor Trust. The portions of the Trust consisting of (i) the Class
E Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class E Certificates,
(ii) the Class E-1 Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class
E-1 Certificates, (iii) the Class E-2 Specific Grantor Trust Assets, undivided beneficial ownership of which will be
represented by the Class E-2 Certificates, (iv) the Class F Specific Grantor Trust Assets, undivided beneficial ownership of
which will be represented by the Class F Certificates, (v) the Class F-1 Specific Grantor Trust Assets, undivided beneficial
ownership of which will be represented by the Class F-1 Certificates, (vi) the Class F-2 Specific Grantor Trust Assets,
undivided beneficial ownership of which will be represented by the Class F-2 Certificates, (vii) the Class EF Specific
Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class EF Certificates, (viii) the
Class G Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class G
Certificates, (ix) the Class G-1 Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented
by the Class G-1 Certificates, (x) the Class G-2 Specific Grantor Trust Assets, undivided beneficial ownership of which will
be represented by the Class G-2 Certificates, (xi) the Class G-2 Specific Grantor Trust Assets, undivided beneficial
ownership of which will be represented by the Class G-2 Certificates, (xi) the Class EFG Specific Grantor Trust Assets,
undivided beneficial ownership of which will be represented by the Class EFG Certificates, (xii) the Class H Specific Grantor
Trust Assets, undivided beneficial ownership of which will be represented by the Class H Certificates, (xiii) the Class H-1
Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class H-1 Certificates,
(xiv)

 

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the Class H-2 Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by
the Class H-2 Certificates, and (xv) the Class V Specific Grantor Trust Assets (if any), undivided beneficial ownership of which
will be represented by the Class V Certificates, will be treated as a grantor trust within the meaning of subpart E, part I of
subchapter J of the Code.

 

[End of Article II]

 

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ARTICLE
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section 3.01          The
Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans,
the Serviced Companion Loans, and REO Properties. (a) Each of the Master Servicer and Special Servicer shall diligently
service and administer the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loans and
the REO Properties (other than any REO Property related
to a Non-Serviced Mortgage Loan) it is obligated to service in accordance with applicable law, this Agreement and the Mortgage
Loan documents on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders and, in the case
of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as a collective
whole, taking into account the subordinate or pari passu nature of such Companion Loans (as determined by the Master Servicer
or Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement
(and, with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related Intercreditor Agreement)
and the terms of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into account the subordinate
or pari passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the event of a conflict between
this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided that
in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action
in accordance with the terms of any Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the
case may be, to violate the Servicing Standard or the REMIC Provisions. To the extent consistent with the foregoing, the Master
Servicer and the Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the Serviced
Companion Loans in accordance with the higher of the following standards of care: (1) in the same manner in which, and with the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services
and administers similar mortgage loans for other third party portfolios and (2) the same care, skill, prudence and diligence with
which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by
the Master Servicer or the Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments of
principal and interest under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an
REO Property, maximization of recovery of principal and interest on a net present value basis on such Mortgage Loans and any related
Serviced Companion Loans, and the best interests of the Trust and the Certificateholders (as a collective whole as if such Certificateholders
constituted a single lender) (and in the case of any Whole Loan, the best interests of the Trust, the Certificateholders and any
related Companion Holder (as a collective whole as if such Certificateholders and the holder or holders of the related Companion
Loan constituted a single lender), taking into account the subordinate or pari passu nature of the related Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment, in either case giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan

 

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servicers,
but without regard to any conflict of interest arising from: (i) any relationship that the Master Servicer, the Special Servicer
or any Affiliate of the Master Servicer or the Special Servicer may have with any Mortgagor, any Mortgage Loan Seller, any other
parties to this Agreement, any Sponsor, any originator of a Mortgage Loan or any Affiliate of any of the foregoing; (ii) the ownership
of any Certificate, Companion Loan, mezzanine loan, or subordinate debt relating to a Mortgage Loan by the Master Servicer, the
Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (iii) the obligation, if any,
of the Master Servicer to make Advances; (iv) the right of the Master Servicer or the Special Servicer, as the case may be, or
any of its Affiliates to receive compensation for its services and reimbursement for its costs hereunder or with respect to any
particular transaction; (v) the ownership, servicing or management for others of (a) a Non-Serviced Mortgage Loan and a Non-Serviced
Companion Loan or (b) any other mortgage loans, subordinate debt, mezzanine loans or properties not covered by this Agreement
or held by the Trust by the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates; (vi) any debt
that the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates, has extended to any Mortgagor
or an Affiliate of any Mortgagor (including, without limitation, any mezzanine financing); (vii) any option to purchase any Mortgage
Loan or the related Companion Loan the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates,
may have; and (viii) any obligation of the Master Servicer or the Special Servicer, or any of their respective Affiliates, to
repurchase or substitute for a Mortgage Loan as a Mortgage Loan Seller (if the Master Servicer or the Special Servicer or any
of their respective Affiliates is a Mortgage Loan Seller) (the foregoing, collectively referred to as the “Servicing
Standard”).

 

The Master Servicer and
the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required to be taken regarding
the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without limiting the
foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i) any Mortgage Loans
(other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing Transfer Event has
occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided herein with respect
to Non-Specially Serviced Loans in connection with any Major Decision and (ii) any REO Properties (other than the Non-Serviced
Mortgaged Properties); provided that the Master Servicer shall continue to receive payments and make all calculations, and
prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for the
reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event had occurred and with respect to
the REO Properties (and the related REO Loans) as if no REO Acquisition had occurred, and to render such services with respect
to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further, however,
that the Master Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure
of the Special Servicer to provide sufficient information to the Master Servicer to comply with such duties or failure by the Special
Servicer to otherwise comply with its obligations hereunder. The Master Servicer, in its capacity as Master Servicer, shall not
have any responsibility for the performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this
Agreement. The Special Servicer, in its capacity as Special Servicer, shall not have any responsibility for the performance by
the Master Servicer, in its capacity as Master Servicer, of its duties under this Agreement.

 

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Each
Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan shall continue as such until satisfaction
of the conditions specified in Section 3.19(a). Without limiting the foregoing, subject to Section 3.19 and in accordance
with the terms of this Agreement, the Master Servicer shall be obligated to service and administer any Non-Specially Serviced
Loan or any related Serviced Companion Loan. The Special Servicer shall make the property inspections, use its reasonable efforts
to collect the financial statements, budgets, operating statements and rent rolls and forward to the Master Servicer the reports
in respect of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with Section 3.12.
After notification to the Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced Loan if
efforts by the Master Servicer to collect required financial information have been unsuccessful or any other issues remain unresolved.
Such contact shall be coordinated through and with the cooperation of the Master Servicer. No provision herein contained shall
be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability or recoverability
of payments on the Mortgage Loans or any related Serviced Companion Loan or be construed to impair or adversely affect any rights
or benefits provided by this Agreement to the Master Servicer or the Special Servicer (including with respect to Servicing Fees,
Special Servicing Fees or the right to be reimbursed for Advances and interest accrued thereon). Any provision in this Agreement
for any Advance by the Master Servicer or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders
and not as credit support or otherwise to impose on any such Person the risk of loss with respect to one or more of the Mortgage
Loans or any related Serviced Companion Loans. No provision hereof shall be construed to impose liability on the Master Servicer
or the Special Servicer for the reason that any recovery to the Certificateholders in respect of a Mortgage Loan at any time after
a determination of present value recovery is less than the amount reflected in such determination.

 

(b)          Subject
only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and of the
respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable, and applicable
law, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone or, subject to Section
3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection with such servicing and
administration for which it is responsible which it may deem necessary or desirable. Without limiting the generality of the foregoing,
each of the Master Servicer and the Special Servicer, in its own name (or in the name of the Trustee and, if applicable, the related
Serviced Companion Noteholder), is hereby authorized and empowered by the Trustee to execute and deliver, on behalf of the Certificateholders
(and, with respect to a Serviced Companion Loan, the related Serviced Companion Noteholder) and the Trustee or any of them, with
respect to each Mortgage Loan and any related Serviced Companion Loan it is obligated to service under this Agreement: (i) any
and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created
by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and related collateral,
and shall, from time to time, execute and/or deliver such financing statements, continuation statements and other documents or
instruments as necessary to maintain the lien created by the related Mortgage or other security document in the related Mortgage
File on the related Mortgaged Property and related collateral; (ii) subject to Sections 3.08, 3.18 and 6.08,
any and all modifications, waivers, amendments or consents to, under or with respect to any documents contained in the related

 

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Mortgage
File; (iii) any and all instruments of satisfaction or cancellation, pledge agreements and other documents in connection with
a defeasance, or of partial or full release or discharge, and all other comparable instruments; and (iv) any or all complaints
or other pleadings to initiate and/or to terminate any action, suit or proceeding on behalf of the Trust (in their representative
capacities (except as set forth below in this paragraph). The Master Servicer (with respect to Non-Specially Serviced Loans) and
the Special Servicer (with respect to Specially Serviced Loans) shall provide to the Mortgagor related to such Mortgage Loans
that it is servicing any reports required to be provided to them pursuant to the related Mortgage Loan documents. Subject to Section
3.10, the Trustee shall (i) on the Closing Date, furnish to the Master Servicer and the Special Servicer original powers of
attorney in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually
agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and (ii) upon request, furnish, or cause
to be furnished, to the Master Servicer or the Special Servicer any powers of attorney substantially in the form of Exhibit
R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the Trustee and the
Master Servicer or the Special Servicer, as applicable) and other documents necessary or appropriate to enable the Master Servicer
or the Special Servicer, as the case may be, to carry out its servicing and administrative duties hereunder; provided,
however, that the Trustee shall not be held responsible or liable for any acts of the Master Servicer or the Special Servicer,
or for any negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer.
Notwithstanding anything contained herein to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall
not, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s
name without indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity
(unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and
if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or Special Servicer, as
applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit
or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer,
as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not
be required to obtain the Trustee’s consent or indicate the Master Servicer’s or Special Servicer’s, as applicable,
representative capacity)) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be required
to be registered to do business in any state.

 

(c)          To
the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion Loan documents
(including any related Intercreditor Agreement) to exercise its discretion with respect to any action which requires Rating Agency
Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any)
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer shall require
the costs of such Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms of the related Mortgage
Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the Mortgagor to bear the costs
of any Rating Agency Confirmation or

 

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confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25), the Master Servicer shall not waive the requirement that such costs and expenses be borne by
the related Mortgagor. To the extent that the terms of the related Mortgage Loan documents or Companion Loan documents (including
any related Intercreditor Agreement) are silent as to who bears the costs of any Rating Agency Confirmation or confirmation of
any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25), the Master Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses.
The Master Servicer shall not be responsible for the payment of such costs and expenses out of pocket other than as a Servicing
Advance.

 

(d)          The
relationship of each of the Master Servicer, the Special Servicer and each of the other parties to this Agreement to the Trustee
under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner
or agent.

 

(e)          The
Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents,
and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)          Within
sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents) after the later
of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable Mortgage Loan Seller pursuant to
the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each Mortgage Loan identified as having
a letter of credit on Schedule 5 hereto, that the Master Servicer (in care of the Trustee, as titled in Section 2.01(b))
for the benefit of the Certificateholders and any related Companion Holders shall be the beneficiary under each such letter of
credit and (y) the Master Servicer shall notify each lessor under a Ground Lease for each Mortgage Loan identified as subject to
a leasehold interest on Annex A-1 to the Prospectus, that the Trust is the leasehold mortgagee and that the Master Servicer or
the Special Servicer shall service the related Mortgage Loan for the benefit of the Certificateholders. If a letter of credit is
required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider of such letter of
credit pursuant to clause (x) of the immediately preceding sentence, such Mortgage Loan Seller shall cooperate with the
reasonable requests of the Master Servicer or Special Servicer in connection with making a draw under such letter of credit. If
the Mortgage Loan documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications to
or assignment of the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as and
to the extent required under the applicable Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related
Mortgagor to pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails
to pay such costs and expenses after the Master Servicer has

 

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exercised
reasonable efforts to collect such costs and expenses from such Mortgagor, then the Master Servicer shall give the applicable
Mortgage Loan Seller notice of such failure and the amount of costs and expenses, and such Mortgage Loan Seller shall pay such
costs and expenses as and to the extent required under the applicable Mortgage Loan Purchase Agreement. The costs and expenses
of any modifications to Ground Leases shall be paid by the related Mortgagor. Neither the Master Servicer nor the Special Servicer
shall have any liability for the failure of any Mortgage Loan Seller to perform its obligations under the related Mortgage Loan
Purchase Agreement.

 

(g)          Notwithstanding
anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make an Advance with respect
to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer included in the Trust
Fund.

 

(h)          Servicing
and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related Intercreditor Agreement
for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund or for such longer
period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the related Intercreditor Agreement,
as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance with
the related Intercreditor Agreement remain due and owing.

 

(i)           The
Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or Serviced Whole
Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section 3.19,
use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the extent the
Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant to
any such Intercreditor Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement
shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to any
Serviced Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in
accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu
Companion Loan or (ii) with respect to any Serviced AB Whole Loan, first, by the related Serviced Subordinate Companion
Loan and then, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in accordance
with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan.

 

(j)           Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the related Intercreditor
Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with respect to making
Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as a separate servicing
agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged that neither the Master
Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party); provided that,
other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect to claims, losses, penalties,
fines, forfeitures, reasonable legal fees and related costs,

 

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judgments,
and any other costs, liabilities, fees and expenses incurred in connection with a legal claim or action resulting from an action
or inaction taken or not taken while the related Serviced Mortgage Loan was part of the Trust Fund), no costs, expenses, losses
or fees accruing with respect to such Serviced Whole Loan on and after the date the related Serviced Mortgage Loan is no longer
part of the Trust Fund shall be payable out of the Trust Fund and the Master Servicer shall have no obligation to make any Advance
on or after the date such Serviced Mortgage Loan ceases to be part of the Trust Fund; provided, however, that if,
in the case of any Serviced Pari Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization,
then for so long as a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into,
the Master Servicer shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced
Whole Loan within three (3) Business Days of determining that such an Advance is necessary or being notified that such an Advance
is necessary, or in the case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business
Day. With respect to Servicing Advances made by any Other Servicer as contemplated in the proviso to the preceding sentence, the
Master Servicer shall, from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage
Loans and REO Properties) received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same
manner and on the same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Intercreditor Agreement and
the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under the related
Non-Serviced PSA. The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan)
under the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA.

 

(l)          The
parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the related
Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced Special
Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced Companion Loan
is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the related Non-Serviced Mortgage Loan is included
in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor Agreement, the related Non-Serviced Whole Loan
shall continue to be serviced in accordance with the related Non-Serviced PSA, until such time as a new servicing agreement has
been agreed to by the parties to the related Non-Serviced Intercreditor Agreement in accordance with the provisions of such agreement
and confirmation has been obtained from the Rating Agencies that such new servicing agreement would not result in a downgrade,
qualification or withdrawal of the then current ratings of any Class of Certificates then outstanding.

 

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(m)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement. The Master Servicer
(or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent
with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced Mortgage Loan)
under the related Intercreditor Agreement. In the event of any conflict between this Agreement and the related Intercreditor Agreement,
the provisions of the related Intercreditor Agreement shall control.

 

(n)          For
the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee have any
obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced Whole Loan. The
obligation of the Master Servicer to provide information and collections and make P&I Advances to the Certificate Administrator
for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is dependent on its receipt of the corresponding
information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer.

 

Section 3.02          Collection
of Mortgage Loan Payments. (a) Each of the Master Servicer and the Special Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans)
and the Serviced Companion Loans it is obligated to service hereunder, and shall follow such collection procedures as are consistent
with this Agreement (including, without limitation, the Servicing Standard); provided that with respect to each Mortgage
Loan that has an Anticipated Repayment Date, so long as the related Mortgagor is in compliance with each provision of the related
Mortgage Loan documents, the Master Servicer and the Special Servicer shall not take any enforcement action with respect to the
failure of the related Mortgagor to make any payment of Excess Interest, other than requests for collection, until the Maturity
Date of the related Mortgage Loan or until the outstanding principal balance of such Mortgage Loan (exclusive of any portion representing
accrued Excess Interest) has been paid in full); provided, further, that the Master Servicer or Special Servicer,
as the case may be, may take action to enforce the Trust’s right to apply excess cash flow to principal in accordance with
the terms of the Mortgage Loan documents. The Master Servicer or the Special Servicer, as applicable, may in its discretion waive
any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Companion Loan that it is obligated to service
hereunder three (3) times during any period of twenty-four (24) consecutive months with respect to any Mortgage Loan or Serviced
Companion Loan; provided that the Master Servicer or the Special Servicer, as applicable, may in its discretion waive any
Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Companion Loan one additional time in such 24-month
period so long as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred
and remains unreimbursed to the Trust with respect to such Mortgage Loan or Companion Loan. Any additional waivers during such
24-month period with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master Servicer
or Special Servicer, as applicable, has, prior to the occurrence of a Consultation

 

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Termination
Event, given notice of a proposed waiver to the Directing Certificateholder and, prior to the occurrence and continuance of a
Control Termination Event, the Directing Certificateholder has consented to such additional waiver (provided that if the
Master Servicer or Special Servicer, as applicable, fails to receive a response to such notice from the Directing Certificateholder
in writing within five (5) days of giving such notice, then the Directing Certificateholder shall be deemed to have consented
to such proposed waiver); provided, further, that after the occurrence and during the continuance of a Control Termination
Event, the Master Servicer or Special Servicer, as applicable, may waive any Penalty Charge in accordance with the Servicing Standard
without the consent of the Directing Certificateholder; provided, further, that the Directing Certificateholder
shall have no consent rights with respect to any Excluded Loan with respect to the foregoing waivers.

 

(b)          (i)
All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts due and owing under
the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the express provisions
of the Mortgage Loan documents; provided, however, that absent express provisions in the related Mortgage Loan documents
(including any related Intercreditor Agreement) or to the extent otherwise agreed to by the related Mortgagor in connection with
a workout of a Mortgage Loan, all amounts collected by or on behalf of the Trust in respect of a Mortgage Loan in the form of payments
from the related Mortgagor, Liquidation Proceeds or Insurance and Condemnation Proceeds under the Mortgage Loan (in the case of
each Serviced Whole Loan, exclusive of amounts payable to any applicable Companion Loan pursuant to the terms of the related Intercreditor
Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the Trust;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on
such Mortgage Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest
on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated
as recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates;

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder;

 

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fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause
fifth on earlier dates);

 

sixth,
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating
Advisor Consulting Fees);

 

twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that to the extent required
under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights under the related
Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation)
at a time when the loan to value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable, exceeds 125%, or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any, unless otherwise permitted under the applicable REMIC Provisions as evidenced by an Opinion of Counsel to
the Trustee) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced Whole Loan in the
manner required by the REMIC Provisions; provided, further, that if a Non-Serviced Mortgage Loan and any related
Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment of the foregoing amounts with
respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Intercreditor Agreement and Non-Serviced
PSA, in that order; provided, further, that with respect to each Mortgage Loan related to a Serviced Whole Loan,
amounts collected with respect to the related Serviced Whole Loan shall be

 

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allocated first pursuant to the terms of the related
Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan shall be subject to application as
described above.

 

(ii)        Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of each Serviced
Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable, pursuant to the related
Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with
respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on
such Mortgage Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest
on such Mortgage Loan at the applicable Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated
as a recovery of accrued and unpaid interest pursuant to clause fifth below and clause fifth above
on earlier dates);

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan
to the extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause
fifth on earlier dates);

 

sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

eighth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

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ninth,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees); and

 

tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that if a Non-Serviced
Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes an REO Loan, the treatment
of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced
Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that with respect to each Mortgage
Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan shall be allocated first
pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan
shall be subject to application as described above.

 

(iii)       Notwithstanding
clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority of distributions of payments
pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party other than a Mortgagor, such
amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged Property (in the case of Insurance
and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the Mortgage Loan or Companion Loan, as
applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)          To
the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced
Companion Loan, as applicable, and the related Intercreditor Agreement) and applicable law, the Master Servicer shall apply all
Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related Mortgage
Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding the
month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii) above.

 

(d)          In
the event that the Master Servicer or Special Servicer receives Excess Interest prior to the Determination Date for any Collection
Period, or receives notice from the related Mortgagor that the Master Servicer or Special Servicer will be receiving Excess Interest
prior to the Determination Date for any Collection Period, the Master Servicer or Special Servicer, as the case may be, shall notify
the Trustee and Certificate Administrator two (2) Business Days prior to the related Distribution Date. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor
to pay any such Excess Interest or prepayment penalty. The preceding statements shall not, however, be construed to limit the provisions
of Section 3.02(a).

 

(e)          With
respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of credit
related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master

 

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Servicer
shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional
collateral and not apply such items to reduce the principal balance of such Mortgage Loan or Serviced Companion Loan, unless otherwise
required to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)          (i)
Promptly following the Closing Date, in the case of any Non-Serviced Whole Loan, the Certificate Administrator shall send written
notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer (with a copy to any other
applicable party set forth on the schedule of addresses to Exhibit T) stating that, as of such date, the Trust is the holder
of the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master Servicer to remit to the Master Servicer all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports, statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder
of such Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor Agreement and the related Non-Serviced PSA. The
Master Servicer shall, within two (2) Business Days of receipt of properly identified funds, deposit into the Collection Account
all amounts received with respect to the related Non-Serviced Mortgage Loan, the related Non-Serviced Mortgaged Property or any
related REO Property.

 

Section 3.03          Collection
of Taxes, Assessments and Similar Items; Servicing Accounts. (a) The Master Servicer shall establish and maintain one
or more accounts (the “Servicing Accounts”), into which all Escrow Payments shall be deposited and retained,
and shall administer such Servicing Accounts in accordance with the Mortgage Loan documents and, if applicable, the Companion
Loan documents. Any Servicing Account related to a Serviced Whole Loan shall be held for the benefit of the Certificateholders
and the related Serviced Companion Noteholder collectively, but this shall not be construed to modify respective interests of
either noteholder therein as set forth in the related Intercreditor Agreement. Amounts on deposit in Servicing Accounts may only
be invested in accordance with the terms of the related Mortgage Loan documents and Companion Loan documents, or in Permitted
Investments in accordance with the provisions of Section 3.06. Servicing Accounts shall be Eligible Accounts to the extent
permitted by the terms of the related Mortgage Loan documents. Withdrawals of amounts so deposited from a Servicing Account may
be made only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) reimburse the
Trustee and then the Master Servicer, if applicable, for any Servicing Advances; (iii) refund to Mortgagors any sums as may be
determined to be overages; (iv) pay interest to Mortgagors on balances in the Servicing Account, if required by applicable law
or the terms of the related Mortgage Loan or Companion Loan and as described below or, if not so required, to the Master Servicer;
(v) after the occurrence of an event of default under the related Mortgage Loan or Companion Loan, apply amounts to the indebtedness
under the applicable Mortgage Loan or Companion Loan; (vi) withdraw amounts deposited in error; (vii) pay Penalty Charges to the
extent permitted by the related Mortgage Loan documents; or (viii) clear and terminate the Servicing Account at the termination
of this Agreement in accordance with Section 9.01. As part of its servicing duties, the Master Servicer shall pay or cause
to be paid to the Mortgagors interest on funds in Servicing Accounts, to the extent required by law or the terms of the related
Mortgage Loan or Companion Loan; provided, however, that in no event shall the Master Servicer be required to remit
to any Mortgagor any amounts in excess of actual net investment

 

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income
or funds in the related Servicing Account. If allowed by the related Mortgage Loan documents and applicable law, the Master Servicer
may charge the related Mortgagor an administrative fee for maintenance of the Servicing Accounts.

 

(b)          The
Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the Master Servicer,
in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion Loan, shall maintain
accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect
thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and
the Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan)and each Serviced Companion
Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all bills for the payment
of such items (including renewal premiums) and shall effect payment thereof from the REO Account or by the Master Servicer as Servicing
Advances prior to the applicable penalty or termination date and, in any event, prior to the institution of foreclosure or similar
proceedings with respect to the related Mortgaged Property for nonpayment of such items, employing for such purpose Escrow Payments
(which shall be so applied by the Master Servicer at the written direction of the Special Servicer in the case of REO Loans) as
allowed under the terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan)and Companion Loan. Other than with
respect to any Non-Serviced Mortgage Loan, the Master Servicer shall service and administer any reserve accounts (including monitoring,
maintaining or changing the amounts of required escrows) in accordance with the terms of such Mortgage Loan and the related Serviced
Companion Loan, as applicable, and the Servicing Standard. To the extent that a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and any related Companion Loan, as applicable, does not require a Mortgagor to escrow for the payment of real estate taxes,
assessments, insurance premiums, ground rents (if applicable) and similar items, the Special Servicer, in the case of REO Loans,
and the Master Servicer, in the case of all other such Mortgage Loans or Companion Loan, as applicable, that it is responsible
for servicing hereunder, shall use reasonable efforts consistent with the Servicing Standard to cause the Mortgagor to comply with
its obligation to make payments in respect of such items at the time they first become due and, in any event, prior to the institution
of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items.

 

(c)          In
accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each Serviced
Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting the payment
of (i) real estate taxes, assessments and other similar items that are or may become a lien thereon, (ii) ground rents (if applicable)
and (iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected from the related Mortgagor
(or related REO Revenues, if applicable) are insufficient to pay such item when due and the related Mortgagor has failed to pay
such item on a timely basis, and provided, however, that the particular advance would not, if made, constitute a
Nonrecoverable Servicing Advance and provided, further, however, that with respect to the payment of taxes
and assessments, the Master Servicer shall not be required to make such advance until the later of (i) five (5) Business Days after
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as

 

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the
case may be, has received confirmation that such item has not been paid and (ii) the date prior to the date after which any penalty
or interest would accrue in respect of such taxes or assessments. The Special Servicer shall give the Master Servicer and the
Trustee no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which the Master
Servicer is requested to make any Servicing Advance with respect to a given Specially Serviced Loan or REO Property; provided,
however, that only two (2) Business Days’ written (facsimile or electronic) notice shall be required in respect of
Servicing Advances required to be made on an emergency or urgent basis provided, further, that the Special Servicer
shall not be entitled to make such a request (other than for Servicing Advances required to be made on an urgent or emergency
basis) more frequently than once per calendar month (although such request may relate to more than one Servicing Advance). The
Master Servicer may pay the aggregate amount of such Servicing Advances listed on a monthly request to the Special Servicer, in
which case the Special Servicer shall remit such Servicing Advances to the ultimate payees. The Special Servicer shall have no
obligation to make any Servicing Advances; provided that in an urgent or emergency situation requiring the making of a
Servicing Advance, the Special Servicer may make a Servicing Advance. Within five (5) Business Days of making such a Servicing
Advance, the Special Servicer shall deliver to the Master Servicer request for reimbursement for such Servicing Advance, along
with all information and documentation in the Special Servicer’s possession regarding the subject Servicing Advance as the
Master Servicer may reasonably request, and the Master Servicer shall be obligated, out of such Master Servicer’s own funds,
to reimburse the Special Servicer for any unreimbursed Servicing Advances (other than Nonrecoverable Servicing Advances) made
by the Special Servicer pursuant to the terms hereof), together with interest thereon at the Reimbursement Rate from the date
made to, but not including, the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made
within five (5) Business Days of the written request therefor pursuant to the preceding sentence by wire transfer of immediately
available funds to an account designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to
the Special Servicer of any Servicing Advance and payment to the Special Servicer of interest thereon, all in accordance with
this Section 3.03, the Master Servicer shall for all purposes of this Agreement be deemed to have made such Servicing Advance
at the same time as the Special Servicer actually made such Servicing Advance, and accordingly, the Master Servicer shall be entitled
to be reimbursed for such Servicing Advance, together with interest thereon at the Reimbursement Rate, at the same time, in the
same manner and to the same extent as the Master Servicer would otherwise have been entitled if it had actually made such Servicing
Advance at the time the Special Servicer did. Notwithstanding the foregoing provisions of this Section 3.03(c), the Master
Servicer shall not be required to reimburse the Special Servicer out of its own funds for, or to make at the direction of the
Special Servicer, any Servicing Advance if the Master Servicer determines in its reasonable judgment that such Servicing Advance,
although not characterized by the Special Servicer as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing
Advance. The Master Servicer shall notify the Special Servicer in writing of such determination and, if applicable, such Nonrecoverable
Servicing Advance shall instead be reimbursed to the Special Servicer pursuant to Section 3.05 of this Agreement.

 

Any request by the Special
Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the Special Servicer that such
requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall be entitled to conclusively
rely on such determination, provided that the determination shall not be

 

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binding
on the Master Servicer or Trustee. On the first Business Day after the Determination Date for the related Distribution Date, the
Special Servicer shall report to the Master Servicer if the Special Servicer determines any Servicing Advance previously made
by the Master Servicer with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable Servicing Advance. The Master
Servicer shall be entitled to conclusively rely on such a determination, but such determination shall not be binding upon the
Master Servicer, and shall in no way limit the ability of the Master Servicer in the absence of such determination to make its
own determination that any Advance is a Nonrecoverable Advance. If the Special Servicer makes a determination that only a portion
of, and not all of, any previously made or proposed Servicing Advance is a Nonrecoverable Advance, the Master Servicer shall have
the right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing
Advance is a Nonrecoverable Advance. All such Advances shall be reimbursable in the first instance from related collections from
the Mortgagors and further as provided in Section 3.05(a). No costs incurred by the Master Servicer or the Special Servicer
in effecting the payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of the Mortgaged
Properties shall, for purposes hereof, including, without limitation, the Certificate Administrator’s calculation of monthly
distributions to Certificateholders, be added to the unpaid principal balances of the related Mortgage Loans, any related Serviced
Companion Loan, if applicable, notwithstanding that the terms of such Mortgage Loans, related Serviced Companion Loan, if applicable,
so permit. If the Master Servicer fails to make any required Servicing Advance as and when due (including any applicable cure
periods), to the extent a Responsible Officer of the Trustee has actual knowledge of such failure, the Trustee shall make such
Servicing Advance pursuant to Section 7.05. Notwithstanding anything herein to the contrary, no Servicing Advance shall
be required hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, the
Master Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability
determinations. The Special Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding anything
to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but shall not
be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to make a payment from
amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount thereof by a Companion
Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal and then from
all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding that the Master Servicer
(or Special Servicer, as applicable) has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable
Servicing Advance (unless, with respect to Specially Serviced Loans or REO Loans, the Special Servicer has notified the Master
Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being
uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage,
or the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the
Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (as evidenced by an
Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest of the Certificateholders
(and, if applicable, the Companion Holders), all as a collective whole (taking into account the

 

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subordinate
or pari passu nature of any Companion Loans). The Master Servicer or Trustee may elect to obtain reimbursement of Nonrecoverable
Servicing Advances from the Trust pursuant to the terms of Section 3.17(c). The parties acknowledge that pursuant to the
applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated to make servicing advances with respect
to the related Non-Serviced Whole Loan. The applicable Non-Serviced Master Servicer shall be entitled to reimbursement for Nonrecoverable
Servicing Advances with respect to such Non-Serviced Whole Loan (with, in each case, any accrued and unpaid interest thereon provided
for under the applicable Non-Serviced PSA) in the manner set forth in the applicable Non-Serviced PSA and the applicable Non-Serviced
Intercreditor Agreement.

 

(d)          In
connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account maintained
as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee, the Special
Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of any amounts then
on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such
Servicing Advance from the date made to, but not including, the date of reimbursement. Subject to Section 3.17(c), the Master
Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may be, for any outstanding Servicing Advance
as soon as practically possible after funds available for such purpose are deposited in the Collection Account (or any Companion
Distribution Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the Master Servicer’s
or the Trustee’s options and rights to defer recovery of such amounts as provided herein; provided, however,
that such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall not alter the Master
Servicer’s obligation to reimburse the Special Servicer for any outstanding Servicing Advance as provided for in this sentence.
To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion Loan are insufficient
for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard to enforce the rights
of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement available from
the holder of the related Companion Loan.

 

(e)          To
the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof within
a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed.
To the extent any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor
written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date
as of which action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor shall fail
to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure
to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have
been taken or completed.

 

Section 3.04          The
Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution
Account,

 

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the
Interest Reserve Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve Account, the Class E Distribution
Account, the Class F Distribution account, the Class G Distribution Account and the Class H Distribution Account. (a)
The Master Servicer shall establish and maintain, or cause to be established and maintained, a Collection Account in which the
Master Servicer shall deposit or cause to be deposited on a daily basis and in no event later than the second Business Day following
receipt of available and properly identified funds (in the case of payments by Mortgagors or other collections on the Mortgage
Loans or Companion Loans), except as otherwise specifically provided herein, the following payments and collections received or
made by or on behalf of it subsequent to the Cut-off Date (other than in respect of principal and interest on the Mortgage Loans
or Companion Loans due and payable on or before the Cut-off Date, which payments shall be delivered promptly to the appropriate
Mortgage Loan Seller or its respective designee and other than any amounts received from Mortgagors which are received in connection
with the purchase of defeasance collateral), or payments (other than Principal Prepayments) received by it on or prior to the
Cut-off Date but allocable to a period subsequent thereto:

 

(i)          all
payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced Companion
Loans;

 

(ii)         all
payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment Premiums,
Yield Maintenance Charges and Default Interest;

 

(iii)       late
payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the
Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

(iv)        all
Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds)
received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that are
received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling
Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust Fund and that are
to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any proceeds that are received
in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization by the related mortgage
loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery of Unliquidated Advances
in respect of the related Mortgage Loans;

 

(v)         any
amounts required to be transferred from the REO Account pursuant to Section 3.14(c);

 

(vi)        any
amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred with
respect to Permitted Investments of funds held in the Collection Account; and

 

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(vii)       any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection
with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding the foregoing
requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer would be authorized
to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be entitled to instead
immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts shall be applied in accordance
with the terms hereof and shall be reported as if deposited in such Collection Account and then withdrawn.

 

The foregoing requirements
for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary statements or demands,
assumption fees, modification fees, extension fees, defeasance fees, amounts collected for Mortgagor checks returned for insufficient
funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional servicing compensation
need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit in the Collection
Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any
provision herein to the contrary notwithstanding. Assumption, extension and modification fees actually received from Mortgagors
on Specially Serviced Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon receipt of any of
the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced Loans, the Special
Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection Account, in
accordance with this Section 3.04(a). Any such amounts received by the Special Servicer with respect to an REO Property
shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection
Account, pursuant to Section 3.14(c). With respect to any such amounts paid by check to the order of the Special Servicer,
the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly
deliver any such check to the Master Servicer by overnight courier. Funds in the Collection Account may only be invested in Permitted
Investments in accordance with the provisions of Section 3.06. As of the Closing Date, the Collection Account for the Master
Servicer shall be located at the offices of Wells Fargo Bank, National Association. The Master Servicer shall give notice to the
Trustee, the Special Servicer, the Certificate Administrator and the Depositor of the new location of the Collection Account prior
to any change thereof.

 

(b)          The
Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution Account,
the Interest Reserve Account and the Gain-on-Sale Reserve Account in trust for the benefit of the Certificateholders (other than
Holders of the Class V Certificates and the Trustee as Holder of the Lower-Tier Regular Interests), (ii) the Upper-Tier REMIC Distribution
Account for the benefit of the Certificateholders (other than the Holders of the Class V Certificates), (iii) the Excess Interest
Distribution Account for the benefit of the Holders of the Class V Certificates, (iv) the Class E

 

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Distribution
Account for the benefit of the Holders of the Class E-1, Class E-2, Class E, Class EF and Class EFG Certificates, (v) the Class
F Distribution Account for the benefit of the Holders of the Class F-1, Class F-2, Class F, Class EF and Class EFG Certificates,
(vi) the Class G Distribution Account for the benefit of the Holders of the Class G-1, Class G-2, Class G and Class EFG Certificates,
and (vii) the Class H Distribution Account for the benefit of the Holders of the Class H-1, Class H-2 and Class H Certificates.
The Master Servicer shall deliver to the Certificate Administrator each month on or before the P&I Advance Date therein, for
deposit (x) in the Lower-Tier REMIC Distribution Account, that portion of the Available Funds attributable to the Mortgage Loans
(in each case, calculated without regard to clauses (a)(iii)(B), (a)(iv), (c) and (d) of the definition
of Available Funds) for the related Distribution Date and (y) in the Excess Interest Distribution Account all Excess Interest
for the related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.05(a)(ii). For the avoidance of doubt, so long as Wells Fargo Bank, National Association is the Certificate
Administrator, all funds held in the Distribution Account, the Interest Reserve Account and the Excess Interest Distribution Account
shall remain uninvested.

 

With respect to each
Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain the Companion
Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder, to be held
for the benefit of the related Companion Holder and shall, within two (2) Business Days following receipt of properly identified
funds (to the extent consistent with the related Intercreditor Agreement), deposit in the Companion Distribution Account any and
all amounts received by the Companion Paying Agent that are required by the terms of this Agreement or the applicable Intercreditor
Agreement to be deposited therein; provided, however, that the Companion Paying Agent shall separately track for
each Serviced Companion Loan all amounts deposited with respect to such Serviced Companion Loan. The Master Servicer shall deliver
to the Companion Paying Agent each month, on or before the P&I Advance Date therein, for deposit in the Companion Distribution
Account, an aggregate amount of immediately available funds, to the extent received with respect to the related Serviced Whole
Loan, to the extent of available funds, equal to the amount to be distributed to the related Companion Holder pursuant to the terms
of this Agreement and the related Intercreditor Agreement. Notwithstanding the preceding, the following provisions shall apply
to remittances relating to the Serviced Companion Loans that have been deposited into an Other Securitization: (1) on each Serviced
Whole Loan Remittance Date, the Master Servicer shall withdraw from the Collection Account (or applicable portion thereof) an aggregate
amount equal to all payments and/or collections actually received on, and payable to, such Serviced Companion Loans prior to such
dates; provided, however, that in no event shall the Master Servicer be required to transfer to the Companion Distribution
Account any portion thereof that is payable or reimbursable to or at the direction of any party to this Agreement under the other
provisions of this Agreement and/or the related Intercreditor Agreement; (2) on each Serviced Whole Loan Remittance Date, the Companion
Paying Agent shall make the payments and remittance described in Section 4.01(k), which payments and remittance shall be
made, in each case, on the Serviced Whole Loan Remittance Date.

 

The Lower-Tier REMIC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve

 

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Account,
the Interest Reserve Account, the Class E Distribution Account, the Class F Distribution Account, the Class G Distribution Account
and the Class H Distribution Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated
account separate from other accounts.

 

In addition to the amounts
required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04, the Master Servicer
shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account:

 

(i)          any
amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments (other
than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection with Prepayment
Interest Shortfalls;

 

(ii)        any
P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

(iii)       any
Liquidation Proceeds paid by the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of
the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the Trust Fund
pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection Account pursuant
to Section 9.01);

 

(iv)        any
Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)          any
other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision of
this Agreement.

 

If, as of the close of
business (New York City time) on any P&I Advance Date or on such other date as any amount referred to in the foregoing clauses
(i) through (v) or any Excess Interest are required to be delivered hereunder, the Master Servicer shall not have delivered
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account,
as applicable, the amounts required to be deposited therein pursuant to the provisions of this Agreement (including any P&I
Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a) hereof), the Master Servicer shall pay the Certificate
Administrator interest on such late payment at the Prime Rate from and including the date such payment was required to be made
(without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but not including) the date such late payment
is received by the Certificate Administrator.

 

The Certificate Administrator
shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account, as applicable,
any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement to be deposited
therein.

 

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Promptly on each Distribution
Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit in the
Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier Distribution Amount
and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated in payment of the
Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(e), respectively.

 

Funds on deposit in the
Gain-on-Sale Reserve Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account, the Lower-Tier REMIC Distribution Account, the Class E Distribution Account, the Class F Distribution Account, the Class
G Distribution Account or the Class H Distribution Account shall not be invested for so long as Wells Fargo Bank, National Association
is the Certificate Administrator; provided, however, that such funds may be invested and, if invested, shall be invested
by, and at the risk of, the Certificate Administrator (but only if the Certificate Administrator is not Wells Fargo Bank, National
Association) in Permitted Investments selected by the party hereunder that maintains such account which shall mature, unless payable
on demand, not later than such time on the Distribution Date which will allow the Certificate Administrator to make withdrawals
from the Distribution Account, and any such Permitted Investment shall not be sold or disposed of prior to its maturity unless
payable on demand. All such Permitted Investments to be administered by the Certificate Administrator, shall be made in the name
of “Wells Fargo Bank, National Association [or name of successor certificate administrator], as Certificate Administrator,
for the benefit of U.S. Bank National Association, as Trustee for the Holders of the Morgan Stanley Bank of America Merrill Lynch
Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 as their interests may appear”, or in the
name of any successor trustee, as Trustee for the Holders of the Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial
Mortgage Pass-Through Certificates, Series 2016-C28 as their interests may appear. None of the Trust, the Depositor, the Mortgagors,
the Master Servicer or the Special Servicer shall be liable for any loss incurred on such Permitted Investments.

 

An amount equal to all
income and gain realized from any such investment shall be paid to the Certificate Administrator as additional compensation and
shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect of any such investments
shall be for the account of the Certificate Administrator which shall deposit the amount of such loss (to the extent not offset
by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds immediately as realized.
If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may be, any amount not required
to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer such amount from the Distribution
Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

As of the Closing Date,
the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier
REMIC Distribution Account, the Class E Distribution Account, the Class F Distribution Account, the Class G Distribution Account
and the Class H Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate Administrator
shall give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest Reserve

 

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Account,
the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account,
the Class E Distribution Account, the Class F Distribution Account, the Class G Distribution Account, the Class H Distribution
Account and, if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For the avoidance of
doubt, the Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion Distribution Account,
if it is a sub-account of the Collection Account), the Lower-Tier REMIC Distribution Account, the Gain-on-Sale Reserve Account,
any Servicing Account, the REO Account and the Interest Reserve Account (including interest, if any, earned on the investment of
funds in such accounts) will be owned by the Lower-Tier REMIC; the Excess Interest Distribution Account (and any portion of the
Collection Account holding Excess Interest) (including interest, if any, earned on the investment of funds in such accounts) will
be owned by the Grantor Trust for the benefit of the Holders of the Class V Certificates; the Class E Distribution Account, the
Class F Distribution Account, the Class G Distribution Account and the Class H Distribution Account (including interest, if any,
earned on the investment of funds in such accounts) will be owned by the Grantor Trust for the benefit of the Holders of the Exchangeable
Certificates and the Exchangeable Combined Certificates; the Companion Distribution Account (including interest, if any, earned
on the investment of funds in such account) will be owned by the Companion Holders; and the Upper-Tier REMIC Distribution Account
(including interest, if any, earned on the investment of funds such account) will be owned by the Upper-Tier REMIC, each for federal
income tax purposes.

 

(c)          Prior
to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan, and upon
notification from the Master Servicer or Special Servicer pursuant to Section 3.02(d), the Certificate Administrator, on
behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its own name on behalf
of the Trustee in trust for the benefit of the Holders of the Class V Certificates. The Excess Interest Distribution Account shall
be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior to the applicable Distribution
Date, the Master Servicer shall remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account
an amount equal to the Excess Interest received prior to the Determination Date for the applicable Collection Period.

 

(d)          Following
the distribution of Excess Interest to Holders of the Class V Certificates on the first Distribution Date after which there are
no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator
shall terminate the Excess Interest Distribution Account.

 

(e)          The
Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale
Proceeds) and maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders. The Gain-on-Sale Reserve Account
shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for
mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

Upon the disposition
of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer will calculate the Gain-on-Sale
Proceeds, if any, realized that

 

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are
allocable to the Mortgage Loan in connection with such sale and remit such funds to the Certificate Administrator for deposit
into the Gain-on-Sale Reserve Account. Any gain on such disposition that is allocable to any related Companion Loan in accordance
with the terms of the related Intercreditor Agreement shall be remitted to the Companion Paying Agent for deposit into the Companion
Distribution Account.

 

(f)          Any
Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)          The
Certificate Administrator shall establish and maintain the Class E Distribution Account, in its own name on behalf of the Trustee,
in trust for the benefit of the Holders of the Class E-1, Class E-2, Class E, Class EF and Class EFG Certificates, which shall
be an asset of the Trust and the Grantor Trust, but shall not be an asset of any Trust REMIC. The Class E Distribution Account
shall be established and maintained as an Eligible Account or a subaccount of an Eligible Account. The Certificate Administrator
shall make or be deemed to have made deposits in and withdrawals from the Class E Distribution Account in accordance with ARTICLE
IV of this Agreement.

 

The Certificate Administrator
shall establish and maintain the Class F Distribution Account, in its own name on behalf of the Trustee, in trust for the benefit
of the Holders of the Class F-1, Class F-2, Class F, Class EF and Class EFG Certificates, which shall be an asset of the Trust
and the Grantor Trust, but shall not be an asset of any Trust REMIC. The Class F Distribution Account shall be established and
maintained as an Eligible Account or a subaccount of an Eligible Account. The Certificate Administrator shall make or be deemed
to have made deposits in and withdrawals from the Class F Distribution Account in accordance with ARTICLE IV of this Agreement.

 

The Certificate Administrator
shall establish and maintain the Class G Distribution Account, in its own name on behalf of the Trustee, in trust for the benefit
of the Holders of the Class G-1, Class G-2, Class G and Class EFG Certificates, which shall be an asset of the Trust and the Grantor
Trust, but shall not be an asset of any Trust REMIC. The Class G Distribution Account shall be established and maintained as an
Eligible Account or a subaccount of an Eligible Account. The Certificate Administrator shall make or be deemed to have made deposits
in and withdrawals from the Class G Distribution Account in accordance with ARTICLE IV of this Agreement.

 

The Certificate Administrator
shall establish and maintain the Class H Distribution Account, in its own name on behalf of the Trustee, in trust for the benefit
of the Holders of the Class H-1, Class H-2 and Class H Certificates, which shall be an asset of the Trust and the Grantor Trust,
but shall not be an asset of any Trust REMIC. The Class H Distribution Account shall be established and maintained as an Eligible
Account or a subaccount of an Eligible Account. The Certificate Administrator shall make or be deemed to have made deposits in
and withdrawals from the Class H Distribution Account in accordance with ARTICLE IV of this Agreement.

 

(h)          [RESERVED].

 

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(i)          If
any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(h)
of this Agreement, the Special Servicer shall establish and maintain one or more non-interest bearing accounts (collectively, the
“Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding
such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account
of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments
received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within
the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore,
for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund
through the Collection Account to the Certificateholders as paid to and distributed by the Trust REMICs and (ii) treat any amounts
paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust
to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be
the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income
earned thereon.

 

Section 3.05          Permitted
Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account. (a) The Master
Servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount of the Collection
Account exclusive of the Companion Distribution Account) for any of the following purposes (the following not being an order of
priority and without duplication of the same payment or reimbursement):

 

(i)          (A)
no later than 4:00 p.m., New York City time, on each P&I Advance Date, to remit to the Certificate Administrator for deposit
in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to be remitted pursuant
to the first paragraph of Section 3.04(b) or that may be applied to make P&I Advances pursuant to Section
4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit to the Companion Paying Agent for deposit
in the Companion Distribution Account the amounts required to be so deposited with respect to the Companion Loans;

 

(ii)        (A)
to pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National Association if Wells
Fargo Bank, National Association is no longer the Master Servicer, any such interest pursuant to Section 3.11(a)) unpaid
Servicing Fees in respect of each Mortgage Loan, Serviced Companion Loan, Specially Serviced Loan, and REO Loan, as applicable,
the Master Servicer’s rights to payment of Servicing Fees pursuant to this clause (ii)(A) with respect to any Mortgage
Loan, related Serviced Companion Loan, Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received on
or in respect of such Mortgage Loan or related Serviced Companion Loan (whether in the form of payments, Liquidation Proceeds or
Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and
Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) to pay the Special Servicer any unpaid Special
Servicing Fees, Liquidation Fees and Workout Fees in respect of each

 

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Specially Serviced Loan or REO Loan or Corrected Loan, as
applicable, and any expense incurred by the Special Servicer in connection with performing any inspections pursuant to Section
3.12(a), remaining unpaid first, out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds
and collections in respect of the related Specially Serviced Loan (provided that, in the case of such payment relating to
a Serviced Whole Loan, such payment shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or (ii) with respect to
a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan, as applicable, and then, from
the Serviced AB Mortgage Loan) and then out of general collections on the Mortgage Loans and REO Properties, (C) to pay
the Operating Advisor (or the Master Servicer, if applicable) any unpaid Operating Advisor Fees or Operating Advisor Consulting
Fees in respect of each Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion Loan), as applicable,
the Operating Advisor’s right to payment of the Operating Advisor Fee or Operating Advisor Consulting Fee pursuant to this
clause (ii)(C) with respect to any Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion
Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments,
P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds),
such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable
as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer, any unpaid Asset Representations Reviewer Fee
and (subject to Section 12.02(a)) Asset Representations Reviewer Asset Review Fee, if any, payable in connection with any
Asset Review performed as a result of an Affirmative Asset Review Vote;

 

(iii)       to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Trustee’s or the
Master Servicer’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent
Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and REO Loans
with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement
of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from any
amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any Serviced Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced
Subordinate Companion Loan) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection
Account; provided, further, that if such P&I Advance with respect to a Mortgage Loan becomes a Workout-Delayed
Reimbursement Amount, then the maker of such P&I Advance shall additionally, but without duplication, thereafter be entitled
to reimbursement for such P&I Advance from the portion of general collections and recoveries on or in respect of the Mortgage
Loans

 

    	-187-

    	 

    

 

and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below; and provided, further, that if such Advance becomes a Nonrecoverable
Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(iv)        to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances, the
Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant to this
clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion Loan or
any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds and
REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursements shall
be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first, from the related
Serviced Subordinate Companion Loan (if any) and then, from any related Serviced AB Mortgage Loan (provided that,
with respect to any Serviced Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related
Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related
Serviced Mortgage Loan and Serviced Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced
Whole Loan on deposit in the Collection Account related to any Mortgage Loan); provided, however, that if such Servicing
Advance becomes a Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally, but without
duplication, thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections and recoveries
on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent
collections or recoveries of principal to the extent provided in clause (v) below; provided, further, that
if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(v)          to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances first,
out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan
and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances made with respect
thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties, then,
to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any
exercise of the sole option to defer reimbursement thereof pursuant to Section 3.17(c), out of general collections on the
Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections
on the Mortgage Loans and REO Properties net of such amounts being reimbursed pursuant to (1) above; (provided that, in
case of such reimbursement of a Nonrecoverable Servicing Advance relating to a Serviced Whole Loan, such reimbursement shall be
made, subject to the terms of the related Intercreditor

 

    	-188-

    	 

    

 

Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances, or (ii) with respect
to a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan (if any) and then from the Serviced
AB Mortgage Loan and provided, further, that, in case of such reimbursement with respect to Nonrecoverable Servicing
Advances relating to a Serviced Whole Loan, such reimbursement shall be made as described above in this clause (v)(1) and
(v)(2), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account;
provided, further, that with respect to a Serviced Mortgage Loan, reimbursement of Nonrecoverable P&I Advances
from funds collected from the related Serviced Whole Loan shall be made only from amounts collected with respect to such Serviced
Mortgage Loan (and not from any amounts collected with respect to the related Serviced Companion Loan), in accordance with the
terms of the related Intercreditor Agreement (provided that, with respect to any Serviced Companion Loan, the foregoing
with respect to Nonrecoverable Servicing Advances and Nonrecoverable P&I Advances shall not limit or otherwise modify the terms
of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated
to the related Serviced Mortgage Loan and Serviced Subordinate Companion Loan), prior to reimbursement from other funds unrelated
to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect
to any Mortgage Loan, any related Companion Loan, if applicable, or REO Property any related earned Servicing Fee that remained
unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage
Loan or REO Property and the deposit into the Collection Account of all amounts received in connection therewith;

 

(vi)        at
such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for a related
securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance (including any
such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii) or clause (v)
above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest accrued and payable thereon
in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Servicing Advances (including any such Servicing
Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) or clause (v) above, to
pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest accrued and
payable thereon in accordance with Section 3.03(d) and 3.11(d) or (c) any Nonrecoverable Advances pursuant to clause
(v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest
accrued and payable thereon; provided that in all events, subject to the related Intercreditor Agreement, interest on P&I
Advances on any Serviced Mortgage Loan shall not be paid from funds actually distributable to any related Serviced Companion Loan
(provided that, with respect to any Serviced Subordinate Companion Loan, the foregoing shall not limit or otherwise modify
the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the

 

    	-189-

    	 

    

 

related Whole Loan
are allocated to the related Serviced Mortgage Loan and Serviced Subordinate Companion Loan);

 

(vii)       to
reimburse itself, the Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by
such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage
Loan Seller or any other obligation of the Mortgage Loan Seller under Section 4 of the applicable Mortgage Loan Purchase Agreement,
including, without limitation, any expenses arising out of the enforcement of the repurchase or substitution obligation or any
other obligation of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this clause (vii)
with respect to any Mortgage Loan being limited to that portion of the Purchase Price, the Loss of Value Payment or Substitution
Shortfall Amount paid with respect to such Mortgage Loan, that represents such expense in accordance with clause (iv) of
the definition of Purchase Price;

 

(viii)      in
accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first, out of Liquidation
Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and then out
of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred by such Person
in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 4 of the applicable
Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to clause (vii)
above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds, and Insurance and Condemnation
Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related
Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances
or (ii) with respect to a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan (if
any) and then, from any related Serviced AB Mortgage Loan (provided that, with respect to any Serviced Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced
Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(ix)        to
pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c) first, out of REO Revenues, Liquidation
Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and
then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
(i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu
Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii)
with respect to a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan

 

    	-190-

    	 

    

 

(if any) and
then, from any related Serviced AB Mortgage Loan (provided that, with respect to any Serviced Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced Subordinate
Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loan;

 

(x)          to
pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and investment income
earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion Distribution Account as
provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection Account
and the Companion Distribution Account for the period from and including the prior Distribution Date to and including the P&I
Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty Charges collected while the related
Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only to the extent collected from the
related Mortgagor and to the extent that all amounts then due and payable with respect to the related Mortgage Loan and any related
Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses
incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d);
and (b) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty Charges
collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the extent that all amounts
then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty Charges are not needed
to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and
Workout Fees) in accordance with Section 3.11(d));

 

(xi)        to
recoup any amounts deposited in the Collection Account in error;

 

(xii)       to
pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of their respective
directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out of general collections,
any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section 6.04(b); provided
that, in case of such reimbursement (other than a reimbursement of any amounts payable to CREFC®) relating to a
Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii)
with respect to a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan (if any) and
then, from any related Serviced AB Mortgage Loan (provided that, with respect to any Serviced Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced Subordinate

 

    	-191-

    	 

    

 

Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiii)      to
pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b), 3.18(b),
3.18(d), 3.18(i) and Section 10.01(g) to the extent payable out of the Trust Fund, (b) the cost of any Opinion
of Counsel contemplated by Sections 13.01(a) or 13.01(c) in connection with an amendment to this Agreement requested by
the Trustee or the Master Servicer, which amendment is in furtherance of the rights and interests of Certificateholders and (c)
the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that, in case of such reimbursement
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
(i) with respect to the related Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced
Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or
(ii) with respect to a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan (if any)
and then, from any related Serviced AB Mortgage Loan (provided that, with respect to any Serviced Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced Subordinate
Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)       to
pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed
on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent that
none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant to
Section 10.01(h);

 

(xv)        to
reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses incurred
by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

(xvi)       to
pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased by
such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after
the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated by Section
2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received thereon subsequent
to the date of substitution, and with respect to the Qualified Substitute Mortgage Loan, all Periodic Payments due thereon during
or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xvii)      to
remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the
Interest Reserve Account pursuant to Section 3.21;

 

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(xviii)     to
reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to
Section 3.26(j);

 

(xix)       to
remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited pursuant
to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i) above;

 

(xx)        to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxi)       to
pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer, the
applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, the applicable Non-Serviced Paying Agent
or any other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan pursuant to the
applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA.

 

The Master Servicer shall
keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from the Collection Account.

 

The Master Servicer shall
pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts permitted to be paid
to it therefrom monthly upon receipt of a certificate of a Servicing Officer of the Special Servicer or a Responsible Officer of
the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer, the Trustee or the Certificate
Administrator is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and
REO Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection
Account.

 

Notwithstanding anything
to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor out of general collections that do not
specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to the related Companion
Loan, as applicable.

 

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(b)          The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the
following purposes (the following not being an order of priority):

 

(i)          to
be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any Prepayment
Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier REMIC Distribution Account,
and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(c);

 

(ii)        to
pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may
be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)       to
pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable, as contemplated
by Section 8.05(a) hereof with respect to the Mortgage Loans;

 

(iv)        to
pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator as
provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the Trustee or the Certificate Administrator
as contemplated by Section 5.08(c) or Section 8.02(ii) to the extent payable out of the Trust Fund, (D) the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 10.01(g) or Section
10.01(m) to the extent payable out of the Trust Fund, or (E) the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer as contemplated by Section 13.01(a) or Section 13.01(c) in connection with any amendment
to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and
interests of Certificateholders, in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)          to
pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets or transactions
of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator,
the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(h);

 

(vi)        to
pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier REMIC
or the Upper-Tier REMIC;

 

(vii)       to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited
therein; and

 

(viii)      to
clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

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(c)          The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(j).

 

(d)          The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account for any
of the following purposes:

 

(i)           to
make distributions to the Holders of the Regular Certificates (and to the Holders of the Class R Certificates in respect of the
Class UR Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01, as applicable; and

 

(ii)          to
clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(e)          The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Class E Distribution Account, the Class F Distribution
Account, the Class G Distribution Account and the Class H Distribution Account for any of the following purposes:

 

(i)           to
make distributions to Certificateholders holding Exchangeable Certificates or Exchangeable Combined Certificates pursuant to Section
4.01 or Section 9.01, as applicable, subject to the next-to-last paragraph of Section 3.04(b); and

 

(f)           to
clear and terminate such Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(g)          Notwithstanding
anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Collection Account and the
Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed in Section 3.05(a)(ii),
the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator Fee listed in Section 3.05(b)(ii)
and (b)(iii), then the Certificate Administrator Fee shall be paid in full prior to the payment of any Servicing Fees payable
under Section 3.05(a)(ii) and then, after payment of Servicing Fees, the Operating Advisor Fees payable under Section
3.05(a)(ii) and in the event that amounts on deposit in the Collection Account and the Lower-Tier REMIC Distribution Account
are not sufficient to pay the full amount of such Certificate Administrator Fee, the Certificate Administrator shall be paid based
on the amount of such fees and (ii) if amounts on deposit in the Collection Account are not sufficient to reimburse the full amount
of Advances and interest thereon listed in Sections 3.05(a)(iii), (a)(iv), (a)(v) and (a)(vi), then
reimbursements shall be paid first to the Certificate Administrator and to the Trustee, pro rata, second to
the Special Servicer, third to the Master Servicer and then to the Operating Advisor.

 

(h)          If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced
REO Property, then the Special Servicer shall, promptly upon written direction from the Master Servicer (provided that,
(1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence
of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the
Master Servicer and the Special

 

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Servicer
with five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the
remaining portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account
for the following purposes:

 

(i)          to
reimburse the Trustee or the Master Servicer (in that order), in accordance with Section 3.05(a) of this Agreement, for
any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together
with any interest on such Advances);

 

(ii)        to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of
such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)       to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as
calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any
related successor REO Loan;

 

(iv)       following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any
other Mortgage Loan or Serviced REO Loan; and

 

(v)         On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each
Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such
Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable
to such Mortgage Loan or related REO Property, as the case may be, additional trust fund expenses or any Nonrecoverable Advances
incurred with respect to the Mortgage Loan related to such contribution.

 

(i)         Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (h)(i)-(h)(iii) of the prior paragraph
shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan
with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection
Account pursuant to clause (h)(iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust
in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection
Account to cover an item contemplated by clauses (h)(i)–(h)(iv) of the prior paragraph.

 

(j)         The
Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions pursuant
to Section 4.01(k).

 

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Section 3.06     Investment
of Funds in the Collection Account and the REO Account. (a) The Master Servicer may direct any depository institution
maintaining the Collection Account, the Companion Distribution Account, or any Servicing Account (for purposes of this Section
3.06, an “Investment Account”), the Special Servicer may direct any depository institution maintaining
the REO Account (also for purposes of this Section 3.06, an “Investment Account”) to invest or if it
is such depository institution, may itself invest, the funds held therein, only in one or more Permitted Investments bearing interest
or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the next
succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than
the depository institution maintaining such account is the obligor thereon and (ii) no later than the date on which funds are
required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining such account
is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any funds held in
an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as applicable, on behalf of the
Trustee (in its capacity as such) for the benefit of the Certificateholders. The Master Servicer (in the case of the Collection
Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer
(in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer)
on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of amounts in the Collection
Account, the Companion Distribution Account, the Servicing Accounts, Loss of Value Reserve Fund or REO Account, as applicable,
that is either (i) a “certificated security,” as such term is defined in the UCC (such that the Trustee shall have
control pursuant to Section 8-106 of the UCC) or (ii) other property in which a secured party may perfect its security interest
by physical possession under the UCC or any other applicable law. In the event amounts on deposit in an Investment Account are
at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the Collection Account,
the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer) or the Special Servicer
(in the case of the REO Account or any Servicing Account maintained by or for the Special Servicer) shall:

 

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

 

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

 

(b)         Interest
and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account or any Servicing
Account maintained by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect to such account
for the period from and including the prior Distribution Date to and including the P&I Advance Date related to the current
Distribution Date, shall be for the sole and exclusive benefit of the Master Servicer to the extent (with respect to Servicing
Accounts) not required to

 

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be
paid to the related Mortgagor and shall be subject to its withdrawal, or withdrawal at its direction, in accordance with Section
3.03 or Section 3.05(a), as the case may be. Interest and investment income realized on funds deposited in the REO
Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer, to the extent of the Net
Investment Earnings, if any, with respect to such account for each period from and including any Distribution Date to and including
the immediately succeeding P&I Advance Date, shall be for the sole and exclusive benefit of the Special Servicer and shall
be subject to its withdrawal in accordance with Section 3.14(c). In the event that any loss shall be incurred in respect
of any Permitted Investment (as to which the Master Servicer or Special Servicer, as applicable, would have been entitled to any
Net Investment Earnings hereunder) directed to be made by the Master Servicer or Special Servicer, as applicable, and on deposit
in any of the Collection Account, the Companion Distribution Account, the Servicing Account, Loss of Value Reserve Fund or the
REO Account, the Master Servicer (in the case of the Collection Account, the Companion Distribution Account or any Servicing Account
maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account, Loss of Value Reserve Fund or
any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no later than the P&I Advance Date,
without right of reimbursement, the amount of Net Investment Loss, if any, with respect to such account for the period from and
including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date; provided
that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds
in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository
institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied
the qualifications set forth in the definition of Eligible Account at the time such investment was made (and, with respect to
the Master Servicer, such federal or state chartered depository institution or trust company is not an Affiliate of the Master
Servicer unless such depository institution or trust company satisfied the qualification set forth in the definition of Eligible
Account both (x) at the time the investment was made and (y) thirty (30) days prior to such insolvency).

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and, upon the
request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as
may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

Section 3.07     Maintenance
of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Master Servicer (with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its efforts consistent with
the Servicing Standard to cause the Mortgagor to maintain (other than with respect to a Non-Serviced Mortgage Loan), and the Special
Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall maintain, to the extent required
by the terms of the related Mortgage Loan documents, all insurance coverage as is required under the related Mortgage Loan documents
except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default (and except as provided
in the next sentence with respect to the Master Servicer or Special Servicer, as applicable). If the

 

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Mortgagor
does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required Servicing
Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced
Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property) shall maintain
all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest
therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and, if available, can
be obtained at commercially reasonable rates, as determined ((i) prior to the occurrence and continuance of any Control Termination
Event and (ii) other than with respect to any Excluded Loan, any determination that such insurance coverage is not available or
not available at commercially reasonable rates to be made with the consent of the Directing Certificateholder (or, with respect
to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related Serviced AB Control Appraisal Period, with
the consent of the holder of the related Serviced Subordinate Companion Loan)) by the Master Servicer (with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect
to REO Properties other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor
to do so is an Acceptable Insurance Default as determined by the Special Servicer; provided, however, that if any
Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property,
the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or maintain, as applicable,
such insurance requirements as are consistent with the Servicing Standard taking into account the insurance in place at the closing
of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master Servicer will be obligated
to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself maintain) insurance against
property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default
(as determined by the Special Servicer with ((i) unless a Control Termination Event has occurred and is continuing and (ii) other
than with respect to any Excluded Loan) the consent of the Directing Certificateholder) and only in the event the Trustee has
an insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and,
if available, can be obtained at commercially reasonable rates. The Master Servicer and Special Servicer shall be entitled to
rely on insurance consultants (at the applicable servicer’s expense) in determining whether any insurance is available at
commercially reasonable rates. Subject to Section 3.15(a) and the costs of such insurance being reimbursed or paid to the
Special Servicer as provided in the third-to-last sentence of this paragraph, the Special Servicer shall maintain for each REO
Property (other than any Non-Serviced Mortgaged Property) no less insurance coverage than was previously required of the Mortgagor
under the related Mortgage Loan documents unless the Special Servicer determines ((i) prior to the occurrence and continuance
of a Control Termination Event and (ii) other than with respect to any Excluded Loan, with the consent of the Directing Certificateholder)
that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable interest,
in which case the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination. All Insurance
Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard” mortgagee clause,
with loss payable to the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect of Mortgage
Loans (other than any Non-Serviced Mortgage

 

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Loan), including any related Serviced Companion Loan, other than REO Properties) or
to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be in
the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in an amount
not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the REO Property,
as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any related Serviced Companion
Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions,
(iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted
under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the insured
party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior notice)
and (vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified Insurer
authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Master Servicer or Special Servicer
under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property
or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard and
the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account, subject to withdrawal pursuant
to Section 3.05(a). Any costs incurred by the Master Servicer in maintaining any such Insurance Policies in respect of
Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced Mortgage
Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance
(so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such
cost shall instead be paid out of the Collection Account) and will be charged to the related Mortgagor and (ii) shall not, for
purposes of calculating monthly distributions to Certificateholders, be added to the unpaid principal balance of the related Mortgage
Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced Companion Loan so
permit. Any cost incurred by the Special Servicer in maintaining any such Insurance Policies with respect to REO Properties shall
be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit
therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (so long as such Advance would not be
a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the
Collection Account). The foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan as if it were
a single “Mortgage Loan”. Notwithstanding any provision to the contrary, the Master Servicer will not be required
to maintain, and will not be in default for failing to obtain, any earthquake or environmental insurance on any Mortgaged Property
unless such insurance was required at the time of origination of the related Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and is currently available at commercially reasonable rates.

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that either
(x) require the Mortgagor to maintain “all risk” property insurance (and do not expressly permit an exclusion for terrorism)
or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance in types and against such risks as
the holder of such Mortgage Loan (including any related Serviced Companion Loan) reasonably requires from time to time in order

 

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to
protect its interests, the Master Servicer shall, consistent with the Servicing Standard, (A) monitor in accordance with the Servicing
Standard whether the insurance policies for the related Mortgaged Property contain Additional Exclusions; provided that
the Master Servicer shall be entitled to conclusively rely upon certificates of insurance in determining whether such policies
contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified in the Additional
Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C) notify the Special Servicer
if it has knowledge that any insurance policy contains Additional Exclusions or if it has knowledge (such knowledge to be based
upon the Master Servicer’s compliance with the immediately preceding clauses (A) and (B) above) that any Mortgagor
fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B) above. If the Special
Servicer determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Special
Servicer shall notify the Master Servicer and the Master Servicer shall use efforts consistent with the Servicing Standard to
cause such insurance to be maintained. The Special Servicer (at the expense of the Trust) shall be entitled to rely on insurance
consultants in making such determinations. The Master Servicer shall be entitled to rely on insurance consultants (at the expense
of such Master Servicer) in determining whether Additional Exclusions exist. Furthermore, the Special Servicer shall promptly
deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal Balances of all of the Mortgage
Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal Balance of the Mortgage Loans
then included in the Trust. During the period that the Special Servicer is evaluating the availability of such insurance or waiting
for a response from the Directing Certificateholder, neither the Master Servicer nor the Special Servicer will be liable for any
loss related to its failure to require the Mortgagor to maintain (or its failure to maintain) such insurance and will not be in
default of its obligations as a result of such failure and the Master Servicer will not itself maintain such insurance or cause
such insurance to be maintained.

 

(b)          (i)
If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring
against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any Non-Serviced
Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may be, required to
be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent to the individual
policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation
to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties. Such Insurance Policy
may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, if there shall not have been
maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying with the requirements
of Section 3.07(a), and there shall have been one or more losses which would have been covered by such Insurance Policy,
promptly deposit into the Collection Account from its own funds the amount of such loss or losses that would have been covered
under the individual policy but are not covered under the blanket Insurance Policy because of such deductible clause to the extent
that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan (including any related Serviced
Companion Loan), or in the absence of such deductible limitation, the deductible limitation

 

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which
is consistent with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage
Loans or any Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and
Certificateholders, claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such policy.
The Special Servicer, to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO Properties
(other than with respect to a Non-Serviced Mortgaged Property), provided coverage is available at commercially reasonable
rates, the cost of which shall be a Servicing Advance.

 

(ii)        If
the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single
interest or force-placed insurance policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf
of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies
otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to
cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer
or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed
insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than
any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby)
shall be paid by the Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may contain a deductible
clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been maintained
on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a), and
there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into the
Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy
because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to the
related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation, the
deductible limitation which is consistent with the Servicing Standard.

 

(c)          Each
of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force and effect
throughout the term of this Agreement a blanket fidelity bond and an “errors and omissions” Insurance Policy with a
Qualified Insurer covering the Master Servicer’s and the Special Servicer’s, as applicable, officers and employees
acting on behalf of the Master Servicer and the Special Servicer in connection with its activities under this Agreement. Such amount
of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage of the Master Servicer or
the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special Servicer and providing
the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c). The Special
Servicer and the Master Servicer will promptly report in writing to the Trustee any material changes that may occur in their respective
fidelity bonds, if any, and/or their respective errors and omissions Insurance Policies, as the case may be,

 

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and
will furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds, if any, and insurance
policies are in full force and effect.

 

(d)          At
the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a Non-Serviced
Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been made available),
the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in accordance with
applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and, if the related
Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance is available at commercially
reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard and to the extent the Trustee,
as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only to the extent the related Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee to require such coverage
and the maintenance of such coverage is consistent with the Servicing Standard. Such flood insurance shall be in an amount equal
to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced Companion Loan, if applicable),
and (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus such
additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard.
If the cost of any insurance described above is not borne by the Mortgagor, the Master Servicer shall promptly make a Servicing
Advance for such costs.

 

(e)          During
all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally
designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available at commercially
reasonable rates (as determined by the Special Servicer (with respect to any Mortgage Loan other than an Excluded Loan or prior
to the occurrence and continuance of a Control Termination Event, with the consent of the Directing Certificateholder) in accordance
with the Servicing Standard), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance
Administration in an amount representing coverage not less than the maximum amount of insurance which is available under the National
Flood Insurance Act of 1968, as amended. The cost of any such flood insurance with respect to an REO Property shall be an expense
of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is
insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)          Notwithstanding
the foregoing, so long as the long-term debt obligations or the deposit account or claims-paying ability of the Master Servicer
(or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable, is rated at least
“A3” by Moody’s, “A(low)” by DBRS (if rated by DBRS) and “A-” by Fitch (if rated by Fitch),
the Master Servicer (or its public parent) or the Special Servicer (or its public parent), as applicable, shall be allowed to provide
self-insurance with respect to any of its obligation under this Section 3.07.

 

Section 3.08     Enforcement
of Due-on-Sale Clauses; Assumption Agreements. (a) As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan)
and any related

 

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Serviced
Companion Loan that contains a provision in the nature of a “due-on-sale” clause, which by its terms:

 

(i)          provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor or principals
of the Mortgagor; or

 

(ii)        provides
that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection with
any such sale or other transfer;

 

then, for so long as
such Mortgage Loan (and any related Serviced Companion Loan, if applicable) is being serviced under this Agreement, the Master
Servicer (with respect to any Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to any
Specially Serviced Loan and REO Properties), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right
it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold
its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided
that (i)(A) the Master Servicer or the Special Servicer, as the case may be, shall obtain the prior written consent of (x) in the
case of the Master Servicer and any Non-Specially Serviced Mortgage Loan, the Special Servicer, provided that such consent
will be deemed given (unless earlier objected to by the Special Servicer) fifteen (15) Business Days (or five (5) Business Days
after the time period provided for in any related Intercreditor Agreement) after the Special Servicer’s receipt of the Master
Servicer’s written recommendation and analysis with respect to such waiver and all information reasonably requested by the
Special Servicer, and reasonably available to the Master Servicer, in order to grant or withhold such consent and, provided,
further, that, prior to the occurrence and continuance of any Control Termination Event and other than with respect to an
Excluded Loan, the special servicer has obtained the prior written consent (or deemed consent) of the Directing Certificateholder
(or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event and other
than with respect to an Excluded Loan, the Special Servicer has consulted with the Directing Certificateholder), which consent
will be deemed given (unless earlier objected to by the Directing Certificateholder) five (5) Business Days after the Directing
Certificateholder’s receipt from the Special Servicer of the written analysis prepared by the Master Servicer and the Special
Servicer’s recommendation with respect to such waiver, together with all information reasonably requested by the Directing
Certificateholder, and reasonably available to the Special Servicer, with respect to such proposed waiver or proposed granting
of consent, and (y) in the case of the Special Servicer and any Specially Serviced Mortgage Loan, if such Mortgage Loan is not
an Excluded Loan and no Control Termination Event shall have occurred and be continuing, the Directing Certificateholder, which
consent shall be deemed given (unless earlier objected to by the Directing Certificateholder) ten (10) Business Days after the
Directing Certificateholder’s receipt of the written analysis prepared by the Special Servicer and the Special Servicer’s
recommendation with respect to such waiver, together with such other information reasonably requested by the Directing Certificateholder,
and reasonably available to the Special Servicer, in order to grant or withhold such consent, (B) if such Mortgage Loan is part
of a Serviced AB Whole Loan and no related Serviced AB Control Appraisal Period shall

 

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have occurred and be continuing, the Special
Servicer shall obtain the prior written consent of the holder of the related Serviced Subordinate Companion Loan, to the extent
required under the applicable Intercreditor Agreement, and such holder’s consent shall be deemed given (unless earlier objected
to by such holder) five (5) Business Days after receipt by such holder of the Special Servicer’s written analysis and recommendation
with respect to such waiver (or, with respect to any Non-Specially Serviced Loan, ten (10) Business Days (or such other period
of time specified under the applicable Intercreditor Agreement) after the Subordinate Companion Loan holder’s receipt from
the Special Servicer of the written analysis prepared by the Master Servicer and the Special Servicer’s recommendation with
respect to such waiver), together with such other information reasonably requested by such holder, and reasonably available to
the Special Servicer, in order to grant or withhold such consent, (C) if such Mortgage Loan is not an Excluded Loan, a Control
Termination Event shall have occurred and be continuing, and no Consultation Termination Event shall have occurred and be continuing,
the Special Servicer shall consult with the Directing Certificateholder pursuant to Section 6.08(a) hereof, and (ii) with
respect to any Mortgage Loan (x) with a Stated Principal Balance greater than or equal to $35,000,000, (y) with a Stated Principal
Balance greater than or equal to 5% of the aggregated Stated Principal Balance of the Mortgage Loans then outstanding or (z) together
with all other Mortgage Loans with which it is cross-collateralized or cross-defaulted or together with all other Mortgage Loans
with the same Mortgagor (or an Affiliate thereof), that is one of the ten (10) largest Mortgage Loans outstanding (by Stated Principal
Balance), the Master Servicer or the Special Servicer, as the case may be, prior to consenting to any action, shall obtain a Rating
Agency Confirmation from each Rating Agency and a rating agency confirmation from any applicable rating agency that such action
will not result in a downgrade, withdrawal or qualification of the then-current ratings with respect to any class of Serviced Companion
Loan Securities (provided that such rating agency confirmation requirement may be considered satisfied in the same manner
as a Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) (provided
that no such Rating Agency Confirmation shall be required if the applicable Mortgage Loan has a Stated Principal Balance of less
than $5,000,000). Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control
Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding
basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended
by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting
with the Operating Advisor.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the
related rating agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special Servicer, as applicable, shall
(if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information
Provider (who shall post such Review Package on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c))
(or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section
3.25 of this Agreement.

 

If any Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced
Companion

 

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Loan
may be assumed or transferred without the consent of the mortgagee; provided that certain conditions are satisfied, then
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Special Servicer,
with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), related Serviced Companion Loans, on behalf
of the Trustee as the mortgagee of record, shall determine in accordance with the Servicing Standard whether such conditions have
been satisfied, or, with respect to any Non-Specially Serviced Loan which does not allow the mortgagee discretion in approving
a transfer or assumption or does not allow for discretion in determining whether conditions to a transfer or assumption have been
satisfied, the Master Servicer, on behalf of the Trustee as mortgagee of record, shall make such determination with respect to
whether such conditions have been satisfied.

 

(b)          As
to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision
in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)          provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)        requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property
or equity interests in the Mortgagor or principals of the Mortgagor;

 

then, for so long as
such Mortgage Loan (and any related Serviced Companion Loan, if applicable) is being serviced under this Agreement, the Master
Servicer (with respect to any Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to any
Specially Serviced Loan and REO Properties), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right
it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold
its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided
that (i)(A) the Master Servicer or the Special Servicer, as the case may be, shall obtain the prior written consent of (x) in the
case of the Master Servicer and any Non-Specially Serviced Mortgage Loan, the Special Servicer, provided that such consent
will be deemed given (unless earlier objected to by the Special Servicer) fifteen (15) Business Days (or five (5) Business Days
after the time period provided for in any related Intercreditor Agreement) after the Special Servicer’s receipt of the Master
Servicer’s written recommendation and analysis with respect to such waiver and all information reasonably requested by the
Special Servicer, and reasonably available to the Master Servicer, in order to grant or withhold such consent and, provided,
further, that, prior to the occurrence and continuance of any Control Termination Event and other than with respect to an
Excluded Loan, the Special Servicer has obtained the prior written consent (or deemed consent) of the Directing Certificateholder
(or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event and other
than with respect to an Excluded Loan, the Special Servicer has consulted with the Directing Certificateholder), which consent
will be deemed given (unless earlier objected to by the Directing Certificateholder) five (5) Business Days after the Directing
Certificateholder’s

 

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receipt from the Special Servicer of the written analysis prepared by the Master Servicer and the Special
Servicer’s recommendation with respect to such waiver, together with all information reasonably requested by the Directing
Certificateholder, and reasonably available to the Special Servicer, with respect to such proposed waiver or proposed granting
of consent, and (y) in the case of the Special Servicer and any Specially Serviced Mortgage Loan, if such Mortgage Loan is not
an Excluded Loan and no Control Termination Event shall have occurred and be continuing, the Directing Certificateholder, which
consent shall be deemed given (unless earlier objected to by the Directing Certificateholder) ten (10) Business Days after the
Directing Certificateholder’s receipt of the written analysis prepared by the Special Servicer and the Special Servicer’s
recommendation with respect to such waiver, together with such other information reasonably requested by the Directing Certificateholder,
and reasonably available to the Special Servicer, in order to grant or withhold such consent, (B) if such Mortgage Loan is part
of a Serviced AB Whole Loan and no related Serviced AB Control Appraisal Period shall have occurred and be continuing, the Special
Servicer shall obtain the prior written consent of the holder of the related Serviced Subordinate Companion Loan, to the extent
required under the applicable Intercreditor Agreement, and such holder’s consent shall be deemed given (unless earlier objected
to by such holder) five (5) Business Days after receipt by such holder of the Special Servicer’s written analysis and recommendation
with respect to such waiver (or, with respect to any Non-Specially Serviced Loan, ten (10) Business Days (or such other period
of time specified under the applicable Intercreditor Agreement) after the Subordinate Companion Loan holder’s receipt of
the written analysis prepared by the Master Servicer and the Special Servicer’s recommendation with respect to such waiver),
together with such other information reasonably requested by such holder, and reasonably available to the Special Servicer, in
order to grant or withhold such consent, (C) if such Mortgage Loan is not an Excluded Loan, a Control Termination Event shall have
occurred and be continuing, and no Consultation Termination Event shall have occurred and be continuing, the Special Servicer shall
consult with the Directing Certificateholder pursuant to Section 6.08(a) hereof, and (ii) the Master Servicer or the Special
Servicer, as the case may be, has obtained Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable
rating agency that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section
3.25) if such Mortgage Loan (A) has an outstanding principal balance that is greater than or equal to 2% of the Stated Principal
Balance of the outstanding Mortgage Loans or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt) or
(C) has a debt service coverage ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated Principal
Balance of the Mortgage Loan and related Companion Loan, if any, and the principal amount of the proposed additional lien) or (D)
is one of the ten largest Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance greater than $20,000,000;
provided, however, that with respect to subclauses (A), (B), (C) and (D) of this subclause
(ii), such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation
requirement to apply. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether
a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on
a non-binding basis, in connection with the related transactions involving proposed Major Decisions and

 

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consider alternative actions
recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for
consulting with the Operating Advisor.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the
related rating agencies) pursuant to this Section 3.08(b), the Special Servicer shall (if not already provided in accordance
with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (who shall post such Review
Package on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) (or, with respect to any Serviced
Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

To the extent permitted
by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding paragraph or in Section
3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan documents are silent as to
who bears the costs of obtaining any such Rating Agency Confirmation, the Special Servicer shall use reasonable efforts to make
the related Mortgagor bear such costs and expenses. Unless determined to be a Nonrecoverable Advance such costs not collected from
the related Mortgagor shall be advanced as a Servicing Advance.

 

If any Mortgage Loan
or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without the consent
of the mortgagee provided that certain conditions are satisfied and there is no lender discretion with respect to the satisfaction
of such conditions, then for so long as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the
Special Servicer, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), on behalf of the Trustee
as the mortgagee of record, shall determine whether such conditions have been satisfied, or, with respect to all Non-Specially
Serviced Loans which do not allow the mortgagee discretion in determining whether conditions are satisfied, the Master Servicer,
on behalf of the Trustee as the mortgagee of record, shall make such determination with respect to whether such conditions have
been satisfied.

 

(c)          Nothing
in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any additional
lien or other encumbrance with respect to such Mortgaged Property.

 

(d)          Except
as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, neither the Master Servicer nor the
Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as applicable,
in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08. The Master Servicer
and the Special Servicer, as applicable, shall provide copies of any final waivers (except with respect to provision of any such
waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section 3.08(a)
or (b) to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan, and shall notify the Trustee,
the Certificate Administrator, each other and, subject to the terms of this Agreement, the

 

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17g-5
Information Provider (who shall post such documents on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c)) and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement
executed pursuant to Section 3.08(a) or (b) and shall forward thereto a copy of such agreement.

 

(e)          Notwithstanding
any other provisions of this Section 3.08 or Section 3.18, but subject to any related Intercreditor Agreement, the
Master Servicer may with respect to Non-Specially Serviced Loans, without any Directing Certificateholder approval, Rating Agency
Confirmation or Special Servicer approval (provided that the Master Servicer delivers notice thereof to the Special Servicer
after completion (and the Special Servicer shall promptly, prior to the occurrence of a Consultation Termination Event and other
than in respect of any Excluded Loan, deliver notice thereof to the Directing Certificateholder, except to the extent that the
Special Servicer or the Directing Certificateholder, as the case may be, notifies the Master Servicer that such party does not
desire to receive copies of such items), (i) grant waivers of non-material covenant defaults (other than financial covenants),
including late financial statements; (ii) consent to releases of non-material, non-income producing parcels of a Mortgaged Property
that do not materially affect the use or value of the Mortgaged Property or the ability of the related Mortgagor to pay amounts
due in respect of the Mortgage Loan or Companion Loan as and when due provided such releases are required by the related Mortgage
Loan documents and there is no lender discretion permitted under the Mortgage Loan documents; (iii) approve or consent to grants
of easements or rights of way for utilities, access, parking, public improvements or another purpose or subordinations of the lien
of Mortgage Loans to easements that do not materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability
to make any payments with respect to the related Mortgage Loan and any related Companion Loan; (iv) grant other routine approvals,
including the granting of subordination, non-disturbance and attornment agreements and leasing consents that affect less than the
lesser of (a) 30% of the net rentable area of the Mortgaged Property or (b) 30,000 square feet; (v) (other than in respect of hospitality
properties) consent to actions related to condemnation of non-material, non-income producing parcels of the Mortgaged Property
that do not materially affect the use or value of the Mortgaged Property or the ability of the related Mortgagor to pay amounts
due in respect of the Mortgage Loan or Companion Loan when due; (vi) consent to a change in property management relating to any
Mortgage Loan or related Companion Loan with respect to Mortgage Loans (including any related Companion Loans) with an outstanding
principal balance of less than $2,500,000 and where the successor property manager is not affiliated with the related Mortgagor;
and (vii) approve of annual operating budgets; provided that (w) any such action would not in any way affect a payment term
of the Certificates, (x) any such action would not constitute a “significant modification” of such Mortgage Loan or
Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause either Trust REMIC to fail to
qualify as a REMIC for federal income tax purposes (as evidenced by an Opinion of Counsel (at the expense of the Trust to the extent
not reimbursed or paid by the related Mortgagor), to the extent requesting such opinion is consistent with the Servicing Standard),
(y) agreeing to such action would be consistent with the Servicing Standard, and (z) agreeing to such action would not violate
the terms, provisions or limitations of this Agreement or any Intercreditor Agreement. The foregoing is intended to be an itemization
of actions the Master Servicer may take without having to obtain the approval of any other party and is not intended to limit the
responsibilities of the Master Servicer hereunder.

 

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(f)          Notwithstanding
any other provision of this Agreement, the Master Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause without the consent of the Special Servicer and the Special Servicer may not waive its
rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Non-Specially
Serviced Loan or relating to any Specially Serviced Loan without ((i) prior to the occurrence and continuance of a Control Termination
Event and (ii) other than with respect to any Excluded Loan) the consent of the Directing Certificateholder (or (i) after the occurrence
and during the continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan), but prior to
a Consultation Termination Event, upon consultation with the Directing Certificateholder pursuant to Section 6.08 hereof).
The Directing Certificateholder shall have ten (10) Business Days after receipt of notice along with the Master Servicer’s
or Special Servicer’s recommendation and analysis with respect to such proposed waiver or proposed granting of consent and
any additional information the Directing Certificateholder may reasonably request from the Special Servicer of a proposed waiver
or consent under any “due on sale” or “due-on-encumbrance” clause in which to grant or withhold its consent
(provided that if the Special Servicer fails to receive a response to such notice from the Directing Certificateholder in
writing within such period, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver or consent).

 

(g)          Notwithstanding
the foregoing provisions of this Section 3.08, if the Master Servicer or Special Servicer, as applicable, makes a determination
under Sections 3.08(a) or 3.08(b) hereof that the applicable conditions in the related Mortgage Loan or Companion
Loan documents, as applicable, with respect to assumptions or encumbrances permitted without the consent of the mortgagee have
been satisfied, the applicable assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise
prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage Loan documents
does not constitute a “significant” change in yield pursuant to Treasury Regulations Section 1.1001-3(e)(2).

 

Section 3.09     Realization
Upon Defaulted Loans and Companion Loans. (a) Upon an event of default under the Mortgage Loan documents related to a
Serviced Whole Loan or a Mortgage Loan with mezzanine debt, the Master Servicer shall promptly provide written notice to the related
Companion Holder or mezzanine lender, as applicable, with a copy of such notice to the Special Servicer. The Special Servicer
shall, subject to subsections (b) through (d) of this Section 3.09, Section 3.24, subject to the Directing
Certificateholders’ rights pursuant to Section 6.08, and any Companion Holder or mezzanine lender’s rights
under the related Intercreditor Agreement (in the case of a Serviced Whole Loan, on behalf of the holders of the beneficial interest
of the related Companion Loan) or this Agreement, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose
upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of property securing any such Mortgage
Loan (other than any Non-Serviced Mortgage Loan) and related Companion Loan, if any, as come into and continue in default as to
which no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments,
and which are not released from the Trust Fund pursuant to any other provision hereof. The foregoing is subject to the provision
that, in any case in which a Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer or Special
Servicer shall not be required to make a Servicing Advance and expend funds toward the restoration of such property unless

 

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the
Special Servicer has determined in its reasonable discretion that such restoration will increase the net proceeds of liquidation
of such Mortgaged Property to Certificateholders after reimbursement to the Master Servicer for such Servicing Advance, and the
Master Servicer or Special Servicer has not determined that such Servicing Advance together with accrued and unpaid interest thereon
would constitute a Nonrecoverable Advance. The costs and expenses incurred by the Special Servicer in any such proceedings shall
be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if incurred, constitute
a Nonrecoverable Servicing Advance. Nothing contained in this Section 3.09 shall be construed so as to require the Master
Servicer or the Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a foreclosure sale or similar
proceeding that is in excess of the fair market value of such property, as determined by the Master Servicer or the Special Servicer
in its reasonable judgment taking into account the factors described in Section 3.16(b) and the results of any Appraisal
obtained pursuant to the following sentence, all such bids to be made in a manner consistent with the Servicing Standard. If and
when the Special Servicer or the Master Servicer deems it necessary and prudent for purposes of establishing the fair market value
of any Mortgaged Property securing a Defaulted Loan or any related defaulted Companion Loan, whether for purposes of bidding at
foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be, is authorized to have an Appraisal
performed with respect to such property by an Independent MAI-designated appraiser the cost of which shall be paid by the Master
Servicer as a Servicing Advance.

 

(b)         The
Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

 

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

 

(ii)         the
Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing
Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to the related Companion
Loan) will not cause an Adverse REMIC Event.

 

(c)          Notwithstanding
the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master Servicer nor the Special Servicer
shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise, or take any other action
with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the Certificateholders and/or
any related Companion Holder, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be
an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law,
unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the Special Servicer has previously
determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property performed
by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior to any such
acquisition of title or other action, that:

 

(i)          such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the

 

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best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the related
Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single
lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

 

(ii)        there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and,
if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The cost of any such
Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial, corrective or
other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence shall be paid by the
Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it shall be an expense of
the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related Intercreditor Agreement
by the Master Servicer from the Collection Account, including from the Companion Distribution Account (such withdrawal to be made
from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole Loan)); and if any such Environmental
Assessment so warrants, the Special Servicer shall, except with respect to any Companion Loan and any Environmental Assessment
ordered after such Mortgage Loan has been paid in full, perform such additional environmental testing at the expense of the Trust
as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the preceding
sentence have been satisfied. With respect to Non-Specially Serviced Loans, the Master Servicer and, with respect to Specially
Serviced Loans, the Special Servicer (other than any Non-Serviced Mortgage Loan) shall review and be familiar with the terms and
conditions relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including delivering
any notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each environmental
insurance policy in effect and obtained on behalf of the mortgagee to receive the maximum proceeds available under such policy
for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)          If
(i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set forth in
clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been satisfied with respect
to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan, any related Companion Loan, and
(ii) there has been no breach of any of the representations and warranties set forth in or required to be made pursuant to Section
4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan Seller could be required to repurchase
such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, then the Special Servicer shall take
such action as it deems to be in the best economic interest of the Trust

 

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(other
than proceeding to acquire title to the Mortgaged Property) and is hereby authorized ((A) prior to the occurrence and continuance
of a Control Termination Event (or with respect to any Serviced AB Mortgage Loan, after the occurrence and during the continuation
of a Serviced AB Control Appraisal Period, but prior to the occurrence and continuance of a Control Termination Event) and (B)
other than with respect to any Excluded Loan), with the consent of the Directing Certificateholder at such time as it deems appropriate
to release such Mortgaged Property from the lien of the related Mortgage, provided that, if such Mortgage Loan has a then-outstanding
principal balance of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the
related Mortgage, (i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator,
the Master Servicer and ((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect to any
Excluded Loan) the Directing Certificateholder, in writing of its intention to so release such Mortgaged Property and the bases
for such intention, (ii) the Certificate Administrator shall have posted such notice of the Special Servicer’s intention
to so release such Mortgaged Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and
(iii) in addition to the prior written consent of the Directing Certificateholder as required above, the Holders of Certificates
entitled to a majority of the Voting Rights shall have consented or have been deemed to have consented to such release within
thirty (30) days of the Certificate Administrator’s posting such notice to the Certificate Administrator’s Website
(failure to respond by the end of such 30-day period being deemed consent of the Holders of the Certificates). To the extent any
fee charged by any Rating Agency in connection with rendering such written confirmation is not paid by the related Mortgagor,
such fee is to be an expense of the Trust; provided that the Special Servicer shall use commercially reasonable efforts
to collect such fee from the Mortgagor to the extent permitted under the related Mortgage Loan documents.

 

(e)          The
Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing
Certificateholder (other than with respect to any Excluded Loan), the Master Servicer and the 17g-5 Information Provider monthly
regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan, or defaulted
Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that either of the
conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until
the earlier to occur of satisfaction of both such conditions, repurchase of the related Mortgage Loan by the applicable Mortgage
Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

 

(f)          The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required
to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master Servicer
shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law, such information
and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness of indebtedness and
abandonment and foreclosure to the extent such information has been provided to the Master Servicer by the Special Servicer. Upon
request, the Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

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(g)          The
Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance
of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage
Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)          The
Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination
in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO
Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall be evidenced
by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Certificateholder
(other than with respect to any Excluded Loan) and the Master Servicer and in no event later than the next succeeding P&I Advance
Determination Date.

 

Section
3.10     Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any
Mortgage Loan (other than a Non-Serviced Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer, as
the case may be, of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master
Servicer or Special Servicer, as the case may be, will promptly notify the Trustee and the Custodian and request delivery of
the related Mortgage File. Any such notice and request shall be in the form of a Request for Release signed by a Servicing
Officer and shall include a statement to the effect that all amounts received or to be received in connection with such
payment which are required to be deposited in the Collection Account pursuant to Section 3.04(a) or remitted to the
Master Servicer to enable such deposit, have been or will be so deposited. Within seven (7) Business Days (or within such
shorter period as release can reasonably be accomplished if the Master Servicer or the Special Servicer notifies the
Custodian of an exigency) of receipt of such notice and request, the Custodian shall release the related Mortgage File to the
Master Servicer or Special Servicer, as the case may be; provided that in the case of the payment in full of a
Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall not be released by the Custodian unless
the related Serviced Whole Loan is paid in full. No expenses incurred in connection with any instrument of satisfaction or
deed of reconveyance shall be chargeable to the Collection Account.

 

(b)          From
time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and
any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release signed
by a Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to
the Master Servicer or the Special Servicer (or a designee), as the case may be. Upon return of such Mortgage File or such document
to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master Servicer
or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan, the related
Companion Loan), was liquidated and that all amounts received or to be received in connection with such liquidation which are required
to be deposited into the Collection Account (including amounts related to the related Companion Loan, if applicable) pursuant to
Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the
Request for Release shall

 

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be
released by the Custodian to the Master Servicer or the Special Servicer (or a designee), as the case may be, with the original
being released upon termination of the Trust.

 

(c)          Within
seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies
the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court pleadings,
requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of a Mortgaged
Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note (including any note evidencing
a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by
the Mortgage Note or Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation
of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied
by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as
to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate
or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale. The Trustee shall not be required to review such documents for their sufficiency or enforceability.

 

(d)          If,
from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced
PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests
delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release
of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

Section 3.11     Servicing
Compensation.  (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to receive
the Servicing Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO
Loan related to any Non-Serviced Companion Loan) (including Specially Serviced Loans and any Non-Serviced Mortgage Loan constituting
a “specially serviced loan” under any related Non-Serviced PSA). As to each Mortgage Loan, Companion Loan and REO
Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee Rate and shall be computed on the basis of the Stated
Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and in the same manner as interest is
calculated on such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and, in connection with any partial month interest
payment, for the same period respecting which any related interest payment due on such Mortgage Loan or Companion Loan or deemed
to be due on such REO Loan is computed. The Servicing Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall
cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan, except that if such Mortgage Loan is
part of a Serviced Whole Loan and such Serviced Whole Loan continues to be serviced and administered under this Agreement notwithstanding
such Liquidation Event, then the applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event
did not occur. The Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage
Loan, Companion Loan and REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a).
The Master Servicer

 

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shall
be entitled to recover unpaid Servicing Fees in respect of any Mortgage Loan, Companion Loan or REO Loan out of that portion of
related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the case of an REO Loan) allocable
as recoveries of interest, to the extent permitted by Section 3.05(a).

 

Except as set forth in
the following sentence, the fourth paragraph of this Section 3.11(a), Section 6.03, Section 6.05 and Section
7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except in connection with a transfer
of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in accordance with the terms hereof
or as provided in the following paragraph with respect to the Excess Servicing Fee). With respect to each Serviced Pari Passu Companion
Loan, the Servicing Fee shall be payable to the Master Servicer from amounts payable in respect of such Serviced Pari Passu Companion
Loan, subject to the terms of the related Intercreditor Agreement.

 

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

 

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or
any successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of the Servicing Fee
paid to the Master Servicer with respect to such Mortgage Loan, Serviced Companion Loan or any successor REO Loan, as the case
may be, the related Excess Servicing Fee to the holder of such Excess Servicing Fee Right within one Business Day following the
payment of such Servicing Fee to the Master Servicer, in each case in accordance with payment instructions provided by such holder
in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement
except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator, the Custodian, the Certificate
Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special Servicer or the Trustee shall
have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing
Fee Right.

 

The Master Servicer shall
be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a), additional
servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts to the extent
collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any modifications, waivers, extensions or
amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement); provided that with respect to such transactions, the consent of the Special Servicer
is not required to take such action and, in the event that the Special Servicer’s consent is required, then the Master Servicer
shall be entitled to 50% of such fees, (ii) 100% of all assumption application fees and other similar fees received on Non-Specially
Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement)
(whether or not the consent of the Special Servicer is required) and 100% of all defeasance fees; (iii) 100% of assumption, waiver,
consent and earnout fees, and other similar fees (other than assumption application and defeasance fees) pursuant to Section
3.08 and Section 3.18 or other actions performed in connection with this Agreement on the Non-Specially Serviced Loans
(including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement), provided
the consent of the Special Servicer is not required to take such actions and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid; and (iv) 50% of all assumption, waiver, consent and earnout fees, and
other similar fees (other than assumption application fees and defeasance fees), pursuant to Section 3.08 and Section
3.18 on any Non-Specially Serviced Loan (including any related Serviced Companion Loan, to the extent not prohibited by the
related Intercreditor Agreement) for which the Special Servicer’s consent or approval is required and only to the extent
that all amounts then due and payable with respect to the related Mortgage Loan or related Serviced Pari Passu Companion Loan have
been paid. In addition, the Master Servicer shall be entitled to retain as additional servicing compensation (other than with respect
to any Non-Serviced Mortgage Loan or Specially Serviced Loan) any charges for beneficiary statements or demands and other customary
charges, amounts collected for checks returned for insufficient funds and reasonable review fees in connection with any Mortgagor
request to the extent such review fees are not prohibited under the related Mortgage Loan documents, in each case only to the extent
actually paid by the related Mortgagor and shall not be required to deposit such amounts in the Collection Account or the Companion
Distribution Account pursuant to Section 3.04(a) or Section 3.04(b), respectively. Subject to Section 3.11(d),
the Master Servicer shall also be entitled to additional servicing compensation in

 

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the
form of: (i) Penalty Charges to the extent provided in Section 3.11(d), (ii) interest or other income earned on deposits
relating to the Trust Fund in the Collection Account or the Companion Distribution Account in accordance with Section 3.06(b)
(but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including
the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date), (iii) interest
or other income earned on deposits in the Servicing Accounts which are not required by applicable law or the related Mortgage
Loan to be paid to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excesses and Prepayment Interest
Shortfalls collected on the Mortgage Loans and any Serviced Pari Passu Companion Loan, during the related Collection Period to
the extent not required to be paid as Compensating Interest Payments. The Master Servicer shall be required to pay out of its
own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, payment
of any amounts due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy insuring against hazard
losses pursuant to Section 3.07), if and to the extent such expenses are not payable directly out of the Collection Account
and the Master Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

Notwithstanding anything
herein to the contrary, Wells Fargo Bank, National Association may, at its option, assign or pledge to any third party or retain
for itself the Transferable Servicing Interest; provided, however, that in the event of any resignation or termination
of such Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced by the Trustee to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified successor master servicer that
meets the requirements of Section 6.05 and who requires market-rate servicing compensation that accrues at a per annum
rate in excess of the Retained Fee Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be
expressly subject to the terms of this Agreement and such reduction. The Master Servicer shall pay the Transferable Servicing Interest
to the holder of the Transferable Servicing Interest at such time and to the extent the Master Servicer is entitled to receive
payment of its Servicing Fees hereunder, notwithstanding any resignation or termination of Wells Fargo Bank, National Association
as Master Servicer hereunder (subject to reduction pursuant to the preceding sentence).

 

(b)          As
compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a Non-Serviced
Mortgaged Property). As to each Specially Serviced Loan and REO Loan, the Special Servicing Fee shall accrue from time to time
at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Specially Serviced
Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced Loans or REO Loans,
as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related
interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed. The Special Servicing Fee
with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the
related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the provisions
of Section 3.05(a). The right to receive the Special Servicing Fee may not be transferred in whole

 

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or
in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this
Agreement. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

 

(c)          Additional
servicing compensation in the form of (i) 100% of all Excess Modification Fees related to modifications, waivers, extensions or
amendments of any Specially Serviced Loans, (ii) 100% of all assumption application fees and similar fees received on any Specially
Serviced Loans, (iii) 100% of assumption, waiver, consent and earnout fees, pursuant to Section 3.08 and Section 3.18
or other actions performed in connection with this Agreement on the Specially Serviced Loans or certain other similar fees paid
by the related Mortgagor (other than assumption application fees), and (iv) 50% of all Excess Modification Fees and assumption
and consent fees pursuant to Section 3.08 or Section 3.18 and 50% of all waiver, consent and earnout fees received
with respect to all Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement), and, in all cases, for which the Special Servicer’s consent or approval is required,
shall be promptly paid to the Special Servicer by the Master Servicer (or directly from the related Mortgagor) to the extent such
fees are paid by the Mortgagor and shall not be required to be deposited in the Collection Account pursuant to Section 3.04(a).
Subject to Section 3.11(d), the Special Servicer shall also be entitled to additional servicing compensation in the form
of: (i) Penalty Charges to the extent provided in Section 3.11(d) and (ii) interest or other income earned on deposits relating
to the Trust Fund in the REO Account in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings,
if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I
Advance Date related to such Distribution Date). In addition, the Special Servicer shall be entitled to retain as additional servicing
compensation (other than with respect to any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor
request to the extent such review fees are not prohibited under the related Mortgage Loan documents, and only to the extent actually
paid by the related Mortgagor. The Special Servicer shall also be entitled to additional servicing compensation in the form of
a Workout Fee with respect to each Corrected Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected
Loan; provided, however, that after receipt by the Special Servicer of Workout Fees with respect to such Corrected
Loan in an amount equal to $25,000, any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount;
provided, further, however, that in the event the Workout Fee collected over the course of such workout calculated
at the Workout Fee Rate is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on
the related Corrected Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable
to the Special Servicer in respect of that Corrected Loan (including any related Serviced Companion Loan) equal to $25,000. The
Workout Fee shall be reduced (but not below zero) with respect to each collection on such Corrected Loan from which fee would otherwise
be payable until an amount equal to the Excess Modification Fee Amount has been deducted in full. The Workout Fee with respect
to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new
Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. The Special Servicer shall
not be entitled to any Workout Fee with respect to a Non-Serviced Mortgage Loan. If the Special Servicer is terminated (other than
for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or any
related Companion Loan that

 

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became
Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be payable if the
Corrected Loan subsequently becomes a Specially Serviced Loan. If the Special Servicer resigns or is terminated (other than for
cause), it will receive any Workout Fees payable on Specially Serviced Loans for which the resigning or terminated Special Servicer
had determined to grant a forbearance or cured the event of default through a modification, restructuring or workout negotiated
by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was
terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Periodic
Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Periodic
Payments. The successor special servicer will not be entitled to any portion of such Workout Fees. The Special Servicer will not
be entitled to receive any Workout Fees after termination for cause. A Liquidation Fee will be payable with respect to each Specially
Serviced Loan (other than a Non-Serviced Mortgage Loan) or REO Property (other than a Non-Serviced Mortgaged Property) as to which
the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds subject to the exceptions set forth
in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds, Insurance and Condemnation
Proceeds). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected
Loan and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the
portion of such Liquidation Proceeds and Insurance and Condemnation Proceeds that constitute principal and/or interest on such
Mortgage Loan. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation
Fee or a Workout Fee, but not both, with respect to proceeds on any Mortgage Loan. Notwithstanding the foregoing, with respect
to any Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the
related Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers to this Agreement or indicates
such fees are paid in accordance with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan. Subject
to Section 3.11(d), the Special Servicer will also be entitled to additional fees in the form of Penalty Charges. The Special
Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts, other than management fees in respect of REO Properties, due
and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it insuring against hazard
losses pursuant to Section 3.07), if and to the extent such expenses are not expressly payable directly out of the Collection
Account or the REO Account, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided
in this Agreement.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any
related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master Servicer,
the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable (and,
in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special
Servicer or the applicable Non-Serviced Trustee for interest on the Servicing Advances made by any such party with respect to a
Non-Serviced Whole Loan

 

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pursuant
to the applicable Non-Serviced PSA, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) due on
such Distribution Date, (ii) the Trust for all interest on Advances previously paid to the Master Servicer or the Trustee pursuant
to Section 3.05(a)(vi) hereof (and, in connection with a Non-Serviced Mortgage Loan, the related trust for all interest
on Servicing Advances reimbursed by such trust to any party under the applicable Non-Serviced PSA, which resulted in an additional
expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) with respect to such
Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional expenses of the Trust (other than
Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections by the Special Servicer
and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan. Penalty Charges (other than with respect
to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the related Non-Serviced PSA)
remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while such Mortgage Loan and any
related Companion Loan was a Non-Specially Serviced Loan, and to the Special Servicer, if and to the extent accrued on such Mortgage
Loan during the period such Mortgage Loan was a Specially Serviced Loan or REO Loan and collected from the Borrower. Any Penalty
Charges paid or payable as additional servicing compensation to the Master Servicer and the Special Servicer shall be distributed
between the Master Servicer and the Special Servicer, on a pro rata basis, based on the Master Servicer’s and the
Special Servicer’s respective entitlements to such compensation described in the previous sentence. Notwithstanding the
foregoing, Penalty Charges with respect to any Companion Loan will be allocated pursuant to the applicable Intercreditor Agreement
after payment of all related Advances and interest thereon and additional expenses of the Trust in accordance with this Section
3.11(d).

 

(e)          With
respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
(2) Business Days following the Determination Date, and the Master Servicer shall deliver, to the extent it has received, to the
Certificate Administrator, without charge and on the related Remittance Date, an electronic report (which may include HTML, Word
or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate
Administrator and the Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees
received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date; provided that
no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)          The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in
respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout
or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special
servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided that such
prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

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(g)          Pursuant
to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set
forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer
in writing at least two Business Days prior to the Remittance Date) the CREFC® Intellectual Property Royalty License
Fee on a monthly basis. The Master Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are
on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance
with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in the Collection Account.

 

Section 3.12          Inspections;
Collection of Financial Statements. (a) The Master Servicer shall perform (at its own expense), or shall cause to be performed
(at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan or a Specially Serviced Loan) with a Stated Principal Balance of (i) $2,000,000 or more at least once every twelve
(12) months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing in the calendar
year 2017 (and each Mortgaged Property shall be inspected on or prior to December 31, 2018); provided, however,
that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer
has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be
required to perform, or cause to be performed, such physical inspection; provided, further, that if any scheduled
payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause
to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan
and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The cost of such inspection by the
Special Servicer pursuant to the second proviso of the immediately preceding sentence shall be an expense of the Trust, and, to
the extent not paid by the related Mortgagor, reimbursed first from Penalty Charges actually received from the related
Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that, with respect to a
Serviced Whole Loan, such cost shall be payable, subject to the terms of the related Intercreditor Agreement (i) with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or (ii) with respect to
a Serviced AB Whole Loan, first, from the related Serviced Subordinate Companion Loan and then, from the Serviced
AB Mortgage Loan (provided that, with respect to any Serviced Subordinate Companion Loan, the foregoing shall not limit
or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the
related Whole Loan are allocated to the related Serviced Mortgage Loan and Serviced Subordinate Companion Loan), in each case,
prior to being payable out of general collections. The Special Servicer or the Master Servicer, as applicable, shall prepare or
cause to be prepared a written report of each such inspection detailing the condition of and any damage to the Mortgaged Property
to the extent evident from the inspection and specifying the existence of (i) any vacancy at the Mortgaged Property that the preparer
of such report has knowledge of and the Master Servicer or Special Servicer, as applicable, deems material, (ii) any sale, transfer
or abandonment of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection,
(iii) any adverse change in the condition of the Mortgaged Property of which the preparer of such report has knowledge or that
is evident from the inspection, and that the Master Servicer or Special Servicer, as applicable, deems material,

 

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(iv)
any visible material waste committed on the Mortgaged Property of which the preparer of such report has knowledge or that is evident
from the inspection and (v) photographs of each inspected Mortgaged Property. The Special Servicer and the Master Servicer shall
promptly following preparation deliver or make available a copy (in electronic format) of each such report prepared by the Special
Servicer and the Master Servicer, respectively, to the other party, to the Directing Certificateholder ((i) prior to the occurrence
and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan that is a Specially Serviced
Loan). Within five (5) Business Days after request for copies of such reports by the Rating Agencies, the Special Servicer or
the Master Servicer, as applicable, shall deliver or make available a copy (in electronic format) of each such report prepared
by the Special Servicer and the Master Servicer, as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website for review by Privileged Persons. In respect of any Mortgage Loan other than an Excluded Loan that is
a Specially Serviced Loan and prior to the occurrence of a Consultation Termination Event, the Master Servicer shall deliver or
make available a copy of each such report to the Directing Certificateholder and upon request to each Controlling Class Certificateholder
(which request may state that such items may be delivered until further notice).

 

(b)          The
Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced
Loan, shall make reasonable efforts to collect promptly and review from each related Mortgagor quarterly and annual operating statements,
financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly and annual financial statements
of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents
and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion
Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan (and each Serviced Companion Loan)
documents. The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls
more than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents.
In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly
prepared in respect of each REO Property and shall collect all such items promptly following their preparation. The Special Servicer
shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master Servicer and the Special
Servicer, as applicable, shall deliver copies of all the foregoing items so collected to the Trustee, the Certificate Administrator,
the Directing Certificateholder and the Depositor, in electronic format, in each case within sixty (60) days of its receipt thereof,
but in no event, in the case of annual statements, later than June 30 of each year commencing 2017. Upon the request of any Privileged
Person (other than the NRSROs) to receive copies of such items, the Master Servicer or the Special Servicer, as applicable, shall
deliver electronic copies of such items to the Certificate Administrator to be posted on the Certificate Administrator’s
Website. The Master Servicer or Special Servicer, as applicable, shall deliver copies of all the foregoing items so collected thereby
to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

In addition, the Master
Servicer (with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans that are
not, and REO Properties that do not relate to, Non-Serviced Mortgage Loans), as applicable, shall prepare with respect to

 

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each
Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and REO Property:

 

(i)          Within
forty-five (45) days after receipt of a quarterly operating statement, if any, commencing within forty-five (45) days of receipt
of such quarterly operating statement for the quarter ending June 30, 2016, a CREFC® Operating Statement Analysis
Report (but only to the extent the related Mortgagor is required by the related Mortgage documents to deliver and does deliver,
or otherwise agrees to provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of
that calendar quarter, provided, however, that any analysis or report with respect to the first calendar quarter
of each year will not be required to the extent provided in the then current applicable CREFC® guidelines (it being
understood that as of the Closing Date, the applicable CREFC® guidelines provide that such analysis or report with
respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property is
analyzed on a trailing 12 month basis, or if the related Serviced Mortgage Loan is on the CREFC® Servicer Watch
List). The Master Servicer (with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall deliver or make available copies (in electronic format) of each CREFC®
Operating Statement Analysis Report and the related operating statements (in each case, promptly following the initial preparation
and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder
(with respect to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider, and the 17g-5 Information
Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

(ii)        Within
forty-five (45) days after receipt of an annual operating statement (if and to the extent any such information is in the form of
normalized year-end financial statements that have been based on a minimum number of months of operating results as recommended
by CREFC® in the instructions to the CREFC® guidelines) for each calendar year commencing within
forty-five (45) days of receipt of such annual operating statement for the calendar year ending December 31, 2016, a CREFC®
NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents to deliver
and does deliver, or otherwise agrees to provide and does provide, such information), presenting the computation to “normalize”
the full year net operating income and debt service coverage numbers used by the Master Servicer in preparing the CREFC®
Comparative Financial Status Report. The Master Servicer (with respect to Non-Specially Serviced Loans) or Special Servicer (with
respect to Specially Serviced Loans and REO Properties), as applicable, shall deliver or make available copies (in electronic format)
of each CREFC® NOI Adjustment Worksheet and the related operating statements or rent rolls (in each case, promptly
following the initial preparation and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder,
the related Companion Holder (with respect to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider,
and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

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(c)          At
or before 12:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause to
be delivered to the Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder,
the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC®
Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Loans (excluding,
for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged Property),
providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master Servicer
as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall include
data, to enable the Master Servicer to produce the following supplemental CREFC® reports: (i) a CREFC®
Delinquent Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan
Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v)
a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case
with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

 

(d)          Not
later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning March 2016, the Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the
following reports and data files: (A) to the extent the Master Servicer has received the CREFC® Special Servicer
Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC®
Loan Setup File (only with respect to the first Distribution Date), (C) the most recent CREFC® Property File, and
CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC®
Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and Master Servicer), (D) a CREFC®
Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File, (F)
CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC®
Total Loan Report and (I) the report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent
received from the Special Servicer, if any. Additionally, not later than 5:00 p.m. (New York City time) on the P&I Advance
Date beginning March 2016, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator
any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC®
REO Liquidation Reports received from the Special Servicer. Not later than 2:00 p.m. (New York City time) two (2) Business Days
prior to the Distribution Date beginning March 2016, the Master Servicer shall deliver or cause to be delivered to the Certificate
Administrator via electronic format the CREFC® Loan Periodic Update File. In no event shall any report described
in this subsection be required to reflect information that has not been collected by or delivered to the Master Servicer, or any
payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior to the Business
Day on which the report is due.

 

(e)          The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to
Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver or make available to the Certificate Administrator
the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error,

 

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conclusively
rely on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c).
The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master
Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master Servicer to the
Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in turn, based
on information or reports to be provided by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c)
and to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b)
or Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the Certificate
Administrator until it has received the requisite information or reports from the Special Servicer, and the Master Servicer shall
not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special Servicer’s
failure to timely provide any information or report required under Section 3.12(b) or Section 3.12(c) of this Agreement.

 

(f)          Notwithstanding
the foregoing, however, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to
be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent the Master Servicer
or Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the Special Servicer,
as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure of information
with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and Special Servicer may disclose any such information
or any additional information to any Person so long as such disclosure is consistent with applicable law and the Servicing Standard.
The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in
its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)          Unless
otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver any statement, report
or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement,
report or information in a commonly used electronic format or (z) making such statement, report or information available on the
Master Servicer’s website (with respect to items delivered by the Master Servicer) or the Certificate Administrator’s
Website, unless this Agreement expressly specifies a particular method of delivery.

 

Notwithstanding anything
to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements, reports or
other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator
and the Master Servicer or the Special Servicer, as the case may be. The Master Servicer or the Special Servicer may physically
deliver a paper copy of any such statement, report or information as a temporary measure due to system problems, however, copies
in electronic format shall follow upon the correction of such system problems.

 

Section 3.13     Access
to Certain Information. (a) Each of the Master Servicer and the Special Servicer shall provide or cause to be provided to the
Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller and to any

 

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Certificateholder
that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal Reserve System of
the United States of America and the supervisory agents and examiners of such boards and such corporations, and any other federal
or state banking or insurance regulatory authority that may exercise authority over any such Certificateholder, and to each Holder
of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans (other than any Non-Serviced
Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and
the Trust within its control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer
or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information
as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted
to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator on its own
behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs
incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge
but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian.

 

The failure of the Master
Servicer or Special Servicer to provide access as provided in this Section 3.13 as a result of a confidentiality obligation
shall not constitute a breach of this Section 3.13. In connection with providing information pursuant to this Section
3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer to any information provided by it
for which it is not the original source (without suggesting liability on the part of any other party hereto); (ii) affix to any
information provided by it a reasonable statement regarding securities law restrictions on such information and/or condition access
to information on (x) the execution of a confidentiality agreement substantially in the form of Exhibit X, or (y) execution
of a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s
or Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv)
withhold access to items of information contained in the Servicing File for any Mortgage Loan if the disclosure of such items is
prohibited by applicable law or the provisions of any related Mortgage Loan documents or would constitute a waiver of the attorney-client
privilege. Notwithstanding any provision of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer
to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of
this Agreement to the extent that the Master Servicer or the Special Servicer, as the case may be, determines, in its reasonable
good faith judgment consistent with the applicable Servicing Standard, that such disclosure would violate applicable law or any
provision of a Mortgage Loan or Companion Loan document prohibiting disclosure of information with respect to the Mortgage Loans
or Companion Loans or the Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or
otherwise materially harm the Trust. Without limiting the generality of the foregoing, the Master Servicer or Special Servicer
may refrain from disclosing information that it reasonably determines would prejudice the interest of the Certificateholders with
respect to a workout or exercise of remedies as to any particular Mortgage Loan.

 

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Notwithstanding the limitation
set forth in the next succeeding paragraph, upon the reasonable request of any Certificateholder (or with respect to any Serviced
Subordinate Companion Loan, the holder of such Serviced Subordinate Companion Loan) that has delivered an Investor Certification
to the Master Servicer or the Special Servicer, as applicable, the Master Servicer (with respect to Non-Specially Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans), as applicable, may provide (or forward electronically) or make
available at the expense of such Certificateholder or holder of such Serviced Subordinate Companion Loan, as applicable, copies
of any appraisals, operating statements, rent rolls and financial statements (in each case, solely relating to the related Serviced
Whole Loan or Serviced AB Whole Loan, if requested by the holder of a Serviced Subordinate Companion Loan, as the case may be)
obtained by the Master Servicer or the Special Servicer, as the case may be; provided that, in connection with such request,
the Master Servicer or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person
substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, generally
to the effect that such Person will keep such information confidential and shall use such information only for the purpose of analyzing
asset performance and evaluating any continuing rights the Certificateholder or holder of such Serviced Subordinate Companion Loan,
as applicable, may have under this Agreement.

 

Notwithstanding anything
to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as specifically
provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court order, no Certificateholder
or beneficial owner shall be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

 

(b)          The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements,
Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the general
public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items were prepared
by or delivered to the Certificate Administrator in electronic format:

 

(i)            The
following documents, which will initially be made available under a tab or heading designated “deal documents”:

 

(A)          the
Prospectus and any other disclosure document relating to the Offered Certificates, in the form most recently provided to the Certificate
Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)          this
Agreement and any amendments and exhibits hereto;

 

(C)          any
Sub-Servicing Agreements delivered to the Certificate Administrator on or after the Closing Date;

 

(D)          the
Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

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(E)          the
CREFC® Loan Setup File provided by the Master Servicer to the Certificate Administrator;

 

(ii)           the
following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)         any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)          The
following documents, which will initially be made available under a tab or heading designated “periodic reports”:

 

(A)         all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)          the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance
reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including,
without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheets), the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this
Agreement from time to time; and

 

(C)          all
Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

(iv)          The
following documents, which will initially be made available under a tab or heading designated “additional documents”:

 

(A)         summaries
of Final Asset Status Reports or, prior to a Serviced AB Control Appraisal Period, summaries of Asset Status Reports approved by
the holder of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section
3.19(d);

 

(B)          all
property inspection reports and environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(a);
and

 

(C)          any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

(v)           The
following documents, which will initially be made available under a tab or heading designated “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.09(d);

 

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(B)          any
notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

(C)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(h);

 

(D)          any
notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered
pursuant to Section 7.01;

 

(E)          any
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required
to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)          any
Asset Review Report Summary received by the Certificate Administrator;

 

(G)          any
notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

(H)          any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(I)           any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(J)           any
notice of resignation or termination of the Master Servicer or Special Servicer pursuant to Section 7.03;

 

(K)         any
notice of termination pursuant to Section 9.01;

 

(L)          any
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance
of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26
or Section 12.03, respectively;

 

(M)        any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section
7.01(d), the Operating Advisor pursuant to Section 3.26(k) or the Asset Representations Reviewer pursuant to Section
12.05(b);

 

(N)         any
notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the
Operating Advisor in connection with such recommendation;

 

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(O)          any
notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

 

(P)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(Q)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(R)          any
assessments of compliance delivered to the Certificate Administrator; and

 

(S)          any
attestation reports delivered to the Certificate Administrator;

 

(T)          any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.06;

 

(U)          any
Proposed Course of Action Notice;

 

(vi)          the
“Investor Q&A Forum” pursuant to Section 4.07(a); and

 

(vii)         solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section
4.07(b).

 

The Certificate Administrator
shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A) and (B)
above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and on terms acceptable
to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports related to the
Mortgage Loans available through its Internet website.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower
Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only
be prohibited with respect to the related Excluded Controlling Class Loan(s)).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate
Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form (or, solely with respect to the Master Servicer,
in electronic form) of an investor certification substantially in the forms of Exhibit P-1D and Exhibit P-1B and
upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit
P-1F, which shall

 

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include
each of the CTSLink User ID associated with such Excluded Controlling Class Holder, all information (other than the Excluded Information
with respect to any Excluded Controlling Class Loans (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans))
available on the Certificate Administrator’s Website.

 

In the case of the Directing
Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an
investor certification substantially in the form of Exhibit P-1B hereto, such Directing Certificateholder or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit P-1B hereto from the Directing Certificateholder or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
P-1D hereto from the Directing Certificateholder or a Controlling Class Certificateholder to the effect that such Person is
an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing
Certificateholder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly
notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee
in writing substantially in the form of Exhibit P-1D that such party has become an Excluded Controlling Class Holder with
respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate Administrator a
notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such Excluded Controlling
Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the
Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from the Certificate
Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new investor certification
substantially in the form of Exhibit P-1E to access the information on the Certificate Administrator’s Website, except
that such Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling
Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access
shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available on the Certificate Administrator’s
Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the
Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information”
prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s
Website such Excluded Information (and, if possible at a later time, on loan-by-loan basis) from information relating to other
Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding anything
herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial owners of the Certificates of
the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator, as applicable, has received a notice substantially in the form of Exhibit
P-1D from

 

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the
Directing Certificateholder or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder.
None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for
any communication to the Directing Certificateholder or a Controlling Class Certificateholder that is an Excluded Controlling
Class Holder or disclosure of any information relating to an Excluded Controlling Class Loan (including any related Excluded Information
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website) if the Master Servicer,
the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice
that the related Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information
posted on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in
accordance with Section 3.33.

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on delivery
from the Directing Certificateholder or a Controlling Class Certificateholder of an investor certification substantially in the
form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder. To the extent the Directing Certificateholder
or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate
Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Certificateholder or Controlling
Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information
to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing
Certificateholder or Controlling Class Certificateholder or any of its Affiliate involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator
makes no representation or warranty as to the accuracy or completeness of any report, document or other information made available
on its Internet website and assumes no responsibility therefor, other than with respect to such reports, documents or other information
prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim responsibility for any information
distributed by it for which it is not the original source. Notwithstanding anything herein to the contrary, the Certificate Administrator
shall not be liable for any disclosure of information relating to any Excluded Controlling Class Loan to the extent such information
was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate Administrator for posting
to the Certificate Administrator’s Website and not properly identified as relating to any Excluded Controlling Class Loan.

 

In connection with providing
access to the Certificate Administrator’s Website (other than with respect to access provided to the general public in accordance
with Section 3.13(b), the Certificate Administrator may require registration and the acceptance of a disclaimer. The Certificate
Administrator shall not be liable for the dissemination of information

 

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in
accordance herewith. Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s
CMBS customer service desk at (866) 846-4526.

 

(c)          The
17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such items
are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “MSBAM 2016-C28” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any
other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)            any
notices of waivers under Section 3.08(d);

 

(ii)           any
Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)          any
notice of final payment on the Certificates;

 

(iv)          any
environmental reports delivered by the Special Servicer under Section 3.09(e);

 

(v)          any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)         any
annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

 

(vii)        any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)       any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency
Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

(ix)          copies
of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)           any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)          any
notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(xii)         any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

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(xiii)        any
notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.01;

 

(xiv)        any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)         any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(viii);

 

(xvi)        any
Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)       any
summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward
the Master Servicer, Special Servicer, Certificate Administrator or Trustee regarding any of the information delivered to the 17g-5
Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation or regarding
any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion Loan, the related
Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable Intercreditor Agreement;
provided that the summary of such oral communication shall not identify the Rating Agency with whom the communication was
held pursuant to Section 3.13(f);

 

(xviii)      any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section
2.03(b), Section 3.07(a), Section 3.12, Section 3.17(c), Section 3.18(g); Section 11.09
or Section 11.10; and

 

(xix)        any
other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. Information will be
posted on the same Business Day of receipt provided that such information is received by 2:00 p.m., New York City time,
or, if received after 2:00 p.m., New York City time, on the next Business Day by 12:00 p.m., New York City time . The 17g-5 Information
Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is
accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event
that any information is delivered or posted in error, each of the Certificate Administrator and the 17g-5 Information Provider
may remove such information from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information
Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information merely by posting such
information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website to the extent such
information was not produced by the Certificate Administrator or the 17g-5 Information Provider, as applicable. Access will be
provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit P-2
hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a

 

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Rating
Agency requests access to the 17g-5 Information Provider’s Website, access shall be granted by the 17g-5 Information Provider
on the same Business Day, provided that such request is made prior to 2:00 p.m., New York City time, on such Business Day
or, if received after 2:00 p.m., New York City time, on the following Business Day. Questions regarding delivery of information
to the 17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically
referencing “MSBAM 2016-C28” in the subject line).

 

Upon request of the Depositor
or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional
information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information
Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information Provider disclose
on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall notify each Person that has signed-up for access
to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional
document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document
in the subject line or otherwise in the body of the email notice. The 17g-5 Information Provider shall send such notice to such
Person’s email address provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s
Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in
connection with a completed NRSRO Certification in the form of Exhibit P-2 hereto

 

Any information required
to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic mail
at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “MSBAM 2016-C28” and an
identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic
mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information
Provider.

 

(d)          Certain
information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC®
reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be
provided by the Certificate Administrator at the direction of the Depositor to third parties (including Asset Reviewers, LLC, BlackRock
Financial Management, Inc., Bloomberg, L.P., Trepp, LLC, CMBS.com, Inc., Interactive Data Corp., Intex Solutions, Inc., Markit
Group Limited and Thomson Reuters Corporation) with the consent of the Depositor, and providing such information shall not constitute
a breach of this Agreement by the Certificate Administrator. Such information will be made available to such third parties upon
receipt of a certificate in the form of Exhibit P-3 hereto, which certification may be submitted electronically via the
Certificate Administrator’s Website.

 

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(e)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information relating to the Mortgage
Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties (other than any
Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and any other Persons
who deliver an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively, the “Disclosure
Parties”) (in the case of deliveries to a Rating Agency, only to the extent such additional information is simultaneously
delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance with the
provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this Agreement (including without
limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged Information),
applicable law or by the related Mortgage Loan documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor and the Rating Agencies, enter into (x) an Investor
Certification, (y) a confidentiality agreement substantially in the form of Exhibit X or (z) a “click-through”
confidentiality agreement if such information is being provided through the Master Servicer’s or Special Servicer’s
website, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to
any other Disclosure Party. In addition, to the extent access to such information is provided via the Master Servicer’s or
the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance
of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the information described in this Section 3.13(e) to current or prospective
Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall
be: (i) in the case of a Certificateholder, an Investor Certification executed by the requesting Person indicating that such Person
is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information
(x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any
Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective
ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates
or interests therein or an investment advisor related thereto, an Investor Certification indicating that such Person is a prospective
purchaser of a Certificate or an interest therein or an investment advisor related thereto and is requesting the information for
use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination
(except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of
a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification
shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be

 

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responsible
or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant
to this Section 3.13 unless such information was produced by the Master Servicer or Special Servicer, as applicable.

 

(f)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated) to
orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the Mortgage
Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related Intercreditor
Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in
writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in Section
3.13(c) the same day such communication takes place; provided, further that the summary of such oral communications
shall not identify which Rating Agency the communication was with. The 17g-5 Information Provider shall post such written summary
on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.13(c).

 

(g)          The
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating Advisor such
reports and other information produced or otherwise available to the Directing Certificateholder (other than, prior to the occurrence
and continuance of a Control Termination Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders
generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic
format.

 

(h)          None
of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer’s or the Special Servicer’s, as applicable, servicing operations in general;
provided that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as
applicable, shall not provide any information relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO
in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific
identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded
on to the 17g-5 Information Provider’s Website or (z) the Rating Agency confirms that it does not intend to use such information
in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies
may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability
results from a breach of this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information
Provider’s

 

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Website
(or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.13(h).

 

(i)          The
costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto shall
not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section
3.14     Title to REO Property; REO Account. (a) If title to any Mortgaged Property is acquired (directly or through
a single member limited liability company established for that purpose) and thus becomes REO Property, the deed or
certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent
with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on behalf of the
Certificateholders and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced Companion Loan.
REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.14. The
Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall sell any REO
Property prior to the close of the third calendar year following the year in which the Trust acquires ownership of such REO
Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code,
unless the Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days prior to the
close of the third calendar year in which it acquired ownership (or the period provided in the then applicable REMIC
Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue
Service to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of Counsel,
addressed to the Trustee and the Certificate Administrator, to the effect that the holding by the Trust of such REO Property
subsequent to the close of the third calendar year following the year in which acquisition occurred will not cause an Adverse
REMIC Event. If the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the
immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the
immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted
by such REO Extension or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in
connection with its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its
obtaining the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of
the Trust payable out of the Collection Account pursuant to Section 3.05(a).

 

(b)          The
Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one
or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable, on behalf of
any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the Lower-Tier Regular
Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO Account shall be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the REO Account, within one (1) Business Day after receipt
of properly identified funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received in respect

 

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of
an REO Property. Funds in the REO Account may be invested in Permitted Investments in accordance with Section 3.06. The
Special Servicer shall give notice to the Trustee, the Certificate Administrator, and the Master Servicer of the location of the
REO Account when first established and of the new location of the REO Account prior to any change thereof.

 

(c)          The
Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring, leasing, maintenance
and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating to such REO Property.
On or prior to each Determination Date (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced
Whole Loan Remittance Date), the Special Servicer shall withdraw from the REO Account and remit to the Master Servicer, which shall
deposit into the Collection Account (or the Companion Distribution Account, as applicable), the aggregate of all amounts received
in respect of each REO Property during the most recently ended Collection Period, net of (i) any withdrawals made out of such amounts
pursuant to the preceding sentence and (ii) Net Investment Earnings on amounts on deposit in the REO Account; provided,
however, that the Special Servicer may retain in such REO Account, in accordance with the Servicing Standard, such portion
of such balance as may be necessary to maintain a reasonable reserve for repairs, replacements, leasing, management and tenant
improvements and other related expenses for the related REO Property. In addition, on or prior to each Determination Date (or with
respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer
shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit in the Collection
Account, as applicable, on such date. The Master Servicer shall apply all such amounts as instructed by the Special Servicer on
the Determination Date (or with respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance Date) for the related
Distribution Date.

 

(d)          The
Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for all
deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section 3.15     Management
of REO Property. (a) If title to any REO Property is acquired, the Special Servicer shall manage, consent, protect, operate
and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the benefit of the Certificateholders and the
related Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its timely
disposition and sale in a manner that does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder
of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in an
Adverse REMIC Event. Subject to the foregoing, however, the Special Servicer shall have full power and authority to do any and
all things in connection therewith as are in the best interests of and for the benefit of the Certificateholders (and, in the
case of each Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests)
all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case
may be) (as determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding
anything to the contrary herein, REO Property

 

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with
respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.15. Subject to this Section 3.15,
the Special Servicer may allow the Trust or any commercial mortgage securitization that holds any Serviced Companion Loan to earn
“net income from foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that earning
such income is in the best interests of Certificateholders and, if applicable, any related Companion Holder(s) on a net after-tax
basis as compared with net leasing such REO Property or operating such REO Property on a different basis. In connection therewith,
the Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later than one (1) Business Day
following receipt of such properly identified funds) in the applicable REO Account all revenues received by it with respect to
each REO Property and the related REO Loan, and shall withdraw from the REO Account, to the extent of amounts on deposit therein
with respect to such REO Property, funds necessary for the proper operation, management, leasing and maintenance of such REO Property,
including, without limitation:

 

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

 

(ii)           all
real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)          any
ground rents in respect of such REO Property, if applicable; and

 

(iv)          all
costs and expenses necessary to maintain and lease such REO Property.

 

To the extent that amounts
on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i)
through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special
Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its own funds such amount
as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee, the Special
Servicer, the Depositor, the Certificate Administrator and (in respect of any Mortgage Loan other than an Excluded Loan, and prior
to the occurrence of a Consultation Termination Event) the Directing Certificateholder) such advances would, if made, constitute
Nonrecoverable Servicing Advances.

 

(b)          Without
limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)            permit
the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its terms will give
rise to any income that does not constitute Rents from Real Property;

 

(ii)           permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)          authorize
or permit any construction on any REO Property, other than the completion of a building or other improvement thereon, and then
only if more than 10% of the construction of such building or other improvement was completed before default on the related Mortgage
Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

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(iv)          Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more
than ninety (90) days after its acquisition date;

 

unless, in any such case, the Special Servicer
has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect
that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of
Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer may
take such actions as are specified in such Opinion of Counsel.

 

(c)         The
Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety
(90) days of the acquisition date thereof, provided that:

 

(i)            the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)           the
fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the
nature and locality of the Mortgaged Property;

 

(iii)          any
such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses
incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in subsection
(a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the Special Servicer
upon receipt;

 

(iv)          none
of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations hereunder with respect to the operation
and management of any such REO Property; and

 

(v)           the
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(d)           When
and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer a statement
prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes,
resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to
the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property in
accordance with Sections 3.15(a) and 3.15(b).

 

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Section 3.16     Sale
of Defaulted Loans and REO Properties. (a) (i) Within thirty (30) days after a Defaulted Loan has become a Specially
Serviced Loan, the Special Servicer shall order (but shall not be required to have received) an Appraisal and within thirty (30)
days of receipt of the Appraisal shall determine the fair value of such Defaulted Loan in accordance with the Servicing Standard;
provided, however, that if the Special Servicer is then in the process of obtaining an Appraisal with respect to
the related Mortgaged Property, the Special Servicer shall make its fair value determination as soon as reasonably practicable
(but in any event within thirty (30) days) after its receipt of such an Appraisal. The Special Servicer may, from time to time,
adjust its fair value determination based upon changed circumstances, new information and other relevant factors, in each instance
in accordance with a review of such circumstances and new information in accordance with the Servicing Standard including, without
limitation, the period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state
of the local economy; provided that the Special Servicer shall promptly notify the Master Servicer in writing of the initial
fair value determination and any adjustment to its fair value determination.

 

(ii)           If
any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent
otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect to a Specially
Serviced Loan) or the Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly notify in writing the other,
any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under the Intercreditor
Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine lender, as applicable,
will, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase the related Mortgage Loan
and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)          If
any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder
or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable
efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related Serviced Companion
Loan in such manner as will be reasonably likely to realize a fair price, if and when the Special Servicer determines, consistent
with the Servicing Standard, that no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection
of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and, if applicable, the related
Companion Holder. In the case of the Non-Serviced Mortgage Loan, under certain limited circumstances permitted under the related
Intercreditor Agreement, to the extent that such Non-Serviced Mortgage Loan is not sold together with the Non-Serviced Companion
Loan by the Non-Serviced Special Servicer, the Special Servicer will be entitled to sell (with the consent of the Directing Certificateholder
if no Control Termination Event has occurred and is continuing and such Non-Serviced Mortgage Loan is not an Excluded Loan) such
Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests
of the Certificateholders. The Special Servicer

 

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is
required to give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and (other than in respect
of any Excluded Loan) the Directing Certificateholder not less than ten (10) days’ prior written notice of its intention
to sell any Defaulted Loan. In the absence of a cash offer at least equal to the Purchase Price, the Special Servicer may purchase
the Defaulted Loan for the Purchase Price or may accept the first cash offer received from any Person that constitutes a fair
price for the Defaulted Loan.

 

(iv)          (A)
In the case of a Specially Serviced Loan which is a continuing Defaulted Loan, in the absence of any offer at least equal to the
Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer for such price), the Special Servicer
may solicit offers and, subject to subclause (B) below, accept the highest offer received from any Person that is determined
by the Special Servicer to be a fair price for such Specially Serviced Loan, if the offeror is a Person other than an Interested
Person. In determining whether any first or highest offer from a Person other than an Interested Person constitutes a fair price
for any Defaulted Loan, the special servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal
or narrative appraisal that it may have obtained pursuant to this Agreement within the prior nine (9) months), among other factors,
the period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local
economy. If the first or highest offeror is an Interested Person (provided that the Trustee or its Affiliates may not be
an offerors), the Trustee shall determine whether the offer constitutes a fair price unless such offer by an Interested Person
(i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received. Absent an offer at least
equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (x) it is the highest offer
received and (y) at least two other offers are received from independent third parties. In determining whether any offer received
from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal
(or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding
nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph,
the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested Person) designate
an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience
in valuing loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the
Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee
designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee
will not engage a third party expert whose fees exceed a commercially reasonable amount as determined

 

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by
the Trustee. The Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested
Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense
shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to
use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the
Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Loan.

 

(B)          The
Special Servicer will not be obligated to accept the first or highest offer if the Special Servicer determines (with respect to
any Mortgage Loan other than an Excluded Loan, in consultation with the Directing Certificateholder (unless a Consultation Termination
Event shall have occurred and be continuing) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced
Whole Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related
Intercreditor Agreement), that the rejection of such offer would be in the best interests of the Holders of Certificates and, in
the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as
a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender).
In addition, the Special Servicer may accept a lower offer from any Person other than the Special Servicer or an Affiliate if it
determines, in its reasonable and good faith judgment, that the acceptance of such offer would be in the best interests of the
Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan,
the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder
constituted a single lender) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations,
or the terms offered by the prospective buyer making the lower offer are more favorable); provided that the offeror is not
the Special Servicer or a Person that is an Affiliate of the Special Servicer. The Special Servicer shall use reasonable efforts
to sell all Defaulted Loans prior to the Rated Final Distribution Date. For the avoidance of doubt, the Trustee shall have no obligation
to make any fair value determination, to the extent required to do so pursuant to this Section 3.16, on the basis of anything
other than the related Appraisal.

 

(v)           Unless
and until any Specially Serviced Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other
resolution strategies with respect to such Specially Serviced Loan, including, without limitation, workout and foreclosure, as
the Special Servicer may deem appropriate, consistent with the Asset Status Report and the Servicing Standard and the REMIC Provisions.

 

 (b)          (i)
(A) The Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan, such
purchase shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The

 

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Special
Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall be a sale
of the entire REO Property, including the portion relating to the related Companion Loan), if and when the Special Servicer determines,
consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the related Companion
Holders. The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate Administrator
and, in respect of any Mortgage Loan other than an Excluded Loan and prior to the occurrence of a Consultation Termination Event,
the Directing Certificateholder, not less than ten (10) days’ prior written notice of the Purchase Price and its intention
to (i) purchase any REO Property at the Purchase Price therefor or (ii) sell any REO Property, in which case the Special Servicer
shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase Price
therefor. To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate
of the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act
as broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission
that does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered
into at arm’s length.

 

(B)          In
the absence of any such offer as set forth in subclause (A) above, the Special Servicer shall, subject to subclause (C)
below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by the
Special Servicer, if the highest bidder is a Person other than an Interested Person (provided that the Trustee or its Affiliates
may not be offerors), or (2) by the Trustee, if the highest bidder is an Interested Person unless such offer by an Interested Person
(i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received; provided, however,
that absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless
(A) it is the highest offer received and (B) at least two other offers are received from independent third parties. Notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for
or purchase any REO Property pursuant hereto.

 

(C)          The
Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the Special
Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of
the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective
whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, the Special
Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would
be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder,
and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered
by the prospective buyer making the lower offer are more

 

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favorable);
provided that the offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer.

 

(D)          In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of
demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special
Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested
Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or,
if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed
to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local economy
and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)        Subject
to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders in negotiating
and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection
of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation or warranty
by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties of title,
so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the terms of this Agreement,
none of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor nor the
Trustee shall have any liability to the Trust or any Certificateholder or related Companion Holder (if applicable) with respect
to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(c)          Any
sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations
thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)          With
respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement,
if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell the

 

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related
Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer shall sell
the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require that all offers
be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder as to whether
any cash offer constitutes a fair price for a Serviced Whole Loan, such determination shall be made by the Trustee if the offeror
is an Interested Person. Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the related Mortgage
Loan together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written
consent of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if
the holder of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer
has delivered to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written
notice of any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date,
a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection
with any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for
such Serviced Pari Passu Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related
Serviced Pari Passu Companion Loan that are material to the sale price of the Serviced Pari Passu Whole Loan; and (d) until the
sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Certificateholder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale. The holder of
the related Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit an offer at any sale of such
Whole Loan; however, the related Mortgagor and its agents and Affiliates shall not be permitted to submit an offer at such
sale. Notwithstanding the foregoing, with respect to each Serviced Whole Loan, the holder of the related Companion Loan may waive
any of the delivery or timing requirements set forth in this paragraph with respect to the related Whole Loan. If the Trustee
is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option
and at the expense of the offering Interested Person purchaser) designate an independent third party expert in real estate or
commercial mortgage loan matters with at least five (5) years’ experience in valuing loans similar to the subject Mortgage
Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for
such Mortgage Loan. The Trustee shall act in a commercially reasonable manner in making such determination. If the Trustee designates
such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer
shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such expense is not
paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to
the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with
the Servicing Standard to collect such amounts from the applicable Interested Person.

 

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(e)        (i)
Notwithstanding anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement,
the holder of the related Serviced Subordinate Companion Loan for each applicable Serviced Whole Loan will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the Serviced Subordinate Companion
Loan shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related
Intercreditor Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder of such Serviced Subordinate
Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related
Serviced Subordinate Companion Loan will no longer be subject to this Agreement.

 

  (ii)         Notwithstanding
anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage
Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Intercreditor
Agreement.

 

(f)         Unless
otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will be on
a servicing released basis.

 

(g)        In
the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant
to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

Section 3.17     Additional
Obligations of Master Servicer and Special Servicer. (a) The Master Servicer shall deliver all Compensating Interest Payments
(other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account on each P&I Advance Date, without any right of reimbursement
therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu
Companion Loan to the Companion Paying Agent for deposit in the Companion Distribution Account on each P&I Advance Date, without
any right of reimbursement therefor.

 

(b)         The
Master Servicer or the Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required
to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

 

(c)         Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account
and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in
its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance
pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to defer such reimbursement for such portion of
the Nonrecoverable Advance during the one month collection period ending on the then-current Determination Date, for successive
one-month periods for a total period not to exceed twelve (12) months (provided that, with respect to any Mortgage Loan
other than an Excluded Loan, any such deferral exceeding six (6) months shall require, prior to the occurrence

 

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and continuance
of any Control Termination Event, the consent of the Directing Certificateholder), and any election to so defer or not to defer
shall be deemed to be in accordance with the Servicing Standard. If the Master Servicer or the Trustee makes such an election at
its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance
(together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue
to be fully reimbursable in the subsequent collection period (subject, again, to the same sole option to defer; it is acknowledged
that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as
described above prior to payment from other collections). In connection with a potential election by the Master Servicer or the
Trustee to defer the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one month collection period
ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized
to wait for principal collections on the Mortgage Loans to be received until the end of such collection period before making its
determination of whether to defer the reimbursement of a particular Nonrecoverable Advance or portion thereof); provided,
however, that if, at any time the Master Servicer or the Trustee, as applicable, elects, in its sole discretion, not to
refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable Advance during a one-month
collection period will exceed the full amount of the principal portion of general collections on or in respect of Mortgage Loans
deposited in the Collection Account for such Distribution Date, then the Master Servicer or the Trustee, as applicable, shall use
its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice of such determination for posting
on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless extraordinary circumstances make such
notice impractical, which shall mean that (i) the Master Servicer or the Trustee, as the case may be, determines in its sole discretion
that waiting fifteen (15) days after such a notice could jeopardize its ability to recover such Nonrecoverable Advance, (ii) changed
circumstances or new or different information becomes known to the Master Servicer or the Trustee, as the case may be, that could
affect or cause a determination of whether any Advance is a Nonrecoverable Advance or whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (i) above, or (iii) in the case of the Master Servicer, it has not timely received
from the Trustee information required by the Master Servicer to determine whether to defer reimbursement for a Nonrecoverable Advance.
If any of the circumstances described in clause (i), (ii) or (iii) of the foregoing sentence apply, the Master
Servicer or Trustee, as applicable, shall give the 17g-5 Information Provider a notice for posting of the anticipated reimbursement
as soon as reasonably practicable. Notwithstanding the foregoing, failure to give notice as required by the preceding or second
preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s election whether to refrain from obtaining
such reimbursement or right to obtain such reimbursement as described in this Section 3.17(c). Nothing herein shall give
the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal
collections then available in the Collection Account pursuant to Section 3.05(a)(v). The Master Servicer or the Trustee,
as applicable, shall have no liability for any loss, liability or expenses resulting from any notice provided to the Rating Agencies
contemplated by this Section 3.17(c).

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this section or to comply with the terms of this

 

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section and the other provisions
of this Agreement that apply once such an election, if any, has been made; provided, however, that the fact that
a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders to the
detriment of other classes shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute a
violation of the Servicing Standard and/or with respect to the Trustee (solely in its capacity as Trustee), constitute a violation
of any fiduciary duty to Certificateholders or any contractual obligation hereunder. If the Master Servicer or the Trustee, as
applicable, determines, in its sole discretion, to fully recover the Nonrecoverable Advances immediately instead of deferring such
reimbursement, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Account for such Distribution Date
(deemed first from principal and then interest). Any such election by any such party to refrain from reimbursing
itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more collection
periods shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to
the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, agreement
to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders.
Nothing herein shall be deemed to create in the Certificateholders a right to prior payment of distributions over the Master Servicer’s
or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and accrued interest thereon.
In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed
to be in accordance with the Servicing Standard and none of the Master Servicer, the Trustee or the other parties to this Agreement
shall have any liability to one another or to any of the Certificateholders or any of the Companion Holders for any such election
that such party makes as contemplated by this section or for any losses, damages or other adverse economic or other effects that
may arise from such an election, nor shall such election constitute a violation of the Servicing Standard or any duty under this
Agreement. Neither the Master Servicer nor the Trustee shall have any liability whatsoever for making an election, or refraining
from making an election, that is authorized under this Section 3.17(c).

 

No determination by the
Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances and/or interest
thereon under this section shall be construed as an agreement by the Master Servicer (or the Trustee, as applicable) to subordinate
(in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period
of deferral.

 

With respect to any modification
or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the
Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment,
which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c).

 

(d)          With
respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require the
lender to), at its option, prior

 

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to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts
held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or Special Servicer,
as applicable, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve
account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such amount may be used,
if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or Serviced Whole Loan),
or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

(e)          Within
one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the Master Servicer or
the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any such modification or amendment
of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

Section
3.18     Modifications, Waivers, Amendments and Consents. (a) Except as set forth in Section
3.08(a), Section 3.08(b), Section 3.08(e), this Section 3.18(a), Section 3.18(d), Section
3.18(h), Section 3.18(i) and Section 6.08, but subject to any other conditions set forth thereunder
(including, without limitation, the Special Servicer’s consent rights pursuant to this subsection (a) with
respect to any modification, waiver or amendment that constitutes a Major Decision) and, with respect to any Mortgage Loan
(other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (and with respect to any Serviced Whole Loan, subject
to the rights of the related Companion Holder, as applicable, to advise or consult with the Master Servicer or Special
Servicer, as applicable, with respect to, or to consent to, a modification, waiver or amendment, in each case, pursuant to
the terms of the related Intercreditor Agreement), the Master Servicer shall not modify, waive or amend the terms of a
Non-Specially Serviced Loan and/or Companion Loan (if any such action constitutes a Major Decision) without the prior written
consent of the Special Servicer (it being understood that the Master Servicer will promptly provide the Special Servicer with
notice of any request for such modification, waiver or amendment, the Master Servicer’s written recommendation and
analysis, and all information reasonably available to the Master Servicer that may be reasonably requested by the
Special Servicer in order to grant or withhold such consent); provided that such consent shall be deemed given (unless
earlier objected to by the Special Servicer) fifteen (15) Business Days after the Special Servicer’s receipt of the
Master Servicer’s written recommendation and analysis with respect to such modification, waiver or amendment and all
information reasonably requested by the Special Servicer, and reasonably available to the Master Servicer, in order to grant
or withhold such consent; and provided, further, that no extension entered into pursuant to this Section
3.18(a) shall extend the Maturity Date beyond the earlier of (i) five (5) years prior to the Rated Final Distribution
Date and (ii) in the case of a Mortgage Loan secured solely or primarily by a leasehold estate and not also the related fee
interest, the date twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration to the
remaining term of the Ground Lease, ten (10) years, prior to the expiration of such leasehold estate. If such extension would
extend the Maturity Date of such Mortgage Loan and/or related Companion Loan for more than twelve (12) months from and after
the original Maturity Date of such Mortgage Loan and/or related Companion Loan and such Mortgage Loan and/or related
Companion Loan is not in default or default with respect thereto is not reasonably foreseeable, prior to any such extension,
the Master Servicer shall (1) provide the Trustee, the Certificate

 

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Administrator, the Special Servicer, the Operating Advisor and ((i) prior to the occurrence of a Consultation
Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder, with an Opinion of Counsel
(at the expense of the related Mortgagor to the extent permitted under the Mortgage Loan documents and, if not required or permitted
to be paid by the Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d)) that such extension
would not constitute a “significant modification” of the Mortgage Loan and/or Serviced Companion Loan within the meaning
of Treasury Regulations Section 1.860G-2(b) and (2) subject to the Servicing Standard, ((i) prior to the occurrence and continuance
of a Control Termination Event and (ii) other than with respect to an Excluded Loan) obtain the consent of the Directing Certificateholder
(or (i) after the occurrence and during the continuance of a Control Termination Event, but prior to a Consultation Termination
Event and (ii) other than with respect to any Excluded Loan, upon consultation with the Directing Certificateholder pursuant to
Section 6.08 hereof) (which consent or consultation shall be coordinated through the Special Servicer).

 

Subject to Section
6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor
the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels
of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of
the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable
unless (i) the Master Servicer or the Special Servicer, as applicable, obtains Rating Agency Confirmation from each Rating Agency
(and delivers such Rating Agency Confirmation to the Directing Certificateholder, if permitted by the applicable Rating Agency)
and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25)) and (ii) such substitution would not be a “significant modification”
of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise
cause an Adverse REMIC Event (and the Master Servicer or Special Servicer, as applicable, may obtain and rely upon an Opinion of
Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the related Mortgage Loan documents, and if
so prohibited, at the expense of the Trust) with respect thereto).

 

In connection with (i)
the release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property
from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property),
or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan
documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the
related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value
of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification
of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude the

 

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value of
personal property and going concern value, if any, as determined by an appropriate third party.

 

If, following any such
release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable,
shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor
provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan
will not fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code.

 

(b)          If
the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness or deferral
of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral)
of the terms of a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a payment
default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable (as evidenced by an Officer’s
Certificate of the Special Servicer), is reasonably likely to produce a greater recovery on a net present value basis (the relevant
discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable, the Companion Holders, as the holders
of the related Serviced Companion Loan, than liquidation of such Specially Serviced Loan, then the Special Servicer may agree to
a modification, waiver or amendment of such Specially Serviced Loan, subject to (x) the provisions of this Section 3.18(b)
and Section 3.18(c), (y) with respect to any Mortgage Loan other than any Excluded Loan, prior to the occurrence and continuance
of a Control Termination Event, the approval of the Directing Certificateholder (or after the occurrence and during the continuance
of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Directing Certificateholder)
as provided in Section 6.08; provided that with respect to any Serviced AB Whole Loan, prior to the occurrence and
continuance of a related Serviced AB Control Appraisal Period, the approval of the holder of the related Serviced Subordinate Companion
Loan will be required to the extent set forth in the related Intercreditor Agreement and the Directing Certificateholder shall
have no consent or consultation rights regarding the matter; and (z) additionally, with respect to a Serviced Whole Loan, the rights
of the related Serviced Companion Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) with
mezzanine debt, the rights of the related mezzanine lender, to advise or consult with the Special Servicer with respect to, or
consent to, such modification, waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement
or mezzanine intercreditor agreement, as applicable; provided that in the case of any release or substitution of
collateral (other than a defeasance), the Special Servicer shall have obtained an Opinion of Counsel that such release or substitution
would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)
or otherwise cause an Adverse REMIC Event. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless
of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor,
on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative
actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08
for consulting with the Operating Advisor.

 

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The Special Servicer
shall use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize prior to the Rated
Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially Serviced Loan if
such modification, waiver or amendment would (1) extend the maturity date of any such Specially Serviced Loan to a date occurring
later than the earlier of (a) five (5) years prior to the Rated Final Distribution Date and (b) if such Specially Serviced Loan
is secured solely or primarily by a leasehold estate and not also the related fee interest, the date occurring twenty (20) years
or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the ground lease and,
((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan)
with the consent of the Directing Certificateholder, ten (10) years prior to the expiration of such leasehold estate (including
any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral
of interest unless interest accrues on the related Mortgage Loan, generally at the related Mortgage Rate.

 

(c)          Any
provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan is in
default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall be collected
by any Master Servicer or Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or
any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof is specified
in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver or amendment to be a
“significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)          To
the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a), and Section
6.08), the Master Servicer (as provided in Section 3.08(a), Section 3.08(b), Section 3.08(e) and Section
3.18 and subject to the Special Servicer’s consent rights pursuant to Section 3.18(a) if any such waiver, modification
or amendment constitutes a Major Decision) or the Special Servicer may, consistent with the Servicing Standard, agree to any waiver,
modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as to which default is not
reasonably foreseeable only if the contemplated waiver, modification or amendment (i) will not be a “significant modification”
of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (ii) will not cause an Adverse REMIC Event.
In making this determination, the Master Servicer or Special Servicer may obtain and rely upon (and shall provide to the Trustee
and the Certificate Administrator if obtained) an Opinion of Counsel (at the expense of the related Mortgagor or such other Person
requesting such modification or, if such expense cannot be collected from the related Mortgagor or such other Person, to be paid
out of the Collection Account pursuant to Section 3.05(a); provided that the Master Servicer or Special Servicer,
as the case may be, shall use its reasonable efforts to collect such fee from the Mortgagor or such other Person to the extent
permitted under the related Mortgage Loan documents). Notwithstanding the foregoing, neither the Master Servicer nor the Special
Servicer may waive the payment of any Prepayment Premium or Yield Maintenance Charge or the requirement that any prepayment of
a Mortgage Loan be made on a Due Date, or if not made on a Due Date, be accompanied by all interest that would be due on the next
Due Date with respect to any Mortgage Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

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(e)          Subject
to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a condition to its granting any request by
a Mortgagor for consent, modification (including extensions), waiver or indulgence or any other matter or thing, the granting of
which is within the Master Servicer’s or the Special Servicer’s, as the case may be, discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Companion Loan and is permitted by the terms of this Agreement,
require that such Mortgagor pay to the Master Servicer or the Special Servicer, as the case may be, as additional servicing compensation,
a reasonable or customary fee, for the additional services performed in connection with such request; provided that the
charging of such fee is not a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations
Section 1.860G-2(b).

 

(f)          All
modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into pursuant
to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as the case may be, and
the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s signature is required by the
Special Servicer in accordance with the Servicing Standard).

 

(g)          With
respect to any modification, waiver or amendment for which it is responsible for processing pursuant to Section 3.18 hereof,
the Special Servicer shall notify the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event), the Directing Certificateholder (other than (i) following
the occurrence of a Consultation Termination Event and (ii) with respect to any Excluded Loan), the applicable Companion Holder
(unless, with respect to a holder of a Serviced Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred,
if applicable), the related Mortgage Loan Seller (if such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such
Mortgage Loan or the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice on
the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) in writing of any modification, waiver
or amendment (in each case, after it is finalized and executed) of any term of any Mortgage Loan or Companion Loan that is modified,
waived or amended and the date thereof. With respect to any modification, waiver or amendment (in each case, after it is finalized
and executed) for which it is responsible for processing pursuant to Section 3.18 hereof, the Master Servicer shall provide
written notice of any such modification, waiver or amendment to the Trustee, the Certificate Administrator, the Special Servicer
(and the Special Servicer shall, prior to the occurrence of a Consultation Termination Event and other than with respect to an
Excluded Loan, forward such notice to the Directing Certificateholder), the applicable Companion Holder (unless, with respect to
a holder of a Serviced Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred, if applicable) and the
related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such Mortgage Loan
or the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)). The party responsible for delivering notice shall deliver
to the Custodian with a copy to the Master Servicer (if such notice is being delivered by the Special Servicer) for deposit in
the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver or amendment, promptly
(and in any event within ten (10) Business Days) following the execution thereof, with a copy to the applicable Companion Holder,
if any. Following receipt of the Master Servicer’s or the Special Servicer’s, as

 

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applicable, delivery of the aforesaid
modification, waiver or amendment to the Certificate Administrator, the Certificate Administrator shall forward a copy thereof
to each Holder of a Certificate (other than the Class R or Class V Certificates). With respect to the processing of any modification,
waiver or consent related to any Mortgagor incurring additional debt or mezzanine debt, the Special Servicer (if the Special Servicer
processes such modification, waiver or consent pursuant to Section 3.18(a)) or the Master Servicer (if the Master Servicer
processes such modification, waiver or consent pursuant to Section 3.18(a)) shall, on or before the later of (i) 3:00 p.m.
on the related P&I Advance Date and (ii) five (5) Business Days immediately following the Master Servicer or Special Servicer,
as applicable, obtaining actual knowledge of the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s
incurrence of such debt, substantially in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com and an
Additional Disclosure Notification in the form attached hereto as Exhibit EE. The notice contemplated in the preceding sentence
shall set forth, to the extent the Special Servicer or Master Servicer, as applicable, has the requisite information or can reasonably
obtain such information, (1) the amount of additional debt that was incurred in the related Collection Period, (2) the total debt
service coverage ratio calculated on the basis of such Mortgage Loan and additional debt, and (3) the aggregate LTV Ratio calculated
on the basis of such Mortgage Loan and additional debt. In the event that either (i) the CREFC® Investor Reporting
Package is amended to include such information set forth above, in a manner reasonably acceptable to the Master Servicer, Special
Servicer and Certificate Administrator, as applicable, and the Master Servicer confirms with the Certificate Administrator that
such amended CREFC® Investor Reporting Package enables the Certificate Administrator to include such information
on Form 10-D in a manner reasonably acceptable to the Certificate Administrator, or (ii) the Trust is no longer subject to the
Exchange Act, the additional report in the form of Exhibit KK shall no longer be required hereunder. From time to time,
the Master Servicer, Special Servicer and Certificate Administrator may agree on a different delivery time and format for the information
set forth in this paragraph.

 

(h)          The
Master Servicer shall process all defeasance transactions. Notwithstanding the foregoing, the Master Servicer shall not permit
(or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the substitution of any Mortgaged Property
pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan unless such defeasance complies with Treasury
Regulations Section 1.860G-2(a)(8)(ii) and the Master Servicer has received (i) replacement collateral consisting of government
securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the applicable
Mortgage Loan documents, in an amount sufficient to make all scheduled payments under the related Mortgage Loan (or defeased portion
thereof) when due, (ii) a certificate of an Independent certified public accountant to the effect that such substituted property
will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage
Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Mortgage Loan documents and, if applicable,
Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of the related Mortgagor) to the effect that the
Trustee, on behalf of the Trust, will have a first priority perfected security interest in such substituted Mortgaged Property;
provided, however, that, to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion
Loan documents, the related Mortgagor shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to
the extent consistent with the related Mortgage Loan documents

 

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and, if applicable, Companion Loan documents, the Mortgagor shall
establish a single purpose entity to act as a successor mortgagor, if so required by the Rating Agencies, (v) to the extent permissible
under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Master Servicer shall use its reasonable
efforts to require the related Mortgagor to pay all costs of such defeasance, including but not limited to the cost of maintaining
any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents and, if applicable, Companion Loan
documents, the Master Servicer shall obtain, at the expense of the related Mortgagor, Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25); provided, further, however, that no such confirmation
from any Rating Agency shall be required to the extent that the Master Servicer has delivered a defeasance certificate substantially
in the form of Exhibit U hereto for any Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such
Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off Date Balance less than $20,000,000, (ii) a Mortgage Loan that represents
less than 5% of the aggregate Cut-off Date Balance of all Mortgage Loans a, and (iii) a Mortgage Loan that is not one of the ten
largest Mortgage Loans by Stated Principal Balance. Notwithstanding the foregoing, in the event that requiring the Mortgagor to
pay for the items specified in clauses (ii), (iv) and (v) in the preceding sentence would be inconsistent
with the related Mortgage Loan documents, such reasonable costs shall be paid by the related Mortgage Loan Seller as and to the
extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

(i)          Notwithstanding
anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents, to the contrary, the Master
Servicer may permit the substitution of “government securities,” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) for any Mortgaged Property pursuant to the
defeasance provisions of any Mortgage Loan or a Serviced Whole Loan, as applicable (or any portion thereof), in lieu of the defeasance
collateral specified in the related Mortgage Loan documents or Serviced Whole Loan documents, as applicable; provided that
such substitution is consistent with the Servicing Standard and the Master Servicer reasonably determines that allowing their use
would not cause a default or event of default to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel
(at the expense of the Mortgagor to the extent permitted under the Mortgage Loan documents and, if applicable or Companion Loan
documents or otherwise as a Trust Fund expense) to the effect that such use would not be and would not constitute a “significant
modification” of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not
otherwise constitute an Adverse REMIC Event with respect to any Trust REMIC; and provided, further, that the requirements
set forth in Section 3.18(h) (including receipt of any Rating Agency Confirmation) are satisfied; and provided, further,
that such securities are backed by the full faith and credit of the United States government, or the Master Servicer shall obtain
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be

 

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considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25).

 

Notwithstanding the foregoing,
Bank of America, National Association (“BANA”) has retained the right of the lender under the Mortgage Loan
documents with respect to all Mortgage Loans contributed by BANA (the “BANA Loans”) to receive a percentage
of the economic benefit associated with the ownership of the successor borrower, and the right to designate and establish the successor
borrower and to purchase or cause the purchase on behalf of the related borrower of the related defeasance collateral, if there
is a defeasance of a BANA Loan (“BANA Lender Successor Borrower Right”). If the Master Servicer receives notice
of a defeasance request with respect to a BANA Loan subject to defeasance, the Master shall provide, within five (5) Business Days
of receipt of such notice, written notice of such defeasance request to BANA or its assignee. Until such time as BANA provides
written notice to the contrary, notice of a defeasance of a BANA Loan with a BANA Lender Successor Borrower Right shall be delivered
to BANA pursuant to the notice provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount
in respect of a BANA Lender Successor Borrower Right that is required to be remitted to BANA pursuant to the related defeasance
documents, the Master Servicer shall remit such amounts to BANA pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans originated or acquired by Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”)
and subject to defeasance, MSMCH has retained the right to receive a percentage of the economic benefit associated with the ownership
of the successor borrower, to designate and establish the successor borrower and to purchase (or cause the purchase on behalf of
the related borrower) the related defeasance collateral (“MSMCH Seller Defeasance Rights and Obligations”).
If the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan originated or acquired by MSMCH
and subject to defeasance, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written
notice of such defeasance request to MSMCH or its assignee. Until such time as MSMCH provides written notice to the contrary, notice
of a defeasance of a Mortgage Loan with MSMCH Defeasance Rights and Obligations shall be delivered to MSMCH pursuant to the notice
provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount in respect of a MSMCH Defeasance
Rights and Obligations that is required to be remitted to MSMCH pursuant to the related defeasance documents, the Master Servicer
shall remit such amounts to MSMCH pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
CIBC Inc. (“CIBC”) has retained the right to establish or designate or approve the successor borrower and to
purchase or cause the purchase on behalf of the related borrower of the related defeasance collateral (“CIBC Lender Successor
Borrower Right”) for all Mortgage Loans contributed by CIBC (the “CIBC Loans”) that are subject to
defeasance. If the Master Servicer receives notice of a defeasance request with respect to a CIBC Loan subject to defeasance, then
the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request
to CIBC or its assignee. Until such time as CIBC provides written notice to the contrary, notice of a defeasance of a CIBC Loan
with a CIBC Lender Successor Borrower Right shall be delivered to CIBC pursuant to the notice provisions of this Agreement. In
addition, to the extent that the Master

 

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Servicer receives any amount in respect of a CIBC Lender Successor Borrower Right that
is required to be remitted to CIBC pursuant to the related defeasance documents, the Master Servicer shall remit such amounts to
CIBC pursuant to the terms of the defeasance documents.

 

Notwithstanding
the foregoing, Starwood Mortgage Funding III LLC (“SMF III”) has retained the right to establish or
designate the successor borrower and to purchase or cause the purchase on behalf of the related borrower of the related
defeasance collateral (“SMF III Lender Successor Borrower Right”) for all Mortgage Loans contributed by
SMF III (the “SMF III Loans”) that are subject to defeasance other than the Mortgage Loan identified as
“Simply Self Storage OK & FL Portfolio” on the Mortgage Loan Schedule. If the Master Servicer receives notice of a
defeasance request with respect to a SMF III Loan subject to defeasance, the Master Servicer shall provide, within five (5)
Business Days of receipt of such notice, written notice of such defeasance request to SMF III or its assignee. Until such
time as SMF III provides written notice to the contrary, notice of a defeasance of a SMF III Loan with a SMF III Lender
Successor Borrower Right shall be delivered to SMF III pursuant to the notice provisions of this Agreement. In addition, to
the extent that the Master Servicer receives any amount in respect of a SMF III Lender Successor Borrower Right that
is required to be remitted to SMF III pursuant to the related defeasance documents, the Master Servicer shall remit such
amounts to SMF III pursuant to the terms of the defeasance documents.

 

(j)          If
required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard, the
Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall be
Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged
Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage Loan or
Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained
in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the Master Servicer
in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to be placed in a separate account,
the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property
into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion Loan in advance of its
Due Date in accordance with clause (a)(i) of the definition of “Available Funds” and not as a prepayment of
the related Mortgage Loan or Companion Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a
leap year).

 

(k)          Notwithstanding
anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall, unless
it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) (the
cost of which shall be paid by the related Mortgagor, if so allowed by the

 

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terms of the related loan documents and otherwise paid
out of general collections) grant or accept any consent, approval or direction regarding the termination of the related property
manager or the designation of any replacement property manager, with respect to any Mortgaged Property that secures a Mortgage
Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has an unpaid principal balance that
is at least equal to five percent (5%) of the then-aggregate principal balance of all Mortgage Loans or $35,000,000.

 

(l)          Notwithstanding
anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with
any defeasance transaction contemplated in clause (i)(E) in the definition of “Major Decision”, the Special
Servicer shall not approve any such modification, waiver or amendment or consent thereto without first having received a copy of
an Opinion of Counsel addressed to the Special Servicer and the Master Servicer that such modification, waiver, consent or amendment
will not cause an Adverse REMIC Event.

 

Section 3.19     Transfer
of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report. (a) Upon determining that a
Servicing Transfer Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced
Companion Loan, the Master Servicer or the Special Servicer, as applicable, shall promptly give notice to the Master Servicer
or the Special Servicer, as applicable, the Operating Advisor and ((i) prior to the occurrence of a Consultation Termination Event
and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder thereof, and the Master Servicer shall
deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently provide a copy of such Servicing
File, exclusive of all Privileged Communications, to the Operating Advisor. The Master Servicer shall use its reasonable efforts
to provide the Special Servicer with all information, documents and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced Companion Loan, either
in the Master Servicer’s possession or otherwise available to the Master Servicer without undue burden or expense, and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related
Servicing Transfer Event (or, in the case of clauses (viii), (ix) or (x) of the definition of Servicing Transfer
Event, within five (5) Business Days of receiving notice from the Special Servicer of such Servicing Transfer Event when the Special
Servicer makes the determination) and in any event shall continue to act as Master Servicer and administrator of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer has commenced the servicing of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan. The Master Servicer shall deliver to the Trustee, the Certificate
Administrator, the Operating Advisor, and ((i) prior to the occurrence of a Consultation Termination Event or (ii) other than
with respect to any Excluded Loan) the Directing Certificateholder, a copy of the notice of such Servicing Transfer Event provided
by the Master Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer, pursuant to this Section
3.19. Prior to the occurrence of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling
Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this
Section 3.19.

 

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Upon determining that
a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive Periodic Payments
(provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer,
and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan and, if applicable, the related
Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately
give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced Companion Noteholder (unless, with respect
to a Serviced Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred) and ((i) prior to the occurrence
of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder and
shall return the related Mortgage File and Servicing File to the Master Servicer (or copies thereof if copies only were delivered
to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Servicing File to the Master Servicer,
the Special Servicer’s obligation to service such Corrected Loan shall terminate and the obligations of the Master Servicer
to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall recommence.

 

(b)          In
servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals
of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File to the extent
within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer with copies of
any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)          Notwithstanding
the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each of the
Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage Loan)
and shall provide the Special Servicer with any information in its possession with respect to such records to enable the Special
Servicer to perform its duties under this Agreement; provided that this statement shall not be construed to require the
Master Servicer to produce any additional reports.

 

(d)          No
later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and,
if applicable, the related Companion Loan, the Special Servicer shall deliver in electronic format a report (the “Asset
Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged
Property to the Master Servicer, the Directing Certificateholder (but only in respect of any Mortgage Loan other than (A) any Excluded
Loan or (B) any Serviced AB Whole Loan prior to the occurrence of a Serviced AB Control Appraisal Period, and in any event prior
to the occurrence of a Consultation Termination Event), the Operating Advisor (but, other than with respect to an Excluded Loan,
only after the occurrence and during the continuance of a Control Termination Event) and the 17g-5 Information Provider (which
shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) and,
with respect to any related Serviced Companion Loan, to the related Companion Holder or, to the extent the related Serviced Companion
Loan has been included in an Other Securitization, to the master servicer of such Other Securitization into which the related Serviced
Companion Loan has been sold; the Special Servicer shall also deliver a summary of each Final Asset Status

 

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Report to the Certificate
Administrator and the Certificate Administrator shall post the summary of the Final Asset Status Report to the Certificate Administrator’s
Website. Such Asset Status Report shall set forth the following information to the extent reasonably determinable based on the
information that was delivered to the Special Servicer in connection with the transfer of servicing pursuant to the Servicing Transfer
Event:

 

(i)          a
summary of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

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

 

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

 

(iv)        (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description
of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the special
servicer in connection with the proposed or taken actions;

 

(v)          the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)        a
description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights lease,
if applicable) or franchise agreement;

 

(vii)       the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)      an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the special servicer made such determination and (y) the net
present value calculation and all related assumptions;

 

(ix)        the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

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(x)          such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

If within ten (10) Business
Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing
or if the Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval by the Directing
Certificateholder (communicated to the Special Servicer within ten (10) Business Days) is not in the best interest of all the Certificateholders),
the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however,
that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard or the terms of the
applicable Mortgage Loan documents. If, with respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence
and continuance of any Control Termination Event, the Directing Certificateholder disapproves such Asset Status Report within ten
(10) Business Days of receipt and the Special Servicer has not made the affirmative determination described above, the Special
Servicer shall revise such Asset Status Report and deliver a new Asset Status Report as soon as practicable, but in no event later
than thirty (30) days after such disapproval, to the Master Servicer, the Trustee, the Certificate Administrator, the Directing
Certificateholder (prior to the occurrence of a Consultation Termination Event and, in the case of a Serviced AB Whole Loan, only
prior to the occurrence of a Consultation Termination Event and during a Serviced AB Control Appraisal Period with respect to the
related Serviced Subordinate Companion Loan), the Operating Advisor (but only after the occurrence and during the continuance of
a Control Termination Event) and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)). With respect to any Mortgage Loan other than an Excluded Loan,
prior to the occurrence and continuance of any Control Termination Event, the Special Servicer shall revise such Asset Status Report
as described above in this Section 3.19(d) until the Directing Certificateholder shall fail to disapprove such revised Asset
Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the Special Servicer
makes a determination, in accordance with the Servicing Standard, that the disapproval is not in the best interests of the Certificateholders;
provided that, if the Directing Certificateholder has not approved the Asset Status Report for a period of sixty (60) Business
Days following the first submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form
of Asset Status Report, if consistent with the Servicing Standard; provided, however, that such Asset Status Report
does not, and is not intended to be, a substitute for the approvals that are specifically required pursuant to Section 6.08.
The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report;
provided that such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.19(d).
Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination
Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in
connection with an Asset Status Report for an Excluded Loan which includes a Major Decision and consider alternative actions recommended
by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting
with the Operating Advisor.

 

No direction or disapproval
of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of the Directing Certificateholder
to consent to or

 

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approve (including any deemed consents or approvals) any request of the Special Servicer, shall (a) require or
cause the Special Servicer to violate the terms of a Specially Serviced Loan, applicable law or any provision of this Agreement,
including the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status
of each Trust REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction”
or “prohibited contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer,
the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the Trust, the Trustee, the Certificate Administrator or their
respective officers, directors, members, employees or agents to any claim, suit or liability or (d) materially expand the scope
of the Special Servicer’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

If a Control Termination
Event has occurred and is continuing (or, with respect to the Serviced AB Whole Loan, if both a Control Termination Event has occurred
and is continuing and a Serviced AB Control Appraisal Period is in effect), the Special Servicer shall promptly deliver each Asset
Status Report prepared in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination
Event has occurred and such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder). The Operating Advisor
shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within ten (10) Business Days following
the later of (i) receipt of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the
Operating Advisor related thereto, and propose possible alternative courses of action to the extent it determines such alternatives
to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible
Certificates), as a collective whole. The Special Servicer shall consider such alternative courses of action and any other feedback
provided by the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not
an Excluded Loan, the Directing Certificateholder) in connection with the Special Servicer’s preparation of any Asset Status
Report. The Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or comments
from the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or
Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest
of the Certificateholders as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders
and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate
nature of such Companion Loan)).

 

After the occurrence
and during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder
shall have no right to consent to any Asset Status Report under this Section 3.19. After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, each of the Directing Certificateholder
(except with respect to any Excluded Loan) and the Operating Advisor shall consult with the Special Servicer and propose alternative
courses of action and provide other feedback in respect of any Asset Status Report. After the occurrence of a Consultation Termination
Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder (other than in its capacity as a

 

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Certificateholder)
shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status
Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status
Report as described above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in
accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing
Certificateholder during the applicable periods described above, but is under no obligation to follow any particular recommendation
of the Operating Advisor or the Directing Certificateholder.

 

Notwithstanding the foregoing,
prior to the occurrence and continuance of a Serviced AB Control Appraisal Period with respect to a Serviced Subordinate Companion
Loan, the Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced
Loan pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval
rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be
as set forth in the related Intercreditor Agreement.

 

(e)          (i)
Upon receiving notice of the occurrence of the events described in clause (iv) or (x) of the definition of Servicing
Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with
reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with all information
relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate
with the related Mortgagor. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five
(5) Business Days of the occurrence of each such event.

 

(ii)        After
the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event described
in clause (iv) or (x) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day period,
respectively, set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the same time such
notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)          Prior
to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment
of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the Special Servicer
shall deliver in electronic format to the Directing Certificateholder a draft notice that will include a draft summary of the Final
Asset Status Report (which briefly summarizes such Final Asset Status Report, but shall not include any Privileged Information)
(and shall deliver each Asset Status Report with respect to a Serviced AB Mortgage Loan prior to the occurrence and continuance
of a Serviced AB Control Appraisal Period (to the extent approved by the related Serviced AB Whole Loan Controlling Holder), to
the Directing Certificateholder). With respect to any Mortgage Loan other than an Excluded Loan, if, prior to the occurrence and
continuance of a Control Termination Event, within five (5) Business Days of receipt of such draft summary, the Directing Certificateholder
approves of, or does not disapprove of such draft summary, then the Special Servicer shall deliver in electronic format such notice
and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate

 

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Administrator’s
Website pursuant to Section 3.13(b). If the Directing Certificateholder affirmatively disapproves of such summary in writing,
then within two (2) Business Days of receipt of such disapproval, the Special Servicer shall revise the summary and deliver such
new summary to the Directing Certificateholder until the Directing Certificateholder approves such draft summary; provided,
however, that if the Directing Certificateholder has not approved of the draft summary of the Final Asset Status Report
within twenty (20) Business Days of receipt of the initial draft summary of the Final Asset Status Report, then the most recent
draft summary of the Final Asset Status Report delivered by the Special Servicer prior to such 20th Business Day shall be deemed
to be the final summary of the Final Asset Status Report; provided, further, however, that if at any time
the Special Servicer determines that any affirmative disapproval of such draft summary by the Directing Certificateholder is not
in the best interest of all the Certificateholders pursuant to the Servicing Standard, the Special Servicer shall deliver in electronic
format such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate
Administrator’s Website pursuant to Section 3.13(b) notwithstanding such disapproval. The Special Servicer shall promptly
deliver (but in any event no later than two (2) Business Days following its completion) a copy of each Final Asset Status Report
to the Operating Advisor. The Special Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced
AB Whole Loan for which the related holder of a Serviced Subordinate Companion Loan is not subject to a Serviced AB Control Appraisal
Period, which Final Asset Status Report has been approved or deemed approved by the holder of the related Serviced Subordinate
Companion Loan in accordance with the related Intercreditor Agreement (to the extent such Intercreditor Agreement requires such
approval or deemed approval), and deliver in electronic format notice of such Final Asset Status Report and the summary of such
Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant
to Section 3.13(b).

 

(g)          No
provision of this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action because of
any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section
3.20     Sub-Servicing Agreements. (a) The Master Servicer and Special Servicer may enter
into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its respective obligations
hereunder; provided that the Sub-Servicing Agreement as amended or modified: (i) is consistent with this Agreement in
all material respects and requires the Sub-Servicer to comply with all of the applicable conditions of this Agreement; (ii)
provides that if the Master Servicer or Special Servicer, as applicable, shall for any reason no longer act in such capacity
hereunder (including, without limitation, by reason of a Servicer Termination Event), the successor master servicer or
special servicer, as applicable, shall thereupon assume all of the rights and, except to the extent they arose prior to the
date of assumption, obligations of such party under such agreement, or, alternatively, may act in accordance with Section
7.02 hereof under the circumstances described therein (subject to Section 3.20(g) hereof); (iii) provides that the
Trustee (for the benefit of the Certificateholders and the related Companion Holder (if applicable) and the Trustee (as
holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that
(except to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by the
immediately preceding clause (ii)) none of the Trust, the Trustee, the Operating Advisor, the Certificate
Administrator, the Master Servicer or Special

 

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Servicer,
as applicable, any successor master servicer or special servicer or any Certificateholder (or the related Companion Holder, if
applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom; (iv) permits any purchaser
of a Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement with respect to such purchased Mortgage
Loan at its option and without penalty; provided, however, that the Initial Sub-Servicing Agreements may only be
terminated by the successor master servicer or special servicer, as applicable, as contemplated by Section 3.20(g) hereof
and in such additional manner and by such other Persons as is provided in such Sub-Servicing Agreement; (v) does not permit the
Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust except through the Master Servicer
or Special Servicer, as the case may be, if and only to the extent provided pursuant to Section 6.04; (vi) does not permit
the Sub-Servicer to modify any Mortgage Loan unless and to the extent the Master Servicer or Special Servicer, as applicable, is
permitted hereunder to modify such Mortgage Loan; (vii) with respect to any Sub-Servicing Agreement entered into after the Closing
Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related
Sub-Servicing Agreement is entered into, is not a Prohibited Party and (viii) provides that the Sub-Servicer shall be in default
under the related Sub-Servicing Agreement and such Sub-Servicing Agreement shall be terminated (following the expiration of any
applicable Grace Period) if the Sub-Servicer fails (A) to deliver by the due date any Exchange Act reporting items required to
be delivered to the Master Servicer, the Certificate Administrator or the Depositor under ARTICLE XI or under the Sub-Servicing
Agreement or to the master servicer under any other pooling and servicing agreement that the Depositor is a party to, or (B) to
perform in any material respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating,
obtaining or delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under
ARTICLE XI or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor
is a party to. Any successor master servicer or special servicer, as applicable, hereunder shall, upon becoming successor master
servicer or special servicer, as applicable, be assigned and may assume any Sub-Servicing Agreements from the predecessor Master
Servicer or Special Servicer, as applicable (subject to Section 3.20(g) hereof). In addition, each Sub-Servicing Agreement
entered into by the Master Servicer may but need not provide that the obligations of the Sub-Servicer thereunder may terminate
with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan becomes a Specially Serviced Loan; provided,
however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer,
although it need not so provide) that the Sub-Servicer will continue to make all Advances and calculations and prepare all reports
required under the Sub-Servicing Agreement with respect to Specially Serviced Loans and continue to collect its Primary Servicing
Fees as if no Servicing Transfer Event had occurred and with respect to REO Properties (and the related REO Loans) as if no REO
Acquisition had occurred and to render such incidental services with respect to such Specially Serviced Loans and REO Properties
as are specifically provided for in such Sub-Servicing Agreement. The Master Servicer or Special Servicer, as applicable, shall
deliver to the Trustee copies of all Sub-Servicing Agreements, and any amendments thereto and modifications thereof, entered into
by it, in each case promptly upon its execution and delivery of such documents. References in this Agreement to actions taken or
to be taken by the Master Servicer include actions taken or to be taken by a Sub-Servicer on behalf of the Master Servicer; and,
in connection therewith, all amounts advanced by any Sub-Servicer (if the Sub-Servicing

 

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Agreement provides for Advances by the
Sub-Servicer, although it need not so provide) to satisfy the obligations of the Master Servicer hereunder to make Advances shall
be deemed to have been advanced by the Master Servicer out of its own funds and, accordingly, in such event, such Advances shall
be recoverable by such Sub-Servicer in the same manner and out of the same funds as if such Sub-Servicer were the Master Servicer,
and, for so long as they are outstanding, such Advances shall accrue interest in accordance with Section 3.03(d), such interest
to be allocable between the Master Servicer and such Sub-Servicer as may be provided (if at all) pursuant to the terms of the Sub-Servicing
Agreement. For purposes of this Agreement, the Master Servicer shall be deemed to have received any payment when a Sub-Servicer
retained by it receives such payment. The Master Servicer or Special Servicer, as applicable, shall notify the Master Servicer
or the Special Servicer, as applicable, the Trustee and the Depositor (and the Special Servicer shall notify the Operating Advisor)
in writing promptly of the appointment by it of any Sub-Servicer, except that the Master Servicer need not provide such notice
as to the Initial Sub-Servicing Agreements.

 

(b)          Each
Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to
service are situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability of the
related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s
obligations under this Agreement.

 

(c)          As
part of its servicing activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee and the
Certificateholders, shall (at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce
the obligations of each of its Sub-Servicers under the related Sub-Servicing Agreement, except that the Master Servicer shall be
required only to use reasonable efforts to cause any Initial Sub-Servicer to comply with the requirements of ARTICLE XI
hereof. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements
in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out
to such an extent and at such time as is in accordance with the Servicing Standard. The Master Servicer shall have the right to
remove a Sub-Servicer retained by it in accordance with the terms of the related Sub-Servicing Agreement.

 

(d)          In
the event a successor master servicer and assumes the rights and obligations of the Master Servicer under any Sub-Servicing Agreement,
the Master Servicer, at its expense, shall deliver to the assuming party all documents and records relating to such Sub-Servicing
Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced thereunder and an accounting of amounts
collected and held on behalf of it thereunder, and otherwise use reasonable efforts to effect the orderly and efficient transfer
of the Sub-Servicing Agreement to the assuming party.

 

(e)          Notwithstanding
the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided in ARTICLE XI
with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated
and responsible to the Trustee, the Special Servicer, holders of the Companion Loans serviced hereunder and the Certificateholders
for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent
and under the same terms

 

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and conditions as if it alone were servicing and administering the Mortgage Loans for which it is responsible,
and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds. In no event shall
the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination
under any Sub-Servicing Agreement.

 

(f)          The
Trustee, upon the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate to enable
such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)          Each
Sub-Servicing Agreement shall provide that, in the event there is a successor master servicer, then such successor master servicer
shall have the right to terminate such Sub-Servicing Agreement with or without cause and without a fee. Notwithstanding the foregoing
or any other contrary provision in this Agreement, such successor master servicer shall assume each Initial Sub-Servicing Agreement
and (i) the Initial Sub-Servicer’s rights and obligations under the Initial Sub-Servicing Agreement shall expressly survive
a termination of the Master Servicer’s servicing rights under this Agreement; provided that the Initial Sub-Servicing
Agreement has not been terminated in accordance with its provisions; (ii) any successor master servicer, including, without limitation,
the Trustee (if it assumes the servicing obligations of the Master Servicer) shall be deemed to automatically assume and agree
to the then-current Initial Sub-Servicing Agreement without further action upon becoming the successor master servicer and (iii)
this Agreement may not be modified in any manner which would increase the obligations or limit the rights of the Initial Sub-Servicer
hereunder and/or under the Initial Sub-Servicing Agreement, without the prior written consent of the Initial Sub-Servicer (which
consent shall not be unreasonably withheld).

 

(h)          With
respect to Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request
(such request to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer,
reasonably cooperate in delivering reports and information, including remittance information, and affording access to information
to the related Sub-Servicer that would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant
to the terms hereof.

 

(i)          Notwithstanding
any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for
the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage Loan other than
an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder,
except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

Section 3.21     Interest
Reserve Account.

 

(a)          On
the P&I Advance Date occurring in each February and in any January that occurs in a year that is not a leap year (in each case,
unless the related Distribution Date is the final Distribution Date), (i) the Certificate Administrator, in respect of the Actual/360
Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1)

 

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day’s interest on the Stated
Principal Balance of the Actual/360 Mortgage Loans as of the Due Date occurring in the month preceding the month in which P&I
Advance Date occurs at the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I Advance is made in respect
thereof; and (ii) on the Closing Date, the Depositor shall remit to the Certificate Administrator, and the Certificate Administrator
shall deposit into the Interest Reserve Account the Closing Date Interest Deposit Amount (all amounts so deposited pursuant to
clause (ii) and in any consecutive February and January pursuant to clause (i), “Withheld Amounts”).

 

(b)          On
each P&I Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the
Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding
January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution Account.

 

Section 3.22     Directing
Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer. Within a reasonable time upon request
from the Directing Certificateholder or the Operating Advisor, as applicable, and no more often than on a monthly basis, each
of the Master Servicer and the Special Servicer shall, without charge, make a knowledgeable Servicing Officer via telephone available
to verbally answer questions from (a) ((i) prior to the occurrence of a Consultation Termination Event and (ii) other than with
respect to any Excluded Loan) the Directing Certificateholder and (b) upon the occurrence and during the continuance of any Control
Termination Event, the Operating Advisor (with respect to the Special Servicer only), regarding the performance and servicing
of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section 3.23     Controlling
Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder. (a) Each
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its
name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator, the Special
Servicer and the Operating Advisor of the transfer of any Certificate of a Controlling Class by delivering a notice to each such
Person substantially in the form of Exhibit NN attached hereto, the selection of a Directing Certificateholder or the resignation
or removal thereof. The Directing Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate
to notify the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor when
such Certificateholder is appointed Directing Certificateholder and when it is removed or resigns. To the extent there is only
one Controlling Class Certificateholder and it is also the Special Servicer, it shall be the Directing Certificateholder.

 

On the Closing Date,
the initial Directing Certificateholder shall deliver to the parties to this Agreement a certification substantially in the form
of Exhibit P-1G to this Agreement. Upon the resignation or removal of the existing Directing Certificateholder, any successor
directing certificateholder shall also deliver a certification substantially in the form of Exhibit P-1G to this Agreement
prior to being recognized as the new Directing Certificateholder.

 

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(b)          Once
a Directing Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall
be entitled to rely on such selection unless the Controlling Class Certificateholders entitled to appoint the Directing Certificateholder,
by Certificate Balance, or such Directing Certificateholder shall have notified the Master Servicer, Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Controlling Class Certificateholder, in writing, of the resignation
of such Directing Certificateholder or the selection of a new Directing Certificateholder. In the event that (i) the Master Servicer,
the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority
of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated and (ii) the Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof)
becomes the Directing Certificateholder pursuant to the proviso of the definition of “Directing Certificateholder”,
then the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its
representative) shall provide its name and address to the Certificate Administrator and notify the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided
that the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor shall be entitled
to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class without independently verifying that such Controlling Class Certificateholder actually
owns the largest aggregate Certificate Balance of the Controlling Class.

 

(c)          Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of the Controlling
Class Certificateholder and the Directing Certificateholder.

 

(d)          In
the event that no Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer,
as applicable, and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until
such time as the new Directing Certificateholder is identified to the Master Servicer or the Special Servicer, as applicable, the
Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval
or consent of any such Directing Certificateholder as the case may be.

 

(e)          Upon
request, the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the
Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, a list of each
Controlling Class Certificateholder as reflected in the Certificate Registrar, including names and addresses. In addition to the
foregoing, within five (5) Business Days of receiving notice of the selection of a new Directing Certificateholder or the existence
of a new Controlling Class Certificateholder, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the
Master Servicer and the Special Servicer. Notwithstanding the foregoing, C-III Collateral

 

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Management LLC shall be the initial Directing
Certificateholder and shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation
Termination Event occurs.

 

Until it receives notice
to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder.

 

(f)          If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling
Class.

 

(g)          Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder may
have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Directing
Certificateholder may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing Certificateholder
does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing
Certificateholder may take actions that favor interests of the Holders of one or more Classes including the Controlling Class over
the interests of the Holders of one or more other Classes of Certificates; and (v) the Directing Certificateholder shall have no
liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)
through (iv) above, and no Certificateholder may take any action whatsoever against the Directing Certificateholder or any
director, officer, employee, agent or principal of the Directing Certificateholder for having so acted.

 

(h)          (i)
All requirements of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information (including
the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply to each
Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan, as applicable;
provided, however, that nothing in this subsection (h) shall in any way eliminate the obligation to deliver
any information required to be delivered under the related Intercreditor Agreement.

 

(i)          Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
and the Operating Advisor shall be entitled to rely on the most recent notification with respect to the identity and contact information
of the Controlling Class Certificateholder, the Directing Certificateholder, and any Serviced AB Whole Loan Controlling Holder.

 

(j)          With
respect to a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced Whole Loan,
the related Serviced Whole Loan Controlling Holder shall exercise such rights in accordance with the related Intercreditor Agreement.

 

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(k)          The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Certificate Administrator, Trustee, or any Certificateholder and
provide such information to the requesting party.

 

(l)          During
such time as the Class E-1 Certificates and Class E-2 Certificates (and, to the extent any Class E-1 Certificates and Class E-2
Certificates have been exchanged for Class E Certificates, Class EF Certificates or Class EFG Certificates, the Class E Certificates,
Class EF Certificates or Class EFG Certificates) would be the Controlling Class, the Holders of such Certificates may waive their
right (a) to appoint the Directing Certificateholder and (b) to exercise any of the Directing Certificateholder’s rights
under this Agreement by irrevocable written notice delivered to the Depositor, the Certificate Administrator (which shall be via
email to trustadministrationgroup@wellsfargo.com), the Master Servicer, the Special Servicer and the Operating Advisor.
Notwithstanding anything to the contrary contained herein, during such time as a Control Termination Event or Consultation Termination
Event is in existence solely as a result of the operation of clause (ii) of the definition of Control Termination Event
and clause (ii) of the definition of Consultation Termination Event, such Control Termination Event or Consultation Termination
Event shall be deemed to no longer be in existence and have not occurred with respect to any unaffiliated third party to whom the
Controlling Class Certificateholder that irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder
has sold or transferred all or a portion of its interest in the Class E-1 Certificates or Class E-2 Certificates (and, to the extent
any Class E-1 Certificates and Class E-2 Certificates have been exchanged for Class E Certificates, Class EF Certificates or Class
EFG Certificates, the Class E Certificates, Class EF Certificates or Class EFG Certificates), as applicable, if such unaffiliated
third party holds the majority of the Controlling Class after giving effect to such transfer (the “Non-Waiving Successor”).
Following any such sale or transfer, the Non-Waiving Successor shall again have the rights of the Controlling Class Certificateholder
as set forth herein (including the rights to appoint a Directing Certificateholder or cause the exercise of the rights of the Directing
Certificateholder) without regard to any prior waiver by the predecessor Controlling Class Certificateholder. The Non-Waiving Successor
shall also have the right to irrevocably waive its right to appoint the Directing Certificateholder and to exercise any of the
rights of the Controlling Class Certificateholder. The Non-Waiving Successor shall also have the right to exercise any of the rights
of the Controlling Class Certificateholder. No Non-Waiving Successor described above shall have any consent rights with respect
to any Mortgage Loan that became a Specially Serviced Loan prior to the sale or transfer of the Class E-1 Certificates and Class
E-2 Certificates (and, to the extent any Class E-1 Certificates and Class E-2 Certificates have been exchanged for Class E Certificates,
Class EF Certificates or Class EFG Certificates, the Class E Certificates, Class EF Certificates or Class EFG Certificates), as
applicable, to the Non-Waiving Successor and had not also become a Corrected Loan prior to such sale or transfer until such time
as such Mortgage Loan becomes a Corrected Loan.

 

(m)          Promptly
upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include on its statement made
available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide to the
Master Servicer, the Special Servicer and the Operating Advisor notice of such event and the identity and contact information of
the new Controlling Class Certificateholder (the cost of obtaining such information from DTC being an expense of the Trust). The
Certificate Administrator shall

 

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notify the Operating Advisor, the Master Servicer and the Special Servicer within ten (10) Business
Days of the existence or cessation of (i) any Control Termination Event or (ii) any Consultation Termination Event. Upon the Certificate
Administrator’s determination that a Control Termination Event or a Consultation Termination Event has occurred or is terminated,
the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s
Website pursuant to this provision.

 

In the event that a Control
Termination Event has occurred due to a reduction of the Certificate Balance of the Class E-1 Certificates or Class E-2 Certificates
(and, to the extent any Class E-1 Certificates and Class E-2 Certificates have been exchanged for Class E Certificates, Class EF
Certificates or Class EFG Certificates, the Class E Certificates, the Class EF Certificates or the Class EFG Certificates (taking
into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance
with Section 4.05(a) hereof) to less than 25% of the Original Certificate Balance thereof, such special notice shall state
“A Control Termination Event has occurred due to the reduction of the Certificate Balance of the [Class E-1 Certificates
or Class E-2 Certificates (and, to the extent any Class E-1 Certificates and Class E-2 Certificates have been exchanged for Class
E Certificates, Class EF Certificates or Class EFG Certificates, the Class E Certificates, the Class EF Certificates or the Class
EFG Certificates] to less than 25% of the Original Certificate Balance thereof.”

 

In the event that a Control
Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a Holder of a Class E-1 Certificate
or Class E-2 Certificate (and, to the extent any Class E-1 Certificates and Class E-2 Certificates have been exchanged for Class
E Certificates, Class EF Certificates or Class EFG Certificates, a Class E Certificateholder, a Holder of a Class EF Certificate
or a Class EFG Certificate), who has become the Controlling Class Certificateholder, of its right to appoint a Directing Certificateholder
or to exercise any of the rights of the Controlling Class Certificateholder, such special notice shall state “A Control Termination
Event and a Consultation Termination Event has occurred due to the irrevocable waiver by the Controlling Class Certificateholder
of its rights as Controlling Class Certificateholder.”

 

In the event that a Consultation
Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate
Balance, in each case without regard to the application of any Appraisal Reduction Amounts, such special notice shall state: “A
Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such Class’s aggregate
Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to
the application of any Appraisal Reduction Amounts.”

 

In the event of any transfer
of a Class E-1 Certificates or Class E-2 Certificates (and, to the extent any Class E-1 Certificates and Class E-2 Certificates
have been exchanged for Class E Certificates, Class EF Certificates or Class EFG Certificates, the Class E Certificates, Class
EF Certificates or Class EFG Certificates), and upon notice to the Certificate Administrator in the form of Exhibit NN that
results in a termination of a Control Termination Event or a Consultation Termination Event, such “special notice”
shall state: “A Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect
due to a

 

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transfer of a majority interest of the Controlling Class Certificates to an unaffiliated third party which has terminated
any waiver by the prior Holder.”

 

Section 3.24     Intercreditor
Agreements. (a) Each of the Master Servicer and Special Servicer acknowledges and agrees that each Serviced Whole Loan being
serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject to the terms and provisions of the related
Intercreditor Agreement and each agrees to service each such Serviced Whole Loan, and each Mortgage Loan with mezzanine debt in
accordance with the related Intercreditor Agreement and this Agreement, including, without limitation, effecting distributions
and allocating reimbursement of expenses in accordance with the related Intercreditor Agreement and, in the event of any conflict
between the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall govern.
Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer agrees not to take any action
with respect to a Serviced Whole Loan, or a Mortgage Loan with mezzanine debt or the related Mortgaged Property without the prior
consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the related Intercreditor Agreement
provides that such Companion Holder or mezzanine lender, as applicable, is required or permitted to consent to such action. Each
of the Master Servicer and Special Servicer acknowledges and agrees that each Companion Holder and each mezzanine lender or its
respective designee has the right to purchase the related Mortgage Loan pursuant to the terms and conditions of this Agreement
and the related Intercreditor Agreement to the extent provided for therein. Each of the Master Servicer and the Special Servicer
further acknowledges and agrees that any Serviced AB Whole Loan Controlling Holder will have the right to replace the Special
Servicer solely with respect to the related Serviced AB Whole Loan, to the extent provided for herein and in the related Intercreditor
Agreement.

 

(b)          Neither
the Master Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises from any entitlement
in favor of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict between the terms of
this Agreement and the terms of such Intercreditor Agreement. Notwithstanding any provision of any Intercreditor Agreement that
may otherwise require the Master Servicer or the Special Servicer to abide by any instruction or direction of a Companion Holder
or a mezzanine lender, neither the Master Servicer nor the Special Servicer shall be required to comply with any instruction or
direction the compliance with which requires an Advance that constitutes or would constitute a Nonrecoverable Advance. In no event
shall any expense arising from compliance with an Intercreditor Agreement constitute an expense to be borne by the Master Servicer
or Special Servicer for its own account without reimbursement. In no event shall the Master Servicer or the Special Servicer be
required to consult with or obtain the consent of any Companion Holder or a mezzanine lender unless such Companion Holder or mezzanine
lender has delivered notice of its identity and contact information to each of the parties to this Agreement (upon which notice
each of the parties to this Agreement shall be conclusively entitled to rely). As of the Closing Date, the contact information
for the Companion Holders and mezzanine lenders is as set forth in the related Intercreditor Agreement. In no event shall the Master
Servicer or the Special Servicer, as applicable, be required to consult with or obtain the consent of a new Directing Certificateholder
or a new Controlling Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or
the Special Servicer, as applicable, as required under Section 3.23(e) or the Master Servicer or Special Servicer, as

 

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applicable,
have actual knowledge of the identity and contact information of a new Directing Certificateholder or a new Controlling Class Certificateholder.

 

(c)          No
direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master Servicer or Special
Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this Agreement,
including the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard and
to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or (c) materially
expand the scope of the Special Servicer’s, Trustee’s, the Certificate Administrator’s or the Master Servicer’s
responsibilities under this Agreement.

 

(d)          With
respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor or the Directing Certificateholder
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Companion Loan,
to the extent the related Intercreditor Agreement provides that such right is exercisable by the related Companion Holder or is
exercisable in conjunction with any related Companion Holder, the Directing Certificateholder shall not be permitted to exercise
such right or, to the extent provided in the related Intercreditor Agreement, shall be required to exercise such right in conjunction
with the related Companion Holder, as applicable (except to the extent that the Directing Certificateholder is the related Serviced
Whole Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or
Special Servicer, as applicable, shall consult, seek the approval or obtain the consent of the holder of any Serviced Companion
Loan with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Intercreditor
Agreement and shall not take such actions requiring consent of the related Companion Holder without such consent. In addition,
notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices
to the related Companion Holder as required under the Intercreditor Agreement.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall be required (i) to provide copies of any notice, information
and report that it is required to provide to the Controlling Class Certificateholder pursuant to this Agreement with respect to
any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to a Serviced
Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the Controlling Class Certificateholder
(for this purpose, without regard to whether such items are actually required to be provided to the Controlling Class Certificateholder
under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to consult
with any related Companion Holder on a strictly non-binding basis, to the extent having received such notices, information and
reports, such related Companion Holder requests consultation with respect to any such Major Decisions or the implementation of
any recommended actions outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider alternative actions
recommended by such related Companion Holder; provided that after the expiration of a period of ten (10) Business Days from
the delivery to such related Companion Holder by the Special Servicer of written notice of a proposed action, together with copies
of the notice, information

 

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and report required to be provided to the Controlling Class Certificateholder, the Special Servicer
shall no longer be obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded
within such ten (10) Business Day period (unless, the Special Servicer proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion
Holder set forth in the immediately preceding sentence, the Special Servicer may make any Major Decision or take any action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholders and the related
Companion Holder. In no event shall the Special Servicer be obligated at any time to follow or take any alternative actions recommended
by the related Companion Holder.

 

(f)          In
addition to the consultation rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately preceding
paragraph, such Companion Holder shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer
or Special Servicer, as applicable) annual meetings with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or
Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

(g)          With
respect to any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related Intercreditor
Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2 Business Days
after receipt by the Master Servicer of the related Periodic Payment without the consent of the Master Servicer.

 

Section 3.25     Rating
Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions of this Agreement,
if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition precedent
to such action, if the party (the “RAC Requesting Party”) required to obtain such Rating Agency Confirmation
from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within ten (10) Business
Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency
has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such
request nor waiving the requirement for Rating Agency Confirmation, then such RAC Requesting Party shall be required to confirm
(through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the
applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating
Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC
No-Response Scenario.” Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5
Information Provider, such RAC Requesting Party may, but shall not be obligated to send such request directly to the Rating Agencies
in accordance with the procedures set forth in Section 13.10(d).

 

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If there is no response
to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC No-Response Scenario or
if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving
the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring
such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage
Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed
not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer,
as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original
determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation
would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special
Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i) as certified in writing by
the applicable replacement master servicer or special servicer, the applicable replacement master servicer or special servicer
has been appointed and currently serves as a master servicer or special servicer on a transaction-level basis on a transaction
currently rated by Moody’s that currently has securities outstanding and for which Moody’s has not cited servicing
concerns of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer
or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable
replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3”
(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) as certified in writing by the applicable
replacement master servicer or special servicer, DBRS has not cited servicing concerns of the applicable replacement master servicer
or special servicer, as applicable, as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in any other commercial
mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to
the time of determination, if DBRS is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.25(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as applicable, shall provide electronic written notice to the

 

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17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

(b)          Notwithstanding
anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan document relating to
defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release or substitution
of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which the Master Servicer or Special
Servicer would have been permitted to waive obtaining or to make a determination with respect to such Rating Agency Confirmation
pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

(c)          For
all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting Party shall
deliver Rating Agency Confirmation from each Rating Agency.

 

Section 3.26     The
Operating Advisor. (a) The Operating Advisor shall promptly review (i) all information made available to Privileged Persons
on the Certificate Administrator’s Website (A) that relates to any Specially Serviced Loan, and (B) that is contained in
the CREFC® Servicer Watch List prepared by the Master Servicer and (ii) each Final Asset Status Report delivered
to the Operating Advisor by the Special Servicer.

 

(b)          The
Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled “Privileged
Information” received from the Special Servicer or Directing Certificateholder in connection with the Directing Certificateholder’s
exercise of its rights under this Agreement (including, without limitation, in connection with the review and/or approval of any
Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees
that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of
complying with its duties and obligations hereunder.

 

(c)          After
the end of each calendar year for which an Operating Advisor Annual Report (as defined below) is required to be provided and prior
to the issuance by the Operating Advisor of such Operating Advisor Annual Report, the Special Servicer or the Operating Advisor
may request, upon at least thirty (30) days prior written notice that the Special Servicer or the Operating Advisor make available,
a responsible party for an in-person or telephone meeting at a time acceptable to the non-requesting party to discuss or answer
questions relating to any Final Asset Status Report delivered to the Operating Advisor and any other information provided by the
Special Servicer to the Operating Advisor pursuant to this Section 3.26 during the immediately preceding calendar year.
Neither the Operating Advisor nor the Special Servicer shall, in any event, be required to meet for more than four (4) hours in
any one calendar year. Any person requesting an in-person meeting will be required to travel to the other person’s primary
office and pay its own expenses related to such in-person meeting.

 

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(d)          After
the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any
assessment of compliance report, attestation report, Asset Status Report and other information (other than any communications between
the Directing Certificateholder and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor
by the Special Servicer, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall
(if any Mortgage Loans were Specially Serviced Loans during the prior calendar year) deliver to the Certificate Administrator and
the 17g-5 Information Provider within one hundred-twenty (120) days of the end of the prior calendar year for which a Control Termination
Event was continuing as of December 31, an annual report (the “Operating Advisor Annual Report”), substantially
in the form of Exhibit V (which form may be modified or altered as to either its organization or content by the Operating
Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions
herein relating to Privileged Information; provided, however, that in no event shall the information or any other
content included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth the Operating
Advisor’s assessment of the Special Servicer’s performance of its duties under this Agreement during the prior calendar
year on a “platform-level basis” with respect to the resolution and/or liquidation of Specially Serviced Loans that
the Special Servicer is responsible for servicing under this Agreement; provided, further, however, that in
the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that
was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date
of such Operating Advisor Annual Report. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no Operating
Advisor Annual Report will be permitted to include an assessment of the Special Servicer’s performance in respect of such
Serviced AB Whole Loan until after the occurrence and during the continuance of a Serviced AB Control Appraisal Period under the
related Intercreditor Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(d)
hereof, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and
(ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially
Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect
to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality requirements described
in this Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating Advisor Annual Report
shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate
Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which shall promptly
post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c));
provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual
Report at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider.
The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by
the Special Servicer. Only as used in this Section 3.26 in connection with the Operating Advisor Annual Report, the term
“platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution
and/or liquidation of Specially Serviced Loans, taking into account the

 

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Special Servicer’s specific duties under this Agreement
as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration
by the Operating Advisor of any assessment of compliance report, attestation report, Asset Status Report and other information
delivered to the Operating Advisor by the Special Servicer (other than any communications between the Directing Certificateholder
and the Special Servicer that would be Privileged Information) pursuant to this Agreement. Notwithstanding the foregoing, no Operating
Advisor Annual Report shall be required from the Operating Advisor with respect to any calendar year as to which no Asset Status
Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or REO Property.

 

(i)          In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such
limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any
information it is provided without liability for any such reliance hereunder. In the event a lack of access to Privileged Information
limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor shall set forth
any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject
to any liability arising from its lack of access to Privileged Information.

 

(e)          Prior
to the occurrence and continuance of a Control Termination Event (or, with respect to a Serviced AB Whole Loan, prior to the occurrence
and continuance of both a Control Termination Event and a related Serviced AB Control Appraisal Period), the Special Servicer will
forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination of
what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor
after such calculations have been finalized. The Operating Advisor shall review such calculations but shall not opine on or take
any affirmative action with respect to such Appraisal Reduction Amount calculations and/or net present value calculations.

 

(f)          (i)
After the occurrence and during the continuance of a Control Termination Event, and with respect to any Serviced AB Whole Loan,
after the occurrence and during the continuance of both a Control Termination Event and a Serviced AB Control Appraisal Period,
after the calculation but prior to the utilization by the Special Servicer of any of the calculations related to (i) Appraisal
Reduction Amounts or (ii) net present value in accordance with Section 1.02(iv), the Special Servicer shall forward such
calculations, together with any supporting material or additional information necessary in support thereof (including such additional
information reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including
any Privileged Communications), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing
such calculations, and the Operating Advisor shall promptly, but no later than three (3)

 

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Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)        In
connection with this Section 3.26(f), in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days
of delivery of such calculations to the Operating Advisor. The Master Servicer shall cooperate with the Special Servicer and provide
any information reasonably requested by the Special Servicer necessary for the calculation of the Appraisal Reduction Amount that
is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer. In the event the Operating Advisor
and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day period,
the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator
shall examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor and shall determine
which calculation is to apply. In making such determination, the Certificate Administrator may hire an independent third-party
to assist with any such calculation at the expense of the Trust.

 

(iii)       Notwithstanding
the foregoing, the consultation duties of the Operating Advisor set forth in this Agreement shall not be permitted to be exercised
by the Operating Advisor with respect to any Serviced AB Whole Loan until after the occurrence and during the continuance of both
a Control Termination Event (except with respect to any Excluded Loan) and a related Serviced AB Control Appraisal Period.

 

(g)          [RESERVED].

 

(h)          The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information” confidential
and shall not disclose such Privileged Information to any Person (including Certificateholders other than the Directing Certificateholder),
other than (1) to the extent expressly required by this Agreement to the other parties to this Agreement with a notice indicating
that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement
that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information
shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless
a Control Termination Event has occurred, the Directing Certificateholder (with respect to any Mortgage Loan other than a Non-Serviced
Whole Loan and other than any Excluded Loan) other than pursuant to a Privileged Information Exception. Notwithstanding the foregoing,
the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any

 

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subcontractors of the Operating
Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(i)          Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.07(a).

 

(j)          As
compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each
Remittance Date with respect to each Mortgage Loan (excluding each Non-Serviced Mortgage Loan) and each REO Loan. As to each Mortgage
Loan and each REO Loan, the Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be
computed on the basis of the Stated Principal Balance of such Mortgage Loan or REO Loan, as the case may be, and in the same manner
as interest is calculated on the related Mortgage Loan or REO Loan, as the case may be, and, in connection with any partial month
interest payment, for the same period respecting which any related interest payment due on the related Mortgage Loan or deemed
to be due on such REO Loan is computed. The Operating Advisor Fee shall be payable from funds on deposit in the Collection Account
as provided in Section 3.05(a)(ii) of this Agreement

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or 6.04(b)
hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.05(a).
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation obligations hereunder. The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection
Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding Certificate
Balances of the Control Eligible Certificates has not been reduced to zero as a result of the allocation of Realized Losses to
such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When
the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Master Servicer or
the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect
the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision, but only to
the extent not prohibited by the related Mortgage Loan documents. The Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or
partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer
take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection;
provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the
Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing, the Operating Advisor will have no obligations
or consultation rights in its capacity as operating advisor with respect to: (i) any Non-Serviced Whole Loan or

 

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any related REO
Property, or (ii) any Serviced AB Mortgage Loan, prior to the occurrence and continuance of both a Serviced AB Control Appraisal
Period and a Control Termination Event; provided, further, that the Operating Advisor shall not be entitled to an
Operating Advisor Consulting Fee with respect to any Non-Serviced Whole Loan.

 

(k)          After
the occurrence of a Consultation Termination Event, the Operating Advisor may be removed upon (i) the written direction of Holders
of Certificates evidencing not less than 25% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates
(taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to
which such Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating
Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating
Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to be incurred
by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and the Certificate
Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the Certificate Administrator
at the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate Administrator shall
promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s
Website in accordance with Section 3.13(b), and concurrently by mail, and conduct the solicitation of votes of all Certificates
in such regard. Upon the vote or written direction of Holders of at least 75% of the aggregate Certificate Balance of all Classes
of Principal Balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the
Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable), the Trustee shall immediately replace
the Operating Advisor with the replacement Operating Advisor.

 

(l)          After
the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders
representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for
cause and appoint the replacement Operating Advisor designated by such Certificateholders that shall be an Eligible Operating Advisor;
provided that no such termination shall be effective until a successor operating advisor has been appointed and has assumed
all of the obligations of the Operating Advisor under this Agreement. No such termination shall terminate, change, reduce, or otherwise
modify the rights and obligations of the Operating Advisor that accrued prior to such termination, including the right to receive
all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring
prior to such termination. The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible
Operating Advisor. Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee
will, as soon as possible, be required to give written notice of the termination and appointment to the Special Servicer, the Master
Servicer, the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s
Website), the Depositor, the Directing Certificateholder (only if no Consultation Termination Event has occurred and is continuing),
any Companion Loan holder and the Certificateholders.

 

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(m)          The
holders of certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder
may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee of the occurrence
of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor
Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver
of an Operating Advisor Termination Event by certificateholders, the trustee and the certificate administrator will be entitled
to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor
Termination Event prior to such waiver from the Trust.

 

(n)          Prior
to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right to consent,
such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed
pursuant to this Section 3.26; provided, further, that such consent will be deemed to have been granted if
no objection is made within ten (10) Business Days following the Directing Certificateholder’s receipt of the request for
consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(o)          The
Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior written notice
to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer and the Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment
by, a successor operating advisor that is an Eligible Operating Advisor. No such resignation by the Operating Advisor shall become
effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and
obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee
and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 3.26.

 

The Operating Advisor
shall have the right to resign without cost or expense when the Principal Balance of the Mortgage Loans remaining in the Trust
is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date. The Operating
Advisor shall provide all of the parties to this Agreement and the Controlling Class Representative thirty (30) days prior written
notice of any such resignation pursuant to this Section 3.26(o). If the Operating Advisor resigns pursuant to this Section
3.26(o), then no replacement Operating Advisor shall be appointed. The resigning Operating Advisor shall be entitled, and subject,
to any rights and obligations that accrued under this Agreement prior to the date of any such resignation (including accrued and
unpaid compensation) and any indemnifications rights arising out of events occurring prior to such resignation.

 

(p)          In
the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates
and the Class R Certificates, then all of the rights and obligations of the Operating Advisor shall terminate without payment of
any termination fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued
and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination). In connection
with any termination

 

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pursuant to this Section 3.26(p), no successor operating advisor shall be appointed. Upon receipt of
written notice of such acts by a Responsible Officer of the Trustee, the Trustee shall provide the Operating Advisor with prompt
notice upon its termination pursuant to this Section 3.26(p).

 

(q)          In
the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid
Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor Expenses
pursuant to Section 3.26(j) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(r)          The
parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that
(i) subject to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for any actions taken
or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party
to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except
with respect to its specific obligations under this Agreement, and shall have no duty to any particular class of Certificates or
particular Certificateholders, and (iv) the Operating Advisor does not constitute an “investment adviser” within the
meaning of the Investment Advisers Act of 1940, as amended.

 

(s)          Neither
the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Operating
Advisor or (ii) investments by an Affiliate of the Operating Advisor if the Operating Advisor and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel
involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access to
information regarding the Trust and the Operating Advisor and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

(t)          The
Operating Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible Operating
Advisor, the Operating Advisor shall immediately resign under Section 3.26(o) of this Agreement and the Trustee shall appoint
a successor operating advisor subject to and in accordance with this Section 3.26. Notwithstanding the foregoing, if the
Trustee is unable to find and appoint a successor operating advisor within thirty (30) days of the termination of the Operating
Advisor, the Depositor shall be permitted, but not obligated to, to find a replacement.

 

(u)          The
Operating Advisor may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such
agents or subcontractors are consistent with the provisions of this Section 3.26(u); provided that no agent or subcontractor
may (i) be affiliated with a Sponsor, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee,
the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration
by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing
Certificateholder or any of their respective Affiliates in connection with due diligence or other services with respect to any
Mortgage Loan prior to the Closing Date. Notwithstanding

 

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the foregoing sentence, the Operating Advisor shall remain obligated and
primarily liable for its obligations hereunder in accordance with the provisions of this Agreement without diminution of such obligation
or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from
any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating
Advisor alone were performing its obligations under this Agreement. The Operating Advisor shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Operating Advisor by such agent or subcontractor, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 3.27     Companion
Paying Agent. (a) With respect to each of the Serviced Companion Loans, the Master Servicer shall be the Companion Paying Agent
hereunder. The Companion Paying Agent undertakes to perform such duties and only such duties as are specifically set forth in
this Agreement.

 

(b)          No
provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent failure to
act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the Companion
Paying Agent shall be determined solely by the express provisions of this Agreement. The Companion Paying Agent shall not be liable
except for the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement
against the Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying
Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions,
certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by any
Person and which on their face do not contradict the requirements of this Agreement.

 

(c)          In
the case of each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to ARTICLE
VII of this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

(d)          This
Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion Paying Agent,
as regards to rights accrued prior to such resignation or removal.

 

Section 3.28     Companion
Register. The Companion Paying Agent shall maintain a register (the “Companion Register”) with respect to
each Serviced Companion Loan on which it will record the names and address of, and wire transfer instructions for, the Companion
Holders from time to time, to the extent such information is provided in writing to it by each Companion Holder. The initial Companion
Holders, along with their respective name and address, are listed on Exhibit S hereto. In the event a Companion Holder
transfers a Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for
any misdirected payment in such Companion Loan and shall have no obligation to recover and redirect such payment.

 

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The Companion Paying
Agent shall promptly provide the name and address of the Companion Holder to any party hereto or any successor Companion Holder
upon written request and any such Person may, without further investigation, conclusively rely upon such information. The Companion
Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For the avoidance of
doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Companion Holder
with respect to a Companion Loan that has been included in an Other Securitization shall be provided to the Other Servicer under
the Other Pooling and Servicing Agreement.

 

Section 3.29     Certain
Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans. (a) In the event that any
of the applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, the applicable Non-Serviced Master
Servicer or the applicable Non-Serviced Special Servicer shall be replaced in accordance with the terms of the applicable Non-Serviced
PSA, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the applicable Non-Serviced
Trustee, the applicable Non-Serviced Certificate Administrator, the applicable Non-Serviced Master Servicer or the applicable
Non-Serviced Special Servicer, as the case may be.

 

(b)          If
any of the Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the Master Servicer
is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then the Trustee,
the Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer of
the same.

 

(c)          In
connection with the securitization of each Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced Companion
Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master
Servicer, the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion
Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes,
and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.

 

(d)          [RESERVED].

 

(e)          In
connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials
required to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan pursuant
to the related Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control Termination
Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required. The Special Servicer
may (with the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event)
waive any timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor Agreement.

 

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(f)          With
respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of a Control
Termination Event, or the Operating Advisor, following the occurrence and during the continuance of a Control Termination Event,
shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling
Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(g)          With
respect to the servicing of each Non-Serviced Mortgage Loan, this Agreement is subject to the related Intercreditor Agreement and
incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

(h)          With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Master
Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.

 

(i)          For
the avoidance of doubt, with respect to any Serviced Whole Loan, upon reasonable request, the Master Servicer and the Special Servicer
shall provide to each Other Servicer that is servicing a related Serviced Companion Loan such information in its possession as
is necessary to enable each such Other Servicer to perform its servicing duties under the related Other Pooling and Servicing Agreement.

 

(j)          If
an expense under this Agreement relates, in the reasonable judgment of the Master Servicer, the Special Servicer, the Trustee,
the Custodian or the Certificate Administrator, as applicable, primarily to the administration of the Trust or any REMIC or grantor
trust formed hereunder or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions
or provisions relating to the grantor trust or the actual payment of any REMIC tax or expense or grantor trust tax or expense with
respect to any REMIC or grantor trust formed hereunder, then such expense shall not be allocated to, deducted or reimbursed from,
or otherwise charged against the holder of any Serviced Pari Passu Companion Loan or Serviced Subordinate Companion Loan and such
holder shall not suffer any adverse consequences as a result of the payment of such expense.

 

Section 3.30     [RESERVED].

 

Section 3.31     [RESERVED].

 

Section 3.32     Litigation
Control. (a) With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any Serviced Companion Loan or any
related REO Loan or related REO Property, the Special Servicer shall, in accordance with the Servicing Standard, direct, manage,
prosecute and/or defend any action brought by a Mortgagor, guarantor, or other

 

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obligor on the related Note or any Affiliates thereof (each a “Borrower-Related Party”)
against the Trust, the Master Servicer and/or the Special Servicer or any predecessor master servicer or special servicer, and
represent the interests of the Trust in any litigation relating to the rights and obligations of the Trust, or of the Mortgagor
or other Borrower-Related Party under the related Mortgage Loan documents, or with respect to the related Mortgaged Property or
other collateral securing such Mortgage Loan (or Serviced Whole Loan), or otherwise with respect to the enforcement of the obligations
of a Borrower-Related Party under the related Mortgage Loan documents (“Trust-Related Litigation”). In the event
that the Master Servicer is named in any Trust-Related Litigation but the Special Servicer is not named in such Trust-Related Litigation
(regardless of whether the Trust is named in such Trust-Related Litigation), the Master Servicer shall notify the Special Servicer
of such litigation as soon as practicable but in any event no later than within ten (10) Business Days of the Master Servicer receiving
service of such Trust-Related Litigation.

 

(b)          To
the extent the Master Servicer is named in the Trust-Related Litigation, and neither the Trust nor the Special Servicer is named,
in order to effectuate the role of the Special Servicer as contemplated by the immediately preceding subsection, the Master Servicer
shall (i) provide monthly status reports to the Special Servicer, regarding such Trust-Related Litigation; (ii) seek to have the
Trust replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master Servicer remains a party
to the lawsuit, consult with and act at the direction of the Special Servicer with respect to decisions and resolutions related
to the interests of the Trust in such Trust-Related Litigation, including but not limited to the selection of counsel; provided
that the Master Servicer shall have the right to engage separate counsel relating to claims against the Master Servicer to the
extent set forth in Section 3.32(e); and provided, however, if there are claims against the Master Servicer
and the Master Servicer has not determined that separate counsel is required for such claims, such counsel shall be reasonably
acceptable to the Master Servicer.

 

(c)          The
Special Servicer shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Trust-Related
Litigation or (ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuance of a Consultation Termination
Event) (to the extent the identity of the Directing Certificateholder is actually known to the Special Servicer; provided
that the Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Directing Certificateholder)
and the related holder of any Serviced Companion Loan (if such matter affects such related Serviced Companion Loan) (to the extent
the identity of the holder of such Serviced Companion Loan is actually known to the Special Servicer) and the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuation of a Control Termination
Event) has not objected in writing within five (5) Business Days of having been notified thereof and having been provided with
all information that the Directing Certificateholder has reasonably requested with respect thereto promptly following its receipt
of the subject notice (it being understood and agreed that if such written objection has not been received by the Special Servicer
within such five (5)-Business Day period, then the Directing Certificateholder shall be deemed to have approved the taking of such
action); provided that, if the Special Servicer determines (consistent with the Servicing Standard) that immediate action
is necessary to protect the interests of the Certificateholders and, with respect

 

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to a Serviced Whole Loan, the related Companion
Holders, the Special Servicer may take such action without waiting for the Directing Certificateholder’s response.

 

(d)          Notwithstanding
the foregoing, neither the Special Servicer nor the Master Servicer shall follow any advice, direction or consultation provided
by the Directing Certificateholder (or any other party to this Agreement) that would require or cause the Special Servicer or the
Master Servicer, as applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the
Special Servicer or the Master Servicer, as applicable, to violate provisions of this Agreement, require or cause the Special Servicer
or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Serviced Whole Loan, expose any Certificateholder
or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability, cause any REMIC
created hereunder to fail to qualify as a REMIC, result in the imposition of a “prohibited transaction” or “prohibited
contribution” tax under the REMIC Provisions or materially expand the scope of the Special Servicer’s or the Master
Servicer’s, as applicable, responsibilities under this Agreement.

 

(e)          Notwithstanding
the right of the Special Servicer to represent the interests of the Trust in Trust-Related Litigation, and subject to the rights
of the Special Servicer to direct the Master Servicer’s actions in this Section 3.32, the Master Servicer shall retain
the right to make determinations relating to claims against the Master Servicer, including but not limited to the right to engage
separate counsel and to appear in any proceeding on its own behalf in the Master Servicer’s reasonable discretion, the cost
of which shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)          Further,
nothing in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer’s
good faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions or (ii) subject the Master Servicer to
liability or materially expand the scope of the Master Servicer’s obligations under this Agreement.

 

(g)          Notwithstanding
the Master Servicer’s right to make determinations relating to claims against the Master Servicer, the Special Servicer shall
have the right at any time in accordance with the Servicing Standard to (i) direct the Master Servicer to settle any claims asserted
against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation)
(and with respect to any material settlements with respect to any Mortgage Loan other than an Excluded Loan, with the consent or
consultation of the Directing Certificateholder prior to a Control Termination Event or Consultation Termination Event, respectively)
and (ii) otherwise reasonably direct the actions of the Master Servicer relating to claims against the Master Servicer (whether
or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation), provided in either case
that (A) such settlement or other direction does not require any admission of liability or wrongdoing on the part of the Master
Servicer, (B) the cost of such settlement or any resulting judgment is and shall be paid by the Trust and payment of such cost
or judgment is provided for in this Agreement, (C) the Master Servicer is and shall be indemnified as and to the extent provided
in this Agreement for all costs and expenses of the Master Servicer incurred in defending and settling the Trust-Related Litigation
and for any judgment, (D) any such action taken by the Master Servicer at the direction of the Special Servicer shall be deemed
(as to the Master Servicer) to be in compliance with the Servicing Standard and (E) the Special Servicer

 

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provides the Master Servicer
with assurance reasonably satisfactory to the Master Servicer as to the items in clauses (A), (B) and (C).

 

(h)          In
the event both the Master Servicer and the Special Servicer or Trust are named in Trust-Related Litigation, the Master Servicer
and the Special Servicer shall cooperate with each other to afford the Master Servicer and the Special Servicer the rights afforded
to such party in this Section 3.32.

 

This Section 3.32
shall not apply in the event the Special Servicer authorizes the Master Servicer, and the Master Servicer agrees (both authority
and agreement to be in writing), to make certain decisions or control certain Trust-Related Litigation on behalf of the Trust in
accordance with the Servicing Standard.

 

Notwithstanding the foregoing,
(i) in the event that any action, suit, litigation or proceeding names the Trustee either in such capacity or in its individual
capacity, or in the event that any judgment is rendered against the Trustee either in such capacity or in its individual capacity,
the Trustee, upon prior written notice to the Master Servicer or the Special Servicer, as applicable, may retain counsel and appear
in any such proceeding on its own behalf in order to protect and represent its interests (but not to otherwise direct, manage or
prosecute such litigation or claim other than to the extent that it relates to the Trustee in such capacity or in its individual
capacity); (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding
relating to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage Loan documents,
or otherwise relating to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the Special Servicer
shall, without the prior written consent of the Trustee, (A) initiate an action, suit, litigation or proceeding in the name of
the Trustee, whether in such capacity or individually, (B) engage counsel to represent the Trustee, or (C) prepare, execute or
deliver any government filings, forms, permits, registrations or other documents or take any other similar actions with the intent
to cause, and that actually causes, the Trustee to be registered to do business in any state (provided that neither the
Master Servicer nor the Special Servicer shall be responsible for any delay due to the unwillingness of the Trustee to grant such
consent); and (iii) in the event that any court finds that the Trustee is a necessary party in respect of any action, suit, litigation
or proceeding relating to or arising from this Agreement or any Mortgage Loan, the Trustee shall have the right to retain counsel
and appear in any such proceeding on its own behalf in order to protect and represent its interests, whether as Trustee or individually
(but not to otherwise direct, manage or prosecute such litigation or claim other than to the extent that it relates to the Trustee
in such capacity or in its individual capacity); provided, however, nothing in this subsection shall be interpreted
to preclude the Special Servicer (with respect to any material Trust-Related Litigation with respect to any Mortgage Loan other
than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to the occurrence and continuance
of a Control Termination Event or Consultation Termination Event, respectively, to the extent required in Section 3.32(c),
respectively) from initiating any action, suit, litigation or proceeding in its name as representative of the Trustee of the Trust.

 

Section 3.33     Delivery
of Excluded Information to the Certificate Administrator.

 

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Any Excluded Information
that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator
for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or
such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information”
followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt,
any information that is not appropriately labeled and delivered in accordance with this Section 3.33 shall not be separately
posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and
delivered to the Certificate Administrator pursuant to this Section 3.33 shall be posted on the Certificate Administrator’s
Website under the “Excluded Information” section, as provided under Section 3.13. When so posted, the Excluded
Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans).
None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver
any Excluded Information in accordance with this Section 3.33 until such party has received written notice with respect
to the related Excluded Controlling Class Loan in the form of Exhibit P-1D to this Agreement. Nothing set forth in this
Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving, requesting
or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Certificateholder
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website, such Directing Certificateholder or Controlling Class Certificateholder that is not a Borrower Party
with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with Section
4.02(f) of this Agreement.

 

[End of Article III]

 

    	-294-

    	 

    

 

ARTICLE
IV

distributions TO CERTIFICATEHOLDERS

 

Section 4.01     Distributions. (a)
On each Distribution Date, to the extent of the Available Funds for such Distribution Date, the Certificate Administrator shall
be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC
Distribution Account in the amounts and priorities set forth in Section 4.01(c) with respect to each Class of Lower-Tier
Regular Interests, and immediately thereafter, shall make distributions thereof from the Upper-Tier REMIC Distribution Account
in the following order of priority, satisfying in full, to the extent required and possible, each priority before making any distribution
with respect to any succeeding priority:

 

(i)          first,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class A-3 Certificates,
the Class A-4 Certificates, the Class X-A Certificates, the Class X-B Certificates and the Class X-D Certificates, pro rata
(based upon their respective entitlements to interest for such Distribution Date), in respect of interest, up to an amount equal
to the aggregate Interest Distribution Amount in respect of such Classes of Certificates for such Distribution Date;

 

(ii)        second,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class A-3 Certificates
and the Class A-4 Certificates in reduction of the Certificate Balances thereof: (I) prior to the Cross-Over Date (1) first,
to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution Amount, until the outstanding Certificate Balance
of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal Balance for such Distribution Date; (2) second,
to the Holders of the Class A-1 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclause (1) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of the Class A-2
Certificates in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified
in subclauses (1) and (2) above have been made on such Distribution Date), until the outstanding Certificate Balance
of the Class A-2 Certificates has been reduced to zero; (4) fourth, to the Holders of the Class A-3 Certificates in an
amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses
(1), (2) and (3) above have been made on such Distribution Date), until the outstanding Certificate Balance
of the Class A-3 Certificates has been reduced to zero; (5) fifth, to the Holders of the Class A-4 Certificates, in an
amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses
(1) (2), (3) and (4) above have been made on such Distribution Date), until the outstanding Certificate
Balance of the Class A-4 Certificates has been reduced to zero; and (6) sixth, to the Holders of the Class A-SB Certificates,
in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses
(1), (2), (3), (4), (5) and (6) above have been made on such Distribution Date), until
the outstanding Certificate

 

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Balance of the Class A-SB Certificates has been reduced to zero; and (II) on or after the Cross-Over
Date, to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata (based on their respective
Certificate Balances) in an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate
Balance of each of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates is reduced to zero;

 

(iii)       third,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates the Class A-3 Certificates
and the Class A-4 Certificates, pro rata (based upon the aggregate unreimbursed Realized Losses previously allocated to
each such Class), first, up to an amount equal to the unreimbursed Realized Losses previously allocated to each such Class,
and second, up to an amount equal to, and pro rata based upon, interest on such unreimbursed Realized Losses at the
Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(iv)        fourth,
to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(v)          fifth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates have been reduced
to zero, to the Holders of the Class A-S Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A-1, Class A-2,
Class A-SB, Class A-3 and Class A-4 Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class
A-S Certificates has been reduced to zero;

 

(vi)        sixth,
to the Holders of the Class A-S Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(vii)       seventh,
to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(viii)      eighth,
after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the Class B Certificates,
in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining
after any distributions in respect of the Class A Certificates on such Distribution Date), until the outstanding Certificate Balance
of the Class B Certificates has been reduced to zero;

 

(ix)        ninth,
to the Holders of the Class B Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and 

 

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second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(x)          tenth,
to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xi)        eleventh,
after the Certificate Balances of the Class A and Class B Certificates have been reduced to zero, to the Holders of the Class C
Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion
thereof remaining after any distributions in respect of the Class A and Class B Certificates on such Distribution Date), until
the outstanding Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii)       twelfth,
to the Holders of the Class C Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xiii)      thirteenth,
to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xiv)       fourteenth,
after the Certificate Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to the Holders of the
Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or
the portion thereof remaining after any distributions in respect of the Class A, Class B and Class C Certificates on such Distribution
Date), until the outstanding Certificate Balance of the Class D Certificates has been reduced to zero;

 

(xv)        fifteenth,
to the Holders of the Class D Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xvi)       sixteenth,
to the Grantor Trust in respect of the Class E-1 Trust Component and, thus, concurrently, to the Class E-1 Certificates, Class
E Certificates, Class EF Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class E-1
Percentage Interest, the Class E-E-1 Exchange Percentage Interest, the Class EF-E-1 Exchange Percentage Interest and the Class
EFG-E-1 Exchange Percentage Interest, respectively, of the aggregate Interest Distribution Amount with respect to the Class E-1
Trust Component;

 

(xvii)      seventeenth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
have been reduced to

 

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zero, to the Grantor Trust in respect of the Class E-1 Trust Component and, thus, concurrently, to the Class
E-1, Class E, Class EF Certificates and Class EFG Certificates, in reduction of their Certificate Balances, up to an amount equal
to the Class E-1 Percentage Interest, the Class E-E-1 Exchange Percentage Interest, the Class EF-E-1 Exchange Percentage Interest
and the Class EFG-E-1 Exchange Percentage Interest, respectively, of the remaining Principal Distribution Amount for such Distribution
Date after distributions of the Principal Distribution Amount pursuant to all prior clauses until the Certificate Balance of the
Class E-1 Trust Component is reduced to zero;

 

(xviii)     eighteenth,
to the Grantor Trust in respect of the Class E-1 Trust Component and, thus, concurrently, to the Class E-1 Certificates, Class
E Certificates, Class EF Certificates and Class EFG Certificates, first, up to an amount equal to the Class E-1 Percentage
Interest, the Class E-E-1 Exchange Percentage Interest, the Class EF-E-1 Exchange Percentage Interest and the Class EFG-E-1 Exchange
Percentage Interest, respectively, of the aggregate of unreimbursed Realized Losses previously allocated to the Class E-1 Trust
Component, and second, up to an amount equal to the Class E-1 Percentage Interest, the Class E-E-1 Exchange Percentage Interest,
the Class EF-E-1 Exchange Percentage Interest and the Class EFG-E-1 Exchange Percentage Interest, respectively, of interest on
such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the date the Realized
Loss was allocated to such Trust Component;

 

(xix)       nineteenth,
to the Grantor Trust in respect of the Class E-2 Trust Component and, thus, concurrently to the Class E-2 Certificates, Class E
Certificates, Class EF Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class E-2
Percentage Interest, the Class E-E-2 Exchange Percentage Interest, the Class EF-E-2 Exchange Percentage Interest and the Class
EFG-E-2 Exchange Percentage Interest, respectively, of the aggregate Interest Distribution Amount with respect to the Class E-2
Trust Component;

 

(xx)        twentieth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component have been reduced to zero, to the Grantor Trust in respect of the Class E-2 Trust Component and,
thus, concurrently, to the Class E-2 Certificates, Class E Certificates, Class EF Certificates and Class EFG Certificates, in reduction
of their Certificate Balances, up to an amount equal to the Class E-2 Percentage Interest, the Class E-E-2 Exchange Percentage
Interest, the Class EF-E-2 Exchange Percentage Interest and the Class EFG-E-2 Exchange Percentage Interest, respectively, of the
remaining Principal Distribution Amount for such Distribution Date after distributions of the Principal Distribution Amount pursuant
to all prior clauses until the Certificate Balance of the Class E-2 Trust Component is reduced to zero;

 

(xxi)       twenty-first,
to the Grantor Trust in respect of the Class E-2 Trust Component and, thus, concurrently, to the Class E-2 Certificates, Class
E Certificates, Class E Certificates F and Class EFG Certificates, first, up to an amount equal to the Class E-2 Percentage
Interest, the Class E-E-2 Exchange Percentage Interest, the Class EF-E-2 Exchange Percentage Interest and the Class EFG-E-2 Exchange
Percentage

 

    	-298-

    	 

    

 

Interest, respectively, of the aggregate of unreimbursed Realized Losses previously allocated to the Class E-2 Trust
Component, and second, up to an amount equal to the Class E-2 Percentage Interest, the Class E-E-2 Exchange Percentage Interest,
the Class EF-E-2 Exchange Percentage Interest and the Class EFG-E-2 Exchange Percentage Interest, respectively, of interest on
such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the date the Realized
Loss was allocated to such Trust Component;

 

(xxii)      twenty-second,
to the Grantor Trust in respect of the Class F-1 Trust Component and, thus, concurrently to the Class F-1 Certificates, Class F
Certificates, Class EF Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class F-1
Percentage Interest, the Class F-F-1 Exchange Percentage Interest, the Class EF-F-1 Exchange Percentage Interest and the Class
EFG-F-1 Exchange Percentage Interest, respectively, of the aggregate Interest Distribution Amount with respect to the Class F-1
Trust Component;

 

(xxiii)     twenty-third,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component and Class E-2 Trust Component have been reduced to zero, to the Grantor Trust in respect of the Class
F-1 Trust Component and, thus, concurrently, to the Class F-1 Certificates, Class F Certificates, Class EF Certificates and Class
EFG Certificates, in reduction of their Certificate Balances, up to an amount equal to the Class F-1 Percentage Interest, the Class
F-F-1 Exchange Percentage Interest, the Class EF-F-1 Exchange Percentage Interest and the Class EFG-F-1 Exchange Percentage Interest,
respectively, of the remaining Principal Distribution Amount for such Distribution Date after distributions of the Principal Distribution
Amount pursuant to all prior clauses until the Certificate Balance of the Class F-1 Trust Component is reduced to zero;

 

(xxiv)      twenty-fourth,
to the Grantor Trust in respect of the Class F-1 Trust Component and, thus, concurrently, to the Class F-1 Certificates, Class
F Certificates, Class EF Certificates and Class EFG Certificates, first, up to an amount equal to the Class F-1 Percentage
Interest, the Class F-F-1 Exchange Percentage Interest, the Class EF-F-1 Exchange Percentage Interest and the Class EFG-F-1 Exchange
Percentage Interest, respectively, of the aggregate of unreimbursed Realized Losses previously allocated to the Class F-1 Trust
Component, and second, up to an amount equal to the Class F-1 Percentage Interest, the Class F-F-1 Exchange Percentage Interest,
the Class EF-F-1 Exchange Percentage Interest and the Class EFG-F-1 Exchange Percentage Interest, respectively, of interest on
such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the date the Realized
Loss was allocated to such Trust Component;

 

(xxv)       twenty-fifth,
to the Grantor Trust in respect of the Class F-2 Trust Component and, thus, concurrently to the Class F-2 Certificates, Class F
Certificates, Class EF Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class F-2
Percentage Interest, the Class F-F-2 Exchange Percentage Interest, the Class EF-F-2 Exchange Percentage Interest and the Class
EFG-F-2 Exchange

 

    	-299-

    	 

    

 

Percentage Interest, respectively, of the aggregate Interest Distribution Amount with respect to the Class F-2
Trust Component;

 

(xxvi)      twenty-sixth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component, Class E-2 Trust Component and Class F-1 Trust Component have been reduced to zero, to the Grantor
Trust in respect of the Class F-2 Trust Component and, thus, concurrently, to the Class F-2 Certificates, Class F Certificates,
Class EF Certificates and Class EFG Certificates, in reduction of their Certificate Balances, up to an amount equal to the Class
F-2 Percentage Interest, the Class F-F-2 Exchange Percentage Interest, the Class EF-F-2 Exchange Percentage Interest and the Class
EFG-F-2 Exchange Percentage Interest, respectively, of the remaining Principal Distribution Amount for such Distribution Date after
distributions of the Principal Distribution Amount pursuant to all prior clauses until the Certificate Balance of the Class F-2
Trust Component is reduced to zero;

 

(xxvii)     twenty-seventh,
to the Grantor Trust in respect of the Class F-2 Trust Component and, thus, concurrently, to the Class F-2 Certificates, Class
F Certificates, Class EF Certificates and Class EFG Certificates, first, up to an amount equal to the Class F-2 Percentage
Interest, the Class F-F-2 Exchange Percentage Interest, the Class EF-F-2 Exchange Percentage Interest and the Class EFG-F-2 Exchange
Percentage Interest, respectively, of the aggregate of unreimbursed Realized Losses previously allocated to the Class F-2 Trust
Component, and second, up to an amount equal to the Class F-2 Percentage Interest, the Class F-F-2 Exchange Percentage Interest,
the Class EF-F-2 Exchange Percentage Interest and the Class EFG-F-2 Exchange Percentage Interest, respectively, of interest on
such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the date the Realized
Loss was allocated to such Trust Component;

 

(xxviii)    twenty-eighth,
to the Grantor Trust in respect of the Class G-1 Trust Component and, thus, concurrently to the Class G-1 Certificates, Class G
Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class G-1 Percentage Interest, the
Class G-G-1 Exchange Percentage Interest and the Class EFG-G-1 Exchange Percentage Interest, respectively, of the aggregate Interest
Distribution Amount with respect to the Class G-1 Trust Component;

 

(xxix)      twenty-ninth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component, Class E-2 Trust Component, Class F-1 Trust Component and Class F-2 Trust Component have been reduced
to zero, to the Grantor Trust in respect of the Class G-1 Trust Component and, thus, concurrently, to the Class G-1 Certificates,
Class G Certificates and Class EFG Certificates, in reduction of their Certificate Balances, up to an amount equal to the Class
G-1 Percentage Interest, the Class G-G-1 Exchange Percentage Interest and the Class EFG-G-1 Exchange Percentage Interest, respectively,
of the remaining Principal Distribution Amount for such Distribution Date after distributions of the Principal Distribution Amount
pursuant to all prior clauses until the Certificate Balance of the Class G-1 Trust Component is reduced to zero;

 

    	-300-

    	 

    

 

(xxx)       thirtieth,
to the Grantor Trust in respect of the Class G-1 Trust Component and, thus, concurrently, to the Class G-1 Certificates, Class
G Certificates and Class EFG Certificates, first, up to an amount equal to the Class G-1 Percentage Interest, the Class
G-G-1 Exchange Percentage Interest and the Class EFG-G-1 Exchange Percentage Interest, respectively, of the aggregate of unreimbursed
Realized Losses previously allocated to the Class G-1 Trust Component, and second, up to an amount equal to the Class G-1
Percentage Interest, the Class G-G-1 Exchange Percentage Interest and the Class EFG-G-1 Exchange Percentage Interest, respectively,
of interest on such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the
date the Realized Loss was allocated to such Trust Component;

 

(xxxi)      thirty-first,
to the Grantor Trust in respect of the Class G-2 Trust Component and, thus, concurrently to the Class G-2 Certificates, Class G
Certificates and Class EFG Certificates, in respect of interest, up to an amount equal to the Class G-2 Percentage Interest, the
Class G-G-2 Exchange Percentage Interest and the Class EFG-G-2 Exchange Percentage Interest, respectively, of the aggregate Interest
Distribution Amount with respect to the Class G-2 Trust Component;

 

(xxxii)     thirty-second,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component, Class E-2 Trust Component, Class F-1 Trust Component, Class F-2 Trust Component and Class G-1 Trust
Component have been reduced to zero, to the Class G-2 Trust Component and, thus, concurrently, to the Grantor Trust in respect
of the Class G-2 Certificates, Class G Certificates and Class EFG Certificates, in reduction of their Certificate Balances, up
to an amount equal to the Class G-2 Percentage Interest, the Class G-G-2 Exchange Percentage Interest and the Class EFG-G-2 Exchange
Percentage Interest, respectively, of the remaining Principal Distribution Amount for such Distribution Date after distributions
of the Principal Distribution Amount pursuant to all prior clauses until the Certificate Balance of the Class G-2 Trust Component
is reduced to zero;

 

(xxxiii)    thirty-third,
to the Grantor Trust in respect of the Class G-2 Trust Component and, thus, concurrently, to the Class G-2 Certificates, Class
G Certificates and Class EFG Certificates, first, up to an amount equal to the Class G-2 Percentage Interest, the Class
G-G-2 Exchange Percentage Interest and the Class EFG-G-2 Exchange Percentage Interest, respectively, of the aggregate of unreimbursed
Realized Losses previously allocated to the Class G-2 Trust Component, and second, up to an amount equal to the Class G-2
Percentage Interest, the Class G-G-2 Exchange Percentage Interest and the Class EFG-G-2 Exchange Percentage Interest, respectively,
of interest on such unreimbursed Realized Losses at the Pass-Through-Rate for such Trust Component compounded monthly from the
date the Realized Loss was allocated to such Trust Component;

 

(xxxiv)     thirty-fourth,
to the Grantor Trust in respect of the Class H-1 Trust Component and, thus, concurrently, to the Class H-1 Certificates and Class
H Certificates, in respect of interest, up to an amount equal to the Class H-1 Percentage

 

    	-301-

    	 

    

 

Interest and the Class H-1 Exchange Percentage
Interest, respectively, multiplied by the aggregate Interest Distribution Amount with respect to the Class H-1 Trust Component;

 

(xxxv)      thirty-fifth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component, Class E-2 Trust Component, Class F-1 Trust Component, Class F-2 Trust Component, Class G-1 Trust
Component and Class G-2 Trust Component have been reduced to zero, to the Grantor Trust in respect of the Class H-1 Trust Component
and, thus, concurrently, to the Class H-1 Certificates and Class H Certificates, in reduction of their Certificate Balances, up
to an amount equal to the Class H-1 Percentage Interest and the Class H-1 Exchange Percentage Interest, respectively, of the remaining
Principal Distribution Amount for such Distribution Date after distributions of the Principal Distribution Amount pursuant to all
prior clauses until the Certificate Balance of the Class H-1 Trust Component is reduced to zero;

 

(xxxvi)     thirty-sixth,
to the Grantor Trust in respect of the Class H-1 Trust Component and, thus, concurrently, to the Class H-1 Certificates and Class
H Certificates, first, up to an amount equal to the Class H-1 Percentage Interest and Class H-1 Exchange Percentage
Interest, respectively, multiplied by the aggregate of unreimbursed Realized Losses previously allocated to the Class H-1 Trust
Component, and second, up to an amount equal to the Class H-1 Percentage Interest and Class H-1 Exchange Percentage Interest,
respectively, of interest on such unreimbursed Realized Losses at the Pass-Through Rate for such Trust Component compounded monthly
from the date the related Realized Loss was allocated to such Trust Component;

 

(xxxvii)    thirty-seventh,
to the Grantor Trust in respect of the Class H-2 Trust Component and, thus, concurrently, to the Class H-2 Certificates and Class
H Certificates, in respect of interest, up to an amount equal to the Class H-2 Percentage Interest and Class H-2 Exchange Percentage
Interest, respectively, multiplied by the aggregate Interest Distribution Amount with respect to the Class H-2 Trust Component;

 

(xxxviii)   thirty-eighth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates
and Class E-1 Trust Component, Class E-2 Trust Component, Class F-1 Trust Component, Class F-2 Trust Component, Class G-1 Trust
Component, Class G-2 Trust Component and Class H-1 Trust Component have been reduced to zero, to the Grantor Trust in respect of
the Class H-2 Trust Component and, thus, concurrently, to the Class H-2 Certificates and Class H Certificates, in reduction of
their Certificate Balances, up to an amount equal to the Class H-2 Percentage Interest and the Class H-2 Exchange Percentage Interest,
respectively, of the remaining Principal Distribution Amount for such Distribution Date after distributions of the Principal Distribution
Amount pursuant to all prior clauses until the Certificate Balance of the Class H-2 Trust Component is reduced to zero;

 

(xxxix)     thirty-ninth,
to the Grantor Trust in respect of the Class H-2 Trust Component and, thus, concurrently, to the Class H-2 Certificates and Class
H Certificates, first, up to an amount equal to the Class H-2 Percentage Interest and Class H-2 Exchange Percentage
Interest, respectively, multiplied by the aggregate of

 

    	-302-

    	 

    

 

unreimbursed Realized Losses previously allocated to the Class H-2 Trust
Component, and second, up to an amount equal to the Class H-2 Percentage Interest and Class H-2 Exchange Percentage Interest,
respectively, of interest on such unreimbursed Realized Losses at the Pass-Through Rate for such Trust Component compounded monthly
from the date the related Realized Loss was allocated to such Trust Component; and

 

(xl)        fortieth,
to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any, of the Available Funds remaining
in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with
any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the
receipt of payments as of the Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments
are subsequently received by the Master Servicer and required to be part of the Available Funds for such Distribution Date, the
Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator will use commercially reasonable
efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date. None of the Master Servicer,
the Special Servicer or the Certificate Administrator shall be liable or held responsible for any resulting delay in the making
of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)          On
each Distribution Date, amounts distributed to the Trust Components pursuant to Section 4.01(a) will be distributed to the
related Class of Certificates (as listed in the table in Section 5.09(a)) from the related Distribution Account, pro
rata in accordance with their related Exchange Percentage Interests.

 

(c)          On
each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal or reimbursement
of Realized Loss in an amount equal to the amount of principal or reimbursement of Realized Loss actually distributable to the
Holders of the respective Related Certificates or Related Trust Components as provided in Sections 4.01(a), 4.01(d),
4.01(f) and 4.01(i) such that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests
is equal to the Certificate Balance of the Class of Related Certificates or Related Trust Components. On each Distribution Date,
each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of interest in an amount equal to the Interest
Distribution Amount in respect of its Related Certificates or Related Trust Components plus a pro rata portion of the Interest
Distribution Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LA3, Class LA4 and Class LASB Uncertificated
Interests, the Class X-A Certificates, (ii) in the case of the Class LAS and Class LB Uncertificated Interests, the Class X-B Certificates,
and (iii) in the case of the Class LD Uncertificated Interest, the Class X-D Certificates, in each case, computed based on an interest
rate equal to the excess of the Weighted Average Net Mortgage Rate over the Pass-Through Rate of the Related Certificates or Related
Trust Components and a notional amount equal to its related Lower-Tier Principal Amount, in each case to the extent actually distributable
thereon as provided in Section 4.01(a). Amounts distributable pursuant to this paragraph are referred to herein collectively
as the “Lower-Tier Distribution Amount”, and shall be made by the Certificate Administrator by deeming such
Lower-Tier Distribution Amount to

 

    	-303-

    	 

    

 

be withdrawn from the Lower-Tier REMIC Distribution Account to be deposited in the Upper-Tier
REMIC Distribution Account.

 

As of any date, the principal
balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates or Related Trust Component
with respect thereto, as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b) and 4.04(c).
The initial principal balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier Principal Amount.
The pass-through rate with respect to each Lower-Tier Regular Interest shall be the rate per annum set forth in the Preliminary
Statement hereto.

 

Any amount that remains
in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount
and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e) shall be distributed to
the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Available Funds for
such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

(d)          After
the Certificate Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further
distributions in respect of interest or principal other than reimbursement of Realized Losses and other amounts provided for in
this Section 4.01.

 

(e)          Funds
on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance Charges
received by the Trust with respect to any Mortgage Loan or REO Loan during the related Collection Period, in each case net of any
Liquidation Fees payable therefrom, shall be distributable as follows: if any Yield Maintenance Charge or Prepayment Premium is
collected during any particular Collection Period with respect to any Mortgage Loan, then on the Distribution Date corresponding
to that Collection Period, the Certificate Administrator will pay to the holders of each class of the Class A-1, Class A-2, Class
A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates, the product of (a) such Yield Maintenance Charge
or Prepayment Premium, (b) the related Base Interest Fraction for such class, and (c) a fraction, the numerator of which is equal
to the amount of principal distributed to such Class for that Distribution Date, and the denominator of which is the total amount
of principal distributed to all Principal Balance Certificates (other than the Control Eligible Certificates) for that Distribution
Date. Any Yield Maintenance Charge or Prepayment Premium that is collected during any particular Collection Period with respect
to any Mortgage Loan and remaining after the distributions in the preceding sentence (as to the applicable Distribution Date, the
“Class X YM Distribution Amount”) will be distributed to the holders of the Class X Certificates as follows:
(1) first, to the Class X-A and Class X-B Certificates, in each case in an amount equal to the product of (i) a fraction,
the numerator of which is equal to the amount of principal distributed on the applicable Distribution Date with respect to the
Class(es) of Principal Balance Certificates whose Certificate Balances comprise the Notional Amount of the applicable Class of
Class X Certificates, and the denominator of which is the total amount of principal distributed on the applicable Distribution
Date with respect to the Principal Balance Certificates, multiplied by (ii) the Class X YM Distribution Amount for the applicable
Distribution Date, and (2) second, to the Class X-D

 

    	-304-

    	 

    

 

certificates, in an amount equal to the portion of the Class X YM Distribution
Amount remaining after the distributions to the holders of the Class X-A and Class X-B Certificates.

 

For purposes of the first
paragraph of this Section 4.01(e), the relevant “Base Interest Fraction” in connection with any Principal
Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and with respect
to any Class of Principal Balance Certificates, shall be a fraction (A) the numerator of which is the greater of (x) zero and (y)
the difference between (i) the Pass-Through Rate on such Class for the related Distribution Date, and (ii) the applicable Discount
Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage Loan and (ii) the applicable
Discount Rate; provided that: (a) under no circumstances will the Base Interest Fraction be greater than 1.0; (b) if the
applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the
Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction will equal zero; and (c) if
the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through
Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall be equal to 1.0. If a Mortgage Loan
provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination of the Base Interest Fraction will
be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge
collected on any prepaid Mortgage Loan or REO Loan and distributable on any Distribution Date shall be a rate per annum
equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant
to the terms of the relevant Mortgage Loan or REO Loan, as the case may be, such discount rate (as reported by the applicable Master
Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation of
the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan,
as the case may be, the yield calculated by the linear interpolation of the yields (as reported under the heading “U.S. Government
Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release H.15 (519) published by the Federal Reserve
Board for the week most recently ended before the date of the relevant prepayment (or deemed prepayment) of U.S. Treasury constant
maturities with a maturity date, one longer and one shorter, most nearly approximating the related Stated Maturity Date (in the
case of a Mortgage Loan or REO Loan that is not related to an ARD Loan) or the related Anticipated Repayment Date (in the case
of a Mortgage Loan or REO Loan that is related to an ARD Loan), such interpolated yield converted to a monthly equivalent yield.
If Federal Reserve Statistical Release H.15 (519) is no longer published, the Certificate Administrator shall select a comparable
publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

No Yield Maintenance
Charge or Prepayment Premium shall be distributed to the Holders of the Class E-1, Class E-2, Class E, Class F-1, Class F-2, Class
F, Class EF, Class G-1, Class G-2, Class G, Class EFG, Class H-1, Class H-2, Class R or Class V Certificates. After the Certificate
Balances of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates have
been reduced to zero, all Yield Maintenance

 

    	-305-

    	 

    

 

Charges and Prepayment Premiums with respect to the Mortgage Loans shall be distributed
to the Holder of the Class X-B Certificates.

 

All distributions of
Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates on each Distribution
Date pursuant to Section 4.01(e) shall first be deemed to be distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount of principal distributed in respect
of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c) above.

 

(f)          On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (other than
amounts with respect to a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the Holders of the Regular
Certificates and Trust Components (in order of distribution priority) (first deeming such amounts to be distributed with respect
to the Related Lower-Tier Regular Interests) up to an amount equal to all Realized Losses, if any, previously deemed allocated
to them and unreimbursed after application of the Available Funds for such Distribution Date. Amounts paid from the Gain-on-Sale
Reserve Account will not reduce the Certificate Balances of the Classes of Certificates receiving such distributions. Any amounts
remaining in the Gain-on-Sale Reserve Account after such distributions shall be applied to offset future Realized Losses with respect
to the Principal Balance Certificates and related Realized Losses in each case allocable to the Regular Certificates. Upon termination
of the Trust, any amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to the Holders of the Class R Certificates
from the Lower-Tier REMIC in respect of the Class LR Interest.

 

(g)          All
distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among
the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise specifically provided
in Sections 4.01(h), 4.01(i) and 9.01, all such distributions with respect to each Class on each Distribution
Date shall be made to the Certificateholders of the respective Class of record at the close of business on the related Record Date
and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator with
wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to such Certificateholder
at its address in the Certificate Register. The final distribution on each Certificate (determined without regard to any possible
future reimbursement of Realized Losses previously allocated to such Certificate) will be made in like manner, but only upon presentation
and surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to
Certificateholders of such final distribution.

 

Each distribution with
respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible
for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.
Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm

 

    	-306-

    	 

    

 

(a “brokerage firm” or “indirect participating firm”)
for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.
None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer, the Special
Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law.

 

(h)          Except
as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution with respect
to any Class of Certificates (determined without regard to any possible future reimbursement of any amount of Realized Losses previously
allocated to such Class of Certificates) will be made on the next Distribution Date, the Certificate Administrator shall, no later
than the related P&I Advance Determination Date, post on the Certificate Administrator’s Website pursuant to Section
3.13(b) a notice in electronic format to the effect that:

 

(i)          the
Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made on such Distribution
Date but only upon presentation and surrender of such Certificates at the offices of the Certificate Registrar or such other location
therein specified; and

 

(ii)        no
interest shall accrue on such Certificates from and after such Distribution Date.

 

Any funds not distributed to any Holder
or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their
Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h)
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation in order to receive the final distribution with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall
take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it
shall deem appropriate, such to applicable law with respect to escheatment of funds. The costs and expenses of holding such funds
in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the
non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder by the Certificate Administrator as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).

 

(i)          Distributions
in reimbursement of Realized Losses previously allocated to the Regular Certificates shall be made in the amounts and manner specified
in Section 4.01(a) or Section 4.01(f), as applicable, to the Holders of the respective Class otherwise entitled to distributions
of interest and principal on such Class on the relevant Distribution Date; provided that all distributions in reimbursement
of Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the prior Holders that
surrendered the

 

    	-307-

    	 

    

 

Certificates of such Class upon retirement thereof and shall be made by check mailed to the address of each such
prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior Holder shall be made in accordance
with Section 13.05 at such last address. The amount of the distribution to each such prior Holder shall be based upon the
aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If the check mailed to any such prior Holder is
returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit of such prior Holder,
and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by Section 4.01(h)
as if such Holder had failed to surrender its Certificates.

 

(j)          On
each Distribution Date, any Excess Interest received during the related Collection Period with respect to the Mortgage Loans shall
be distributed solely to the Holders of the Class V Certificates from the Excess Interest Distribution Account. Excess Interest
will not be available to pay any other amounts except for distributions on Class V Certificates set forth in the prior sentence.

 

(k)          On
the Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals
and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)          to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Companion Distribution Account not required to be
deposited therein;

 

(ii)        to
the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee or the
Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or
reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely to a Serviced Whole
Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related Intercreditor
Agreement;

 

(iii)       to
pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related Companion
Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)        to
clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from
the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder
by wire transfer in immediately available funds on the Serviced Whole Loan Remittance Date to the account of such Companion Holder
or an agent therefor appearing on the Companion Register on the related Record Date (or, if no such account so appears or information
relating thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first class mail
to the address of such Companion Holder or its agent appearing on the Companion Register). Any such account shall be located at
a commercial bank in the United States.

 

    	-308-

    	 

    

 

On the final Remittance
Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute
to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred
from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Remittance Date.

 

Section 4.02     Distribution
Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney. (a) On each Distribution Date,
the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate Administrator’s
Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G hereto and based in part
upon information supplied to the Certificate Administrator in the related CREFC® Investor Reporting Package in
accordance with CREFC® guidelines) as to the distributions made on such Distribution Date (each, a “Distribution
Date Statement”) which shall include:

 

(i)          the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the Certificate
Balance thereof;

 

(ii)        the
aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including the previous
Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance Date;

 

(iii)       the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid to the Master
Servicer and the Special Servicer, compensation paid to the Operating Advisor, compensation paid to the Asset Representations Reviewer
and CREFC® Intellectual Property Royalty License Fees paid to CREFC®, in each case, with respect
to the Collection Period for such Determination Date together with detailed calculations of servicing compensation paid to the
Master Servicer and the Special Servicer;

 

(iv)        the
aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans, outstanding
immediately before and immediately after such Distribution Date;

 

(v)          the
aggregate amount of unscheduled payments received;

 

(vi)        the
number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate
of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period for such Distribution
Date;

 

(vii)       the
number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which the related
Mortgagor is subject to oversight by a bankruptcy court;

 

    	-309-

    	 

    

 

(viii)      the
value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included in the Trust
Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on the most recent
Appraisal or valuation;

 

(ix)        the
Available Funds for such Distribution Date;

 

(x)          the
Interest Accrual Amount in respect of such Class of Certificates for such Distribution Date, separately identifying any Interest
Accrual Amount for such Distribution Date allocated to such Class of Certificates;

 

(xi)        the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable (A) to Prepayment Premiums
and Yield Maintenance Charges, (B) (in the case of the Class V Certificates), Excess Interest and (C) prepayment premiums;

 

(xii)       the
Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiii)      the
Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with respect
to the pool of Mortgage Loans;

 

(xiv)       the
Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after
such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss on such
Distribution Date and the aggregate amount of all reductions as a result of allocations of Realized Losses in respect of the Principal
Balance Certificates to date;

 

(xv)        the
Certificate Factor for each Class of Certificates (other than the Class R and Class V Certificates) immediately following such
Distribution Date;

 

(xvi)       the
amount of any Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the amount allocable to
the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the
total Appraisal Reduction Amount effected in connection with such Distribution Date, together with a detailed worksheet showing
the calculation of each Appraisal Reduction Amount on a current and cumulative basis;

 

(xvii)      the
current Controlling Class;

 

(xviii)     the
number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination Date (or
in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)       a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination Date
(or in the case of the first

 

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Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment occurring;

 

(xx)        a
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of the first
Distribution Date, as of the Cut-off Date);

 

(xxi)       all
deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxii)      in
the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(c) and 4.01(f);

 

(xxiii)     the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously
allocated Realized Loss;

 

(xxiv)      the
aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination Date,
with respect to the pool of Mortgage Loans;

 

(xxv)       with
respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment in full),
(A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation
Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized
Loss allocated to the Principal Balance Certificates in connection with such Liquidation Event;

 

(xxvi)      with
respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein) included
in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments or recoveries
with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan number
of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with that
determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of
any Realized Loss allocated to the Principal Balance Certificates in respect of the related REO Loan in connection with that determination;

 

(xxvii)     the
aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination Date
(or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)    [RESERVED];

 

(xxix)      the
then-current credit support levels for each Class of Certificates;

 

    	-311-

    	 

    

 

(xxx)       the
aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified) collected
since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)      a
loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxii)     a
loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan by the
applicable Mortgage Loan Seller;

 

(xxxiii)    an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates, which information
will be provided to the Certificate Administrator by the Master Servicer; and

 

(xxxiv)     the
amount of any Excess Interest actually received.

 

In the case of information
furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii), (xxiv) and
(xxxiv) above, (A) the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable
Class and per Definitive Certificate and (B) the Exchangeable Combined Certificates shall receive such information with respect
to such clauses allocable to the Exchangeable Certificates exchanged therefor.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses (i) and (x)
above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which person was a Certificateholder,
together with such other information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder
or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar year. Such
obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are
in force.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b), the
Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such distribution
period in which such Asset Review Report Summary was received, and (ii) post such Asset Review Report Summary to the Certificate
Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset
Representations Reviewer.

 

(b)          [RESERVED].

 

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(c)          Each
of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media, bulletin
board service or Internet website (in addition to making information available as provided herein) any reports or other information
the Master Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party to this Agreement,
the Rating Agencies or any Certificateholder or any prospective Certificateholder that has provided the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, with an Investor Certification or has executed a “click-through”
confidentiality agreement in accordance with Section 3.13 hereof (which may be a licensed or registered investment advisor)
to the extent such action does not conflict with the terms of this Agreement (including without limitation, any requirements to
keep Privileged Information confidential), the terms of the Mortgage Loans or applicable law. Notwithstanding this paragraph, the
availability of such information or reports on the Internet or similar electronic media shall not be deemed to satisfy any specific
delivery requirements in this Agreement except as set forth herein. In connection with providing access to the Master Servicer’s
or Special Servicer’s Internet website, the Master Servicer or the Special Servicer, as applicable, shall take reasonable
measures to ensure that only such parties listed above may access such information including, without limitation, requiring registration,
a confidentiality agreement and acceptance of a disclaimer. The Master Servicer or the Special Servicer, as applicable, shall not
be liable for dissemination of this information in accordance with this Agreement, and neither the Master Servicer nor the Special
Servicer shall be responsible for any information delivered, produced, or made available pursuant to Sections 3.13 and 4.02(b),
other than information produced by the Master Servicer or Special Servicer, as applicable; provided that such information
otherwise meets the requirements set forth herein with respect to the form and substance of such information or reports. The Master
Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect
to information provided, or any assumptions required to be made by such report.

 

The Special Servicer
shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the Master Servicer with
such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary for the Master
Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate Administrator.
None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation to recompute, verify or recalculate
the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report
or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon
in calculating and making distributions to Certificateholders in accordance with Section 4.01, preparing the Distribution
Date Statement required by Section 4.02(a) and allocating Realized Losses to the Certificates in accordance with Section
4.04.

 

Notwithstanding the foregoing,
the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to be disclosed pursuant
to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c) or of Section
4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief
of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage
Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged Properties. The Master

 

    	-313-

    	 

    

 

Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

 

(d)          Upon
the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of a Certificate
that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate as such
and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as reasonably
practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting party
such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate Administrator
as is requested by such person, for purposes of satisfying applicable reporting requirements under Rule 144A under the Securities
Act. Neither the Certificate Registrar, nor the Certificate Administrator shall have any responsibility for the sufficiency under
Rule 144A or any other securities laws of any available information so furnished to any person including any prospective purchaser
of a Certificate or any interest therein, nor for the content or accuracy of any information so furnished which was prepared or
delivered to them by another.

 

(e)          The
information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as specifically provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)          Upon
the reasonable request of the Directing Certificateholder or any Controlling Class Certificateholder that, in either case, is an
Excluded Controlling Class Holder with respect to any Excluded Controlling Class Loan identified to the Master Servicer’s
(in the case of a Non-Specially Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced Loan) reasonable
satisfaction (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder) and if such information
is in the Master Servicer’s or Special Servicer’s possession, as applicable, the Master Servicer or Special Servicer,
shall provide or make available (or forward electronically) to the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder, as applicable) any
Excluded Information (available to Privileged Persons through the Certificate Administrator’s Website but not accessible
to the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s
Website because the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, is an Excluded Controlling
Class Holder with respect to another Excluded Controlling Class Loan) relating to any Excluded Controlling Class Loan with respect
to which the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, is not a Borrower Party; provided
that, in connection therewith, the Master Servicer or Special Servicer may require a written confirmation executed by the requesting
Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the
effect that such Person is the Directing Certificateholder or a Controlling Class Certificateholder, will keep such Excluded Information
confidential and is not a Borrower Party, upon which the Master Servicer or Special Servicer may conclusively rely. In addition,
the Master Servicer and the Special Servicer shall be entitled

 

    	-314-

    	 

    

 

to conclusively rely on delivery from the Directing Certificateholder
or a Controlling Class Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit P-1D
that such Directing Certificateholder or Controlling Class Certificateholder is not an Excluded Controlling Class Holder with respect
to a particular Mortgage Loan. For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(f) shall
include any applicable Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 4.03     P&I
Advances. (a) On or before 4:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall (i) remit
to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC Distribution Account, an amount equal
to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans to be made in respect of the related Distribution
Date, (ii) apply amounts held in the Collection Account, for future distribution to Certificateholders in subsequent months in
discharge of any such obligation to make P&I Advances or (iii) make P&I Advances in the form of any combination of (i)
and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the
Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Date (to the extent not
previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such
P&I Advances were made). The Master Servicer shall notify the Certificate Administrator of (i) the aggregate amount of P&I
Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or
before two (2) Business Days prior to such Distribution Date. If the Master Servicer fails to make a required P&I Advance
by 4:00 p.m., New York City time, on any P&I Advance Date, the Trustee shall make such P&I Advance pursuant to Section
7.05 by noon, New York City time, on the related Distribution Date, unless the Master Servicer shall have cured such failure
(and provided written notice of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m., New York City time,
on such Distribution Date. In the event that the Master Servicer fails to make a required P&I Advance hereunder, the Certificate
Administrator shall notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the related P&I Advance
Date. Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC® Intellectual Property
Royalty License Fee shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution
Account but shall be deposited into the Collection Account for payment to CREFC® on such Distribution Date.

 

(b)          Subject
to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master Servicer with
respect to any Distribution Date, and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net of related Servicing
Fees and, in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Pari Passu Loan Primary Servicing Fee Rate)
other than Balloon Payments, that were due on the Mortgage Loan (including any Non-Serviced Mortgage Loan) and any REO Loan (other
than any portion of an REO Loan related to a Companion Loan) during the related Collection Period and were not received as of the
close of business on the Business Day preceding the related P&I Advance Date (or not advanced by any Sub-Servicer on behalf
of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its Balloon Payment as of the P&I
Advance Date

 

    	-315-

    	 

    

 

(including any REO Loan (other than any portion of an REO Loan related to a Companion Loan) as to which the related
Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection
(c) below, the obligation of the Master Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage
Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan),
shall continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event or the
disposition of the REO Property, as the case may be, with respect thereto are to be distributed. No P&I Advances shall be made
with respect to any Companion Loan.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. With respect to each Non-Serviced Mortgage Loan, the Master Servicer shall make its
determination (based on information provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer)
that it has made a P&I Advance on such Non-Serviced Mortgage Loan that is a Nonrecoverable Advance or that any proposed P&I
Advance would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any
determination made by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case
may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master Servicer or
Special Servicer determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage Loan, if made, or any outstanding
P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance, the Master Servicer shall provide the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written
notice of such determination within two (2) Business Days of the date of such determination. If the Master Servicer receives written
notice from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, that either
has determined in accordance with the applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that any proposed
advance under the applicable Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance under such
Non-Serviced PSA that is similar to a P&I Advance is, a nonrecoverable advance, then the Master Servicer or the Trustee may,
based upon such determination, determine that any P&I Advance previously made or proposed to be made with respect to the related
Non-Serviced Mortgage Loan, will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer shall not
be required to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and until the
Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related
Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation
with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, or otherwise. For
the avoidance of doubt, the Master Servicer or the Trustee, as the case may be, shall have the sole discretion provided in this
Agreement to determine that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable
Advance.

 

(d)          In
connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a), the Master
Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any amounts then
on deposit in the

 

    	-316-

    	 

    

 

Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder (unless related
thereto), except to the extent permitted pursuant to the terms of the related Intercreditor Agreement), interest at the Reimbursement
Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date
of reimbursement; provided, however, that no interest will accrue on any P&I Advance (i) if the related Periodic
Payment is received on or before the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related
Periodic Payment is received after the Determination Date but on or prior to the related P&I Advance Date. The Master Servicer
shall reimburse itself and/or the Trustee, as the case may be, for any outstanding P&I Advance, subject to Section 3.17
of this Agreement, as soon as practicably possible after funds available for such purpose are deposited in the Collection Account.

 

(e)          Notwithstanding
the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest, Yield Maintenance Charges,
Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or make any P&I Advance with respect to any
Companion Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to any Mortgage Loan (or, in the case
of a Non-Serviced Whole Loan, an “appraisal reduction amount” has been made in accordance with the related Non-Serviced
PSA and the Master Servicer has notice of such appraisal reduction amount) then in the event of subsequent delinquencies thereon,
the interest portion of the P&I Advance in respect of such Mortgage Loan for the related Distribution Date shall be reduced
(it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product
of (x) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard
to this clause (ii), and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal
Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount (or, in
the case of a Serviced Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan), if any,
and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution
Date. For purposes of the immediately preceding sentence, the Periodic Payment due on the Maturity Date for a Balloon Mortgage
Loan will be the Assumed Scheduled Payment for the related Distribution Date.

 

(f)          In
no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion Loan.

 

Section 4.04     Allocation
of Realized Losses. (a) On each Distribution Date, immediately following the distributions to be made on such date pursuant
to Section 4.01, the Certificate Administrator shall calculate the amount, if any, by which (i) the aggregate Stated Principal
Balance (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal Balance for payments
of principal collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement Amounts pursuant to
Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related Companion Loan, if applicable)
expected to be outstanding immediately following such Distribution Date, is less than (ii) the then-aggregate Certificate Balance
of the Principal Balance Certificates (other than the Exchangeable

 

    	-317-

    	 

    

 

Certificates and the Exchangeable Combined Certificates) and the Trust Components after giving effect to distributions of principal
on such Distribution Date (any such deficit, the “Realized Loss”). Any allocation of Realized Losses to a Class
of Regular Certificates or Trust Components shall be made by reducing the Certificate Balance thereof by the amount so allocated.
Any Realized Losses so allocated to a Class of Regular Certificates or Trust Components shall be allocated among the respective
Certificates of such Class in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall
constitute an allocation of losses and other shortfalls experienced by the Trust. Reimbursement of previously allocated Realized
Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate
Balance of the Class of Certificates or Trust Components in respect of which any such reimbursement is made. With respect to any
Class of Principal Balance Certificates or Trust Components, to the extent any Nonrecoverable Advances (plus interest thereon)
that were reimbursed from principal collections on the Mortgage Loans and previously resulted in a reduction of the Principal Distribution
Amount are subsequently recovered on the related Mortgage Loan, the amount of such recovery will be added to the Certificate Balance
of the Class or Classes of Principal Balance Certificates or Trust Components that previously were allocated Realized Losses, in
sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such Class of Principal Balance
Certificates or Trust Components.

 

(b)          On
each Distribution Date, the Certificate Balances of the Principal Balance Certificates and the Trust Components will be reduced
without distribution, as a write-off to the extent of any Realized Losses, if any, allocable to such Certificates and Trust Components
with respect to such Distribution Date. Any such write off shall be allocated in the following order:

 

(i)          first,
to the Class H-2 Trust Component (and correspondingly, to the Class H-2 certificates and the Class H certificates, pro rata
based on their respective Exchange Percentages in the Class H-2 Trust Component);

 

(ii)        second,
to the Class H-1 Trust Component (and correspondingly, to the Class H-1 certificates and the Class H certificates, pro rata
based on their respective Exchange Percentages in the Class H-1 Trust Component);

 

(iii)       third,
to the Class G-2 Trust Component (and correspondingly, to the Class G-2, Class G and Class EFG certificates, pro rata based
on their respective Exchange Percentages in the Class G-2 Trust Component);

 

(iv)        fourth,
to the Class G-1 Trust Component (and correspondingly, to the Class G-1, Class G and Class EFG certificates, pro rata based
on their respective Exchange Percentages in the Class G-1 Trust Component);

 

(v)          fifth,
to the Class F-2 Trust Component (and correspondingly, to the Class F-2, Class F, Class EF and Class EFG certificates, pro rata
based on their respective Exchange Percentages in the Class F-2 Trust Component);

 

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(vi)        sixth,
to the Class F-1 Trust Component (and correspondingly, to the Class F-1, Class F, Class EF and Class EFG certificates, pro rata
based on their respective Exchange Percentages in the Class F-1 Trust Component);

 

(vii)       seventh,
to the Class E-2 Trust Component (and correspondingly, to the Class E-2, Class E, Class EF and Class EFG certificates, pro rata
based on their respective Exchange Percentages in the Class E-2 Trust Component);

 

(viii)      eighth,
to the Class E-1 Trust Component (and correspondingly, to the Class E-1, Class E, Class EF and Class EFG certificates, pro rata
based on their respective Exchange Percentages in the Class E-1 Trust Component);

 

(ix)        ninth,
to the Class D certificates;

 

(x)          tenth,
to the Class C certificates;

 

(xi)        eleventh,
to the Class B certificates; and

 

(xii)       twelfth,
to the Class A-S Certificates and then, pro rata (based on their respective Certificate Balances), Class A-1, Class
A-2, Class A-SB, Class A-3 and Class A-4 Certificates, in each case until the remaining Certificate Balances of such Classes of
Certificates have been reduced to zero.

 

(c)          With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates (other than the Exchangeable
Certificates and Exchangeable Combined Certificates) or Trust Component pursuant to Section 4.04(a) or Section 4.04(b),
respectively, with respect to such Distribution Date shall reduce the Lower-Tier Principal Amount of the Related Lower-Tier Regular
Interest with respect thereto as a write-off.

 

Section 4.05     Appraisal
Reduction Amounts. (a) For purposes of (x) determining the Controlling Class (and whether a Control Termination Event has occurred
and is continuing) and (y) determining the Voting Rights of the related Classes for purposes of removal of the Special Servicer
or the Operating Advisor, Appraisal Reduction Amounts (with respect to a Serviced Whole Loan, to the extent allocated to the related
Mortgage Loan) will be allocated to each Class of Certificates or Trust Components in reverse sequential order to notionally reduce
the related Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first,
to the Class H-2 Trust Component (and correspondingly, to the Class H-2 Certificates and the Class H Certificates, pro rata
based on their respective Exchange Percentage Interests in the Class H-2 Trust Component), second to the Class H-1
Trust Component (and correspondingly, to the Class H-1 Certificates and the Class H Certificates, pro rata based on their
respective Exchange Percentage Interests in the Class H-1 Trust Component), third, to the Class G-2 Trust Component (and
correspondingly, to the Class G-2 Certificates, Class G Certificates and Class EFG Certificates, pro rata based on their
respective Exchange Percentage Interests in the Class G-2 Trust Component), fourth, to the Class G-1 Trust Component (and
correspondingly, to the Class G-1 Certificates, Class G Certificates and Class EFG Certificates, pro rata based on their
respective Exchange Percentage Interests in the Class G-1 Trust Component), fifth, to the Class F-2 Trust Component (and
correspondingly, to the Class F-2 Certificates, Class F Certificates, Class EF Certificates and Class EFG Certificates, 

 

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pro rata based on their respective Exchange Percentage
Interests in the Class F-2 Trust Component), sixth, to the Class F-1 Trust Component (and correspondingly, to the Class
F-1 Certificates, Class F Certificates, Class EF Certificates and Class EFG Certificates, pro rata based on their respective
Exchange Percentage Interests in the Class F-1 Trust Component), seventh, to the Class E-2 Trust Component (and correspondingly,
to the Class E-2 Certificates, Class E Certificates, Class EF Certificates and Class EFG Certificates, pro rata based on
their respective Exchange Percentage Interests in the Class E-2 Trust Component), eighth, to the Class E-1 Trust Component
(and correspondingly, to the Class E-1 Certificates, Class E Certificates, Class EF Certificates and Class EFG Certificates, pro
rata based on their respective Exchange Percentage Interests in the Class E-1 Trust Component), ninth, to the Class
D Certificates, tenth, to the Class C Certificates, eleventh, to the Class B Certificates, twelfth, to the
Class A-S Certificates, and finally, pro rata based on their respective interest entitlements, to the Senior Certificates).
Following receipt from the Special Servicer, the Master Servicer shall notify the Certificate Administrator of the amount of any
Appraisal Reduction Amount with respect to each Mortgage Loan (which notification may be satisfied through delivery of such information
included in the CREFC® Loan Periodic Update File or the CREFC® Appraisal Reduction Template included
in the CREFC® Investor Reporting Package). Based on information in its possession, the Certificate Administrator
shall determine from time to time which Class of Certificates is the Controlling Class. The Certificate Administrator shall provide
notice of the identity of the Controlling Class as set forth in Section 3.23(m). With respect to any Appraisal Reduction
Amount calculated for purposes of determining the Controlling Class, the appraised value of the related Mortgaged Property will
be determined on an “as-is” basis.

 

(b)          (i)
The grouping of Control Eligible Certificates that is determined at any time of determination to no longer be the Controlling Class
(any such Class, an “Appraised-Out Class”) as a result of an Appraisal Reduction Amount in respect of such grouping
of Classes shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal with respect
to any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction Event has occurred (such Holders, the “Requesting
Holders”). The Special Servicer shall use its reasonable best efforts to ensure that such second Appraisal is delivered
within thirty (30) days from receipt of the Requesting Holders’ written request and shall ensure that such Appraisal is prepared
on an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same MAI appraiser
that provided the Appraisal in respect of which the Requesting Holders are requesting the Special Servicer to obtain an additional
Appraisal).

 

(ii)        Upon
receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance
with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal
Reduction Amount is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based
on such supplemental Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out
Class shall be reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have its related Certificate
Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount. The Holders of an Appraised-Out
Class requesting any supplemental Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control,
consent and/or similar rights of the Controlling Class until such time, if any, as the Class is reinstated as

 

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the Controlling Class
(such period beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause
(i) above to but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal
Reduction Amount is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental
Appraisal, the “Appraisal Review Period”). The rights of the Controlling Class during each Appraisal Review
Period shall be exercised by the most subordinate grouping of Control Eligible Certificates that is not an Appraised-Out Class,
if any.

 

(c)          With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such purposes taking
into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole Loan)), the Special
Servicer shall (1) within thirty (30) days of the occurrence or of each anniversary of the related Appraisal Reduction Event, and
(2) upon its determination that the value of the related Mortgaged Property has materially changed, notify the Master Servicer
of the occurrence of such anniversary or determination and order an Appraisal (which may be an update of a prior Appraisal), the
cost of which shall be paid by the Master Servicer as a Servicing Advance or to the extent it would be a Nonrecoverable Advance,
an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following receipt of any such Appraisal
or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section 4.05(b) above), shall
deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior
to the occurrence of any Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder.
Based upon such Appraisal or internal valuation (or any Appraisal obtained in accordance with Section 4.05(b) above) and
receipt of information reasonably requested by the Special Servicer from the Master Servicer necessary to calculate the Appraisal
Reduction Amount that is either in the Master Servicer’s possession or reasonably obtainable by the Master Servicer, the
Special Servicer shall determine or redetermine, as applicable, and report to the Master Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and ((i) prior to the occurrence of any Consultation Termination Event and (ii) other than with
respect to any Excluded Loan) the Directing Certificateholder, the amount and calculation or recalculation of the Appraisal Reduction
Amount with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable, and such report shall be delivered
in the CREFC® Appraisal Reduction Template format; provided,
however, that the Special Servicer shall not be liable for failure to comply with such duties insofar as such failure results
from a failure of the Master Servicer to provide sufficient information to the Special Servicer to comply with such duties or failure
by the Master Servicer to otherwise comply with its obligations hereunder. Such report shall also be forwarded by the Master Servicer
(or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related Serviced Companion
Loan has been included in an Other Securitization, to the Other Servicer of such Other Securitization into which the related Serviced
Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or the Special Servicer
if the related Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required to redetermine the Appraisal Reduction
Amount, such redetermined Appraisal Reduction Amount shall replace the prior Appraisal Reduction Amount with respect to such Mortgage
Loan, Companion Loan or Serviced Whole Loan, as applicable. Prior to the

 

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occurrence of a Consultation Termination Event and other
than with respect to any Excluded Loan, the Special Servicer shall consult with the Directing Certificateholder with respect to
any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction Amount. Notwithstanding the foregoing
but subject to Section 4.05(b), the Special Servicer will not be required to obtain an Appraisal or conduct an internal
valuation, as applicable, with respect to a Mortgage Loan or related Companion Loan or Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred to the extent the Special Servicer has obtained an Appraisal or conducted such a valuation (in accordance
with requirements of this Agreement), as applicable, with respect to the related Mortgaged Property within the twelve-month period
immediately prior to the occurrence of such Appraisal Reduction Event. Instead, the Special Servicer may use such prior Appraisal
or valuation, as applicable, in calculating any Appraisal Reduction Amount with respect to such Mortgage Loan or related Companion
Loan or Serviced Whole Loan; provided that the Special Servicer is not aware of any material change to the related Mortgaged
Property having occurred and affecting the validity of such Appraisal or valuation.

 

The Master Servicer shall
deliver by electronic mail to the Special Servicer any information in its possession that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver such information, within
four (4) Business Days following the Special Servicer’s reasonable request therefor (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the Special Servicer’s receipt of the applicable Appraisal or preparation
of the applicable internal valuation); provided, the Special Servicer’s failure to timely make such request shall
not relieve the Master Servicer of its obligation to use reasonable efforts to provide such information to the Special Servicer
within four (4) Business Days following the Special Servicer’s reasonable request.

 

(d)          Any
Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole Loan previously
subject to an Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account any amendment
or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable), and with
respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal Reduction
Amount. Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under
and in accordance with and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)          Each
Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount with respect
to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of
a Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified
in the related Intercreditor Agreement, then, first, to the related Serviced Subordinate Companion Loan (until its principal balance
is notionally reduced to zero by such Appraisal Reduction Amounts) and second, to the related Serviced AB Mortgage Loan. Any Appraisal
Reduction Amount in respect of any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor
Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the

 

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related
Serviced Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan, based upon their respective Stated Principal
Balances.

 

Section 4.06     Grantor
Trust Reporting. (a) The parties intend that the portions of the Trust Fund constituting the Grantor Trust, shall constitute,
and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a “grantor trust” under
subpart E, part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with this intention.
In furtherance of such intention, neither the Trustee nor the Certificate Administrator shall have the power to vary the investment
of the Holders of the Exchangeable Certificates, Exchangeable Combined Certificates or Class V Certificates in the Grantor Trust
so as to improve their rate of return. The Certificate Administrator shall prepare or cause to be prepared, submit to the Trustee
for execution (and the Trustee shall timely execute and timely return to the Certificate Administrator) and timely file all Tax
Returns in respect of the Grantor Trust. In addition, the Certificate Administrator shall (A) file, or cause to be filed, Internal
Revenue Service Form 1041, Form 1099 or such other form as may be applicable with the Internal Revenue Service with copies of
the statements in the following clause and (B) furnish, or cause to be furnished, to the Holders of the Exchangeable Certificates,
Exchangeable Combined Certificates and Class V Certificates their allocable share of income and expense with respect to the Exchangeable
Certificates or Exchangeable Combined Certificates and the Class E Distribution Account, Class F Distribution Account, Class G
Distribution Account and Class H Distribution Account, the Excess Interest and Excess Interest Distribution Account, in the time
or times and in the manner required by the Code.

 

(b)          The
Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator will report as required under the WHFIT
Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided
to the Certificate Administrator on a timely basis. The Certificate Administrator shall be entitled to rely on the first sentence
of this Section 4.06(b) and shall be entitled to indemnification in accordance with the terms of this Agreement in the event
that the Internal Revenue Service makes a determination that such sentence is incorrect.

 

(c)          The
Certificate Administrator shall report required WHFIT information using either the cash or accrual method, except to the extent
the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine
whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via its website)
WHFIT information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible or liable
for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(d)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each Holder
of a Class V Certificate, an Exchangeable Certificate or an Exchangeable Combined Certificate, by acceptance of its interest in
such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information

 

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regarding any
sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding any
sale of a Class V Certificate, an Exchangeable Certificate or an Exchangeable Combined Certificate, including the price, amount
of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there
is no secondary market trading of WHFIT interests.

 

(e)          To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate
website the CUSIP for the Class V Certificates. The CUSIP so published will represent the Rule 144A CUSIP. The Certificate Administrator
shall make reasonable good faith efforts to keep the website accurate and updated to the extent such CUSIP has been received. Absent
the receipt of such CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP. The Certificate
Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section
4.07     Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a) The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The
“Investor Q&A Forum” shall be a service available on the Certificate Administrator’s Website,
where (i) Certificateholders and beneficial owners of Certificates that are Privileged Persons may submit questions to (A)
the Certificate Administrator relating to the Distribution Date Statement, (B) the Master Servicer or the Special Servicer,
as applicable, relating to the reports being made available pursuant to Sections 3.13(b) and (d), the Mortgage
Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (C) the Operating Advisor relating to
the Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the Special Servicer
referenced in any Operating Advisor Annual Report (each an “Inquiry” and collectively,
“Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted and
answered, together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer,
Certificate Administrator or the Operating Advisor, as applicable, and in the case of any Inquiry relating to a Non-Serviced
Mortgage Loan, to the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer, as applicable, the
Certificate Administrator shall forward the Inquiry to the appropriate person (in the case of the Master Servicer to the
following: REAM_InvestorRelations@wellsfargo.com), in each case within a commercially reasonable period of time
following receipt thereof. Following receipt of an Inquiry, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Operating Advisor, as applicable, unless such party determines not to answer such Inquiry as provided
below, shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor, as
applicable, shall be delivered to the Certificate Administrator by electronic mail. In the case of an Inquiry relating to a
Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related
Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided that the
Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such
answer. The Certificate Administrator shall post (within a commercially reasonable period of time following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s
Website. If the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in
its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described

 

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above, (ii) answering any Inquiry would not be in the best interests
of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the applicable
Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant
additional cost or expense to, the Master Servicer, the Special Servicer, the Certificate Administrator or the Operating Advisor,
as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information (subject to the Privileged Information
Exception, or (vi) answering any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry
and, in the case of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator
of such determination. In addition, no party shall post or otherwise disclose any direct communications with the Directing Certificateholder
as part of its response to any Inquiries. The Certificate Administrator shall notify the Person who submitted such Inquiry in the
event that the Inquiry will not be answered. Any notice by the Certificate Administrator to the Person who submitted an Inquiry
that will not be answered shall include the following statement: “Because the Pooling and Servicing Agreement provides that
the Master Servicer, the Special Servicer, the Certificate Administrator and the Operating Advisor shall not answer an Inquiry
if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the Pooling
and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law or the applicable Mortgage Loan documents, (iv) answering any
Inquiry would materially increase the duties of, or result in significant additional costs or expenses to the Trustee, the Master
Servicer, the Special Servicer, the Certificate Administrator or Operating Advisor, as applicable, (v) answering any Inquiry would
require the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise, for any reason, not advisable, no
inference should or may be drawn from the fact that the Master Servicer, the Special Servicer, the Certificate Administrator or
the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum will be attributable
only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters or any of their respective
Affiliates. None of the Underwriters, Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee or the Operating Advisor or any of their respective Affiliates will certify to any of the information posted in the Investor
Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Certificate
Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that
the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A
Forum will not reflect questions, answers and other communications that are not submitted via the Certificate Administrator’s
Website. Notwithstanding the foregoing, the Operating Advisor shall not be required to respond to any Inquiries from Certificateholders
for which its response would require the Operating Advisor to provide information to such inquiring Certificateholders that they
are otherwise not entitled to receive under the terms of this Agreement.

 

(b)          The
Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person,
the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders and Certificate Owners that are Privileged Persons can register and thereafter obtain information
with respect to any other Certificateholder or Certificate Owner

 

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that has so registered. Any person registering to use the Investor
Registry shall certify that (a) it is a Certificateholder or a Certificate Owner and a Privileged Person and (b) it grants authorization
to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least forty-five
(45) days from the date of such certification to persons entitled to access to the Investor Registry. Such Person shall then be
asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain
optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies
the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five
(45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate
Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring
or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may require acceptance of a waiver
and disclaimer for access to the Investor Registry.

 

(c)          The
17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The
“Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any Distribution Date
Statements, or submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports prepared
by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency Inquiries that
have been previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the forum to submit
requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer for loan-level reports
and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special Servicer, the 17g-5
Information Provider shall forward the Rating Agency Inquiry to the appropriate person (in the case of the Master Servicer to the
following: RAInvRequests@wellsfargo.com), in each case within a commercially reasonable period of time following receipt
thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Master Servicer or the Special Servicer,
as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply by email to the Certificate
Administrator. The 17g-5 Information Provider shall post (within a commercially reasonable period of time following receipt of
such response) such Rating Agency Inquiry with the related response thereto (or such reports, as applicable) to the Rating Agency
Q&A Forum and Document Request Tool. Any reports posted by the 17g-5 Information Provider in response to an inquiry may be
posted on a separate website or web page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate
Administrator, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any
Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents,
(ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege
with, or the disclosure of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the
duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special
Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines
in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance
of such duties or the payment of such costs

 

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and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency
Inquiry and shall promptly notify the 17g-5 Information Provider by email of such determination. The 17g-5 Information Provider
shall promptly thereafter post the Rating Agency Inquiry with the reason it was not answered to the Rating Agency Q&A Forum
and Document Request Tool. The 17g-5 Information Provider will not be liable for the failure by any other such Person to so answer.
Questions posted on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO.
Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall
not be deemed to be answers from any other person. None of the Underwriters, the Depositor, or any of their respective Affiliates
will certify to any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall
have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required
to post to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document
Request Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5 Information Provider’s
Website.

 

Section 4.08     Secure
Data Room. (a) The Certificate Administrator shall create a Secure Data Room and the Depositor shall, upon the receipt of each
Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within one-hundred twenty
(120) days following the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded
by the Mortgage Loan Sellers to the IntraLinks Site. Upon receipt thereof, the Certificate Administrator shall promptly upload
the contents of each Diligence File actually received by it to the Secure Data Room. Access to the Secure Data Room shall be granted
by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor,
in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification
substantially in the form of Exhibit RR hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

(b)          The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type,
number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents constituting any Diligence File have actually been delivered to the Certificate Administrator. In
no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of, or
information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event that
any document or information is posted in error, the Certificate Administrator may remove such document or information from the
Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any document
or information provided to it for posting to the Secure Data Room. The

 

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Certificate Administrator shall not be responsible or held
liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room; provided
that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The Certificate Administrator
shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure
Data Room shall covenant to access only the information necessary to perform its duties and responsibilities under this Agreement.

 

(c)          Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07,
the Certificate Administrator shall transfer electronic copies of the Diligence Files to a successor certificate administrator
designated in writing by the Depositor or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence
Files shall be payable as part of the costs and expenses associated with the transfer of its responsibilities upon the resignation
or removal of the Certificate Administrator pursuant to Section 8.07. Following
the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust, the Special Servicer
may direct the Certificate Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure
Data Room; provided that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence
File from the Secure Data Room. Following the termination of the Trust pursuant to Section
9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon deletion,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

[End of Article IV]

 

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ARTICLE
V

THE CERTIFICATES

 

Section 5.01     The
Certificates. (a) The Certificates will be substantially in the respective forms annexed hereto as Exhibits
A-1 through and including A-3, with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be
necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required by law, or as
may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution
thereof. The Class X Certificates will be issuable only in minimum Denominations of authorized initial Notional Amount of not
less than $1,000,000 and in integral multiples of $1.00 in excess thereof. The Offered Certificates (other than the Class
X-A Certificates and Class X-B Certificates) will be issuable only in minimum Denominations of authorized initial
Certificate Balance of not less than $10,000, and in integral multiples of $1.00 in excess thereof. The Non-Registered
Certificates (other than the Class R and Class V Certificates) will be issuable in minimum Denominations of authorized
initial Certificate Balance of not less than $100,000, and in integral multiples of $1.00 in excess thereof. If the Original
Certificate Balance or initial Notional Amount, as applicable, of any Class does not equal an integral multiple of $1.00,
then a single additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate
Balance or initial Notional Amount, as applicable, that includes the excess of (i) the Original Certificate Balance or
initial Notional Amount, as applicable, of such Class over (ii) the largest integral multiple of $1.00 that does not exceed
such amount. The Class R and Class V Certificates shall be issued, maintained and transferred in minimum percentage interests
of 10% of such Class R or Class V Certificates and in integral multiples of 1% in excess thereof.

 

(b)          One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02    Form
and Registration. No transfer of any Non-Registered Certificate shall be made unless that transfer is made pursuant to an
effective registration statement under the Securities Act, and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such registration or qualification. If a transfer (other
than one by the Depositor to an Affiliate thereof or by the Initial Purchasers to an affiliate of C-III Collateral Management
LLC) is to be made in reliance upon an exemption from the Securities Act, and under the applicable state securities laws,
then either:

 

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(a)          Each
Class of the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore Transactions
in reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate in definitive, fully
registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the
Non-Registered Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for
the Depository, and registered in the name of the Depository or the nominee of the Depository for the account of designated agents
holding on behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period commencing on the later of the
commencement of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary
Regulation S Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period,
a beneficial interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an interest in the related Regulation
S Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth in Section
5.03(f). During the Restricted Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S.
Beneficial Ownership Certification. After the expiration of the Restricted Period, distributions due in respect of any beneficial
interests in a Temporary Regulation S Book-Entry Certificate shall not be made to the holders of such beneficial interests unless
exchange for a beneficial interest in the Regulation S Book-Entry Certificate of the same Class is improperly withheld or refused.
The aggregate Certificate Balance of a Temporary Regulation S Book-Entry Certificate or a Regulation S Book-Entry Certificate may
from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the
Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby
initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery
of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is
removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent.
If the Authenticating Agent is terminated, the successor certificate administrator shall appoint a successor authenticating agent,
which may be the successor certificate administrator or an Affiliate thereof.

 

(b)          Certificates
of each Class of Non-Registered Certificates offered and sold to Qualified Institutional Buyers in reliance on Rule 144A under
the Act (“Rule 144A”) shall be represented by Rule 144A Book-Entry Certificates, which shall be deposited with
the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name
of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Book-Entry Certificate may from
time to time be increased or decreased

 

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by adjustments made on the records of the Certificate Registrar, as custodian for the Depository,
as hereinafter provided.

 

(c)          Certificates
of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional Accredited
Investors that are not Qualified Institutional Buyers (the “Non-Book Entry Certificates”) shall be in the form
of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the
name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry
Certificates to the respective beneficial owners or owners. For the avoidance of doubt, the Class R Certificates shall only be
in the form of Definitive Certificates.

 

(d)          Owners
of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing or
able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within ninety
(90) days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce
the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it
is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Non-Registered Certificates be issued to beneficial owners of a Temporary
Regulation S Book-Entry Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii)
above with respect to any Certificates of a Class that are in the form of Book-Entry Certificates and upon surrender by the Depository
of any Book-Entry Certificate of such Class and receipt from the Depository of instructions for re-registration, the Certificate
Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate
issued for a Rule 144A Book-Entry Certificate, the same legends regarding transfer restrictions borne by such Book-Entry Certificate),
and thereafter the Certificate Registrar shall recognize the Holders of such Definitive Certificates as Certificateholders under
this Agreement. Unless and until Definitive Certificates are issued in respect of a Class of Book-Entry Certificates, beneficial
ownership interests in such Class of Certificates will be maintained and transferred on the book entry records of the Depository
and Depository Participants, and all references to actions by Holders of such Class of Certificates will refer to action taken
by the Depository upon instructions received from the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures and, except as otherwise set forth herein, all references herein to payments,
notices, reports and statements to Holders of such Class of Certificates will refer to payments, notices, reports and statements
to the Depository or its nominee as the registered Holder thereof, for distribution to the related registered Holders of Certificates
through the Depository Participants in accordance with the Depository’s procedures.

 

Section 5.03     Registration of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept
at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such
reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates
and of transfers and

 

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exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being
the “Certificate Registrar”). In such capacities, the Certificate Administrator shall be responsible
for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates of
each Class of Non-Registered Certificates represented by a Temporary Regulation S Book-Entry Certificate, a Regulation
S Book-Entry Certificate and a Rule 144A Book-Entry Certificate and accepting Certificates for exchange and registration
of transfer and (ii) transmitting to the Depositor, the Master Servicer and the Special Servicer any notices from
the Certificateholders. No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of
any registration of Transfer or exchange of any Certificate (other than Definitive Certificates) referred to in this Section
5.03.

 

(b)          Subject
to the restrictions on transfer set forth in this ARTICLE V, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)          Rule
144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule
144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time during
the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the Temporary Regulation
S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate to a Person who
is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry Certificate of the same
Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest
for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar,
as registrar, at its office designated in Section 5.07 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest
in the Temporary Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate
in the form of Exhibit I hereto given by the holder of such beneficial interest stating that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance
with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary
Regulation S Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions (who
shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Book-Entry
Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to
be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry
Certificate that is being exchanged or transferred.

 

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(d)          Rule
144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule 144A Book-Entry
Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time following the Restricted
Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the Regulation S Book-Entry Certificate
of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate to a Person who is required to take delivery
thereof in the form of an interest in a Regulation S Book-Entry Certificate, such holder may, subject to the rules and procedures
of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S
Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07
hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing
the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Book-Entry Certificate in
an amount equal to the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given in
accordance with the Depository’s procedures containing information regarding the participant account of the Depository to
be credited with such increase and (3) a certificate in the form of Exhibit J hereto given by the holder of such beneficial
interest stating (A) that the transfer of such interest has been made in compliance with the transfer restrictions applicable to
the Book-Entry Certificates and pursuant to and in accordance with Regulation S, or (B) that the transferee is otherwise entitled
to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Book-Entry Certificate, without
any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion of Counsel to such
effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar shall instruct
the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry Certificate and to increase,
or cause to be increased, the Certificate Balance of the Regulation S Book-Entry Certificate by the aggregate Certificate Balance
of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, to credit or cause to be credited to the account
of the Person specified in such instructions a beneficial interest in the Regulation S Book-Entry Certificate equal to the reduction
in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited, from the account of the
Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate that is being exchanged
or transferred.

 

(e)          Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate. If a holder
of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate deposited with
the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation
S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate of the
same Class, or to transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry Certificate, such holder
may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause
the exchange of such interest for an equivalent beneficial interest in the Rule 144A Book-Entry Certificate of the same Class.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) instructions
from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as registrar, to

 

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credit
or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the beneficial interest in the Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase, (2) with respect to a transfer of an interest
in the Regulation S Book-Entry Certificate, information regarding the participant account of the Depository to be debited with
such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S Book-Entry Certificate for an interest
in the Rule 144A Book-Entry Certificate (i) during the Restricted Period, a certificate in the form of Exhibit K hereto
given by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation
S Book-Entry Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Book-Entry Certificate is
a Qualified Institutional Buyer or (ii) after the Restricted Period, an Investment Representation Letter in the form of Exhibit
C attached hereto from the transferee to the effect that such transferee is a Qualified Institutional Buyer (an “Investment
Representation Letter”) and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to increase, or cause to be increased,
the Certificate Balance of the Rule 144A Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest
in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, and the Certificate
Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of
the Person specified in such instructions, a beneficial interest in the Rule 144A Book-Entry Certificate equal to the reduction
in the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to debit,
or cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary Regulation
S Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)           Temporary
Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation S Book-Entry
Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate
(a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable,
has received a certificate substantially in the form of Exhibit L hereto from the holder of a beneficial interest in such
Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation
S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering to the Depository
for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry Certificate, representing
the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry Certificate initially exchanged for interests
in the Regulation S Book-Entry Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate
or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that
the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms
of this Agreement and the Temporary Regulation S Book-Entry Certificate. Upon any exchange of interests in the Temporary Regulation
S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate, the Certificate Registrar shall endorse the
Temporary Regulation S Book-Entry Certificate to reflect the reduction in the Certificate Balance

 

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represented thereby by the amount
so exchanged and shall endorse the Regulation S Book-Entry Certificate to reflect the corresponding increase in the amount represented
thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Book-Entry Certificate, and the
Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S
Book-Entry Certificate and Rule 144A Book-Entry Certificate authenticated and delivered hereunder.

 

(g)          Non-Book
Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than a Class R Certificate)
wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of the
same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in a Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream,
if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial
interest in the appropriate Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein,
(2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial
interest in the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate
to be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited
with such increase and (3) a certificate in the form of Exhibit M hereto (in the event that the applicable Book-Entry Certificate
is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N hereto (in the event that the applicable
Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form of Exhibit O hereto (in the event that
the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate), then the Certificate Registrar, as registrar, shall
cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and
deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by
such transferor and shall instruct the Depository to increase, or cause to be increased, such Book-Entry Certificate by the aggregate
Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to
the account of the Person specified in such instructions a beneficial interest in the applicable Book-Entry Certificate equal to
the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction of the Depositor
(which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall execute any instrument
as may be reasonably required by the Depository to effect such exchange.

 

(h)          Non-Book
Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by Section
5.02(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Book-Entry Certificate,
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate or to a transferee of a Non-Book Entry Certificate
(or any portion thereof).

 

(i)           Other
Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of subsections (c) through (f)
above

 

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(including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under
the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)           Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers
made pursuant to the provisions of subsection (e) above.

 

(k)          If
Non-Registered Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver
Certificates that do not bear such legend.

 

(l)           All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)          With
respect to the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial transfer to
the Initial Purchasers or the initial issuance of the Certificates) of any such Certificate shall be made unless the Trustee and
Certificate Administrator shall have received either (i) a representation letter from the proposed purchaser or transferee of such
Certificate substantially in the form of Exhibit F-1 attached hereto, to the effect that such proposed purchaser or transferee
is not (A) an employee benefit plan subject to the fiduciary responsibility provisions of ERISA or a plan subject to Section 4975
of the Code, or a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA)
for which no election has been made under Section 410(d) of the Code or any other plan subject to any federal, state or local law
(“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”) or (B) a person acting on behalf of or using the assets of any such Plan (including an entity whose
underlying assets include Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor
Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an insurance company using the assets of its general
account under circumstances whereby the purchase and holding of such Certificates by such insurance company would be exempt from
the prohibited transaction provisions of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption
95-60 (or, in the case of a Plan subject to Similar Law, would not result in a non-exempt violation of Similar Law) or (ii) if
such Certificate which may be held only by a person not described in clauses (A) or (B) above, is presented for registration
in the name of a purchaser or transferee that is any of the foregoing, an Opinion of Counsel in form and substance satisfactory
to the Trustee and Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate
by such purchaser or transferee will not constitute or result in a non-exempt “prohibited transaction” within the meaning
of ERISA,

 

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Section 4975 of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers, the Underwriters, the Operating Advisor or the
Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section 4975 of the Code or any such
Similar Law) in addition to those set forth in the Agreement. The Certificate Administrator shall not register the sale, transfer,
pledge or other disposition of any ERISA Restricted Certificate unless the Certificate Administrator has received either the representation
letter described in clause (i) above or the Opinion of Counsel described in clause (ii) above. The costs of any of
the foregoing representation letters or Opinions of Counsel shall not be borne by any of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator, the Initial Purchasers, the Underwriters, the Operating Advisor or
the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed to represent that it is not a Person specified
in clauses (i)(A) or (i)(B) above. Any transfer, sale, pledge or other disposition of any ERISA Restricted Certificates
that would constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or any Similar Law, or would
otherwise violate the provisions of this Section 5.03(m) shall be deemed absolutely null and void ab initio, to the
extent permitted under applicable law.

 

(n)          No
Class R or Class V Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be
a Plan, or any person acting on behalf of a Plan or using the assets of a Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA) to purchase such Class R or Class V Certificate. Each prospective transferee of a Class
R or Class V Certificate shall deliver to the transferor and the Certificate Administrator a representation letter, substantially
in the form of Exhibit F-2, stating that the prospective transferee is not a Plan or a person acting on behalf of or using
the assets of a Plan. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab
initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.

 

Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)          Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in
the first sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who is acting as
an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding
owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest
as soon and as fully as possible.

 

    	-337-

    	 

    

 

(ii)         No
Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the
express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such
proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of
any Residual Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed transferee
to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit
in substantially the form attached as Exhibit D-1 (a “Transferee Affidavit”) of the proposed transferee
(A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid
its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the holder
of a Residual Ownership Interest, it may incur tax liabilities in excess of cash flows generated by the residual interest, (3)
the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the
proposed transferee will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent
establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S.
Tax Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a
Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee
or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and
(6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.03(n) and (y)
other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed transferor substantially
in the form attached as Exhibit D-2 (the “Transferor Letter”), that the proposed transferor has no actual
knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed
transferee’s statements in the Transferee Affidavit are false.

 

(iii)        Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than sixty (60) days after a request for information from the transferor of such Residual Ownership
Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue Service and the transferor of such
Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the Code as may be
required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect
to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar,
the Certificate Registrar may charge a reasonable fee

 

    	-338-

    	 

    

 

for computing and furnishing such information to the transferor or to such
agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing such information.

 

(o)              The
Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(p)              Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding,
and the Certificateholders shall be required to provide the Certificate Administrator with such forms and such other information
reasonably required by the Certificate Administrator. If the Certificate Administrator does withhold any amount from interest or
original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements,
the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed
to such Persons for all purposes of this Agreement.

 

Section
5.04     Mutilated, Destroyed, Lost or Stolen
Certificates. If (a) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there is delivered to the
Certificate Registrar such security or indemnity as may be required by it to save it harmless, then, in the absence of actual
notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like tenor and interest in the Trust. In connection with the issuance of any new
Certificate under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to
cover any expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this Section 5.04 shall constitute complete and indefeasible evidence of ownership in
the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section
5.05     Persons Deemed Owners. The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and
the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other
purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary; provided, however,
that to the extent that a party to this Agreement responsible for distributing any report, statement or other information
required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement
shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).

 

    	-339-

    	 

    

 

Section
5.06     Access to List of Certificateholders’ Names and Addresses; Special Notices. (a) The Certificate Registrar
shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and
addresses of the Certificateholders. If any Certificateholder that has provided an Investor Certification (i) requests in
writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states that such
Certificateholder desires to communicate with other Certificateholders with respect to its rights under this Agreement or
under the Certificates and (iii) provides a copy of the communication which Certificateholder proposes to transmit, then the
Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, furnish such Certificateholder
(at such Certificateholder’s sole cost and expense) a current list of the Certificateholders. Every Certificateholder,
by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the
disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source from which
information was derived. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Depositor shall be entitled to a list of the names and addresses of Certificateholders from time to time upon
request therefor.

 

(b)              (i)
The Certificate Administrator shall include in any Form 10-D any written request received in accordance with Section 11.04(a)
prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution
Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related
to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing
such disclosure (a “Special Notice”) regarding the request to communicate shall include the following and no
more than the following (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request
was received, (c) a statement to the effect that the Certificate Administrator has received such request, stating that such Certificateholder
or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible
exercise of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may
use to contact the requesting Certificateholder or Certificate Owner.

 

(ii)         In
verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if the
Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator shall
not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record with respect
to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from such Certificateholder
or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following documents confirming ownership
of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or another document acceptable to
the Certificate Administrator that is similar to any of the foregoing documents). The Certificate Administrator shall not have
any obligation to verify the information provided by any Certificateholder or Certificate Owner in any request to communicate and
may rely on such information conclusively. Additionally, any expenses the Certificate Administrator incurs in connection with any
request to communicate will be paid by the Trust.

 

    	-340-

    	 

    

 

Section
5.07     Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The
Certificate Registrar initially designates its office at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113
as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders and the
Mortgagors of any change in the location of the Certificate Register or any such office or agency.

 

Section
5.08     Appointment of Certificate Administrator. (a) Wells Fargo Bank, National Association is hereby initially appointed
Certificate Administrator in accordance with the terms of this Agreement. If the Certificate Administrator resigns or is
terminated, the Depositor shall appoint a successor certificate administrator which may be the Trustee or an Affiliate
thereof to fulfill the obligations of the Certificate Administrator hereunder which must satisfy the eligibility requirements
set forth in Section 8.06.

 

(b)          The
Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s
Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, Appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties.

 

(c)          The
Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses of the
REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or
suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)          The
Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)          The
Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall not
relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)          The
Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the Special Servicer
or the Depositor.

 

Section 5.09      Exchanges
of Exchangeable Certificates and Exchangeable Combined Certificates.

 

(a)          The
Class E-1 Certificates, Class E-2 Certificates, Class F-1 Certificates, Class F-2 Certificates, Class G-1 Certificates, Class G-2
Certificates, Class H-1 Certificates and Class H-2 Certificates are collectively referred to herein as the “Exchangeable
Certificates”, and the Class E Certificates, Class F Certificates, Class EF Certificates, Class G Certificates, Class

 

    	-341-

    	 

    

 

EFG Certificates and Class H Certificates are collectively referred to herein as the “Exchangeable Combined Certificates”.

 

On the Closing Date,
the Upper-Tier REMIC shall issue the Class E-1 Trust Component, Class E-2 Trust Component, Class F-1 Trust Component, Class F-2
Trust Component, Class G-1 Trust Component, Class G-2 Trust Component, Class H-1 Trust Component and Class H-2 Trust Component
(each a “Trust Component”), which shall have outstanding balances on the Closing Date as set forth in the table
below.

 

The Trust Components

 

	Trust Component	Original Certificate Balance
	Class E-1 Trust Component	$14,335,000
	Class E-2 Trust Component	$14,335,000
	Class F-1 Trust Component	$ 4,778,000
	Class F-2 Trust Component	$ 4,778,000
	Class G-1 Trust Component	$11,348,500
	Class G-2 Trust Component	$11,348,500
	Class H-1 Trust Component	$14,334,677
	Class H-2 Trust Component	$14,334,677

 

Groups of Exchangeable
Certificates may be exchanged for the related Exchangeable Combined Certificates, and vice versa, in whole or in part in
accordance with the terms of this Section 5.09(a) and the other applicable provisions of ARTICLE V hereof.

 

Exchangeable Certificates
and Exchangeable Combined Certificates shall at all times represent undivided beneficial ownership interests, held through the
Grantor Trust, in one or more Trust Components, as set forth in the table below. With respect to each Class of the Exchangeable
Combined Certificates, the portion of each underlying Trust Component represented by such Class of Certificates is the designated
“Exchangeable Component” set forth in the table below, each of which corresponds to the underlying Trust Component
with the same alphanumeric designation.

 

Components Corresponding to Exchangeable
Certificates

and Exchangeable Combined Certificates

 

	Class of

Certificates	Underlying Trust 

Components	Exchangeable

Components
	Class E-1	Class E-1	N/A
	Class E-2	Class E-2	N/A
	Class E	Class E-1

Class E-2	Class E Component E-1

Class E Component E-2

 

    	-342-

    	 

    

 

	Class F-1	Class F-1	N/A
	Class F-2	Class F-2	N/A
	Class F	Class F-1

Class F-2	Class F Component F-1

Class F Component F-2
	Class EF	Class E-1

Class E-2

Class F-1

Class F-2	Class EF Component E-1

Class EF Component E-2

Class EF Component F-1

Class EF Component F-2
	Class G-1	Class G-1	N/A
	Class G-2	Class G-2	N/A
	Class G	Class G-1

Class G-2	Class G Component G-1

Class G Component G-2
	Class EFG	Class E-1

Class E-2

Class F-1

Class F-2

Class G-1

Class G-2	Class EFG Component E-1

Class EFG Component E-2

Class EFG Component F-1

Class EFG Component F-2

Class EFG Component G-1

Class EFG Component G-2
	Class H-1	Class H-1	N/A
	Class H-2	Class H-2	N/A
	Class H	Class H-1

Class H-2	Class H Component H-1

Class H Component H-2

 

Each Class of Exchangeable
Combined Certificates may be exchanged on the books of DTC for the corresponding Classes of Exchangeable Certificates set forth
next to such Class in the table below, and vice versa. The percentage set forth next to each Class of Exchangeable Certificates
in the table below represents the percentage of the aggregate Certificate Balance of all Exchangeable Certificates involved in
an exchange that is represented by the Certificate Balance of such Class of Exchangeable Certificates that is required to be surrendered
to receive the corresponding Exchangeable Combined Certificates (or that will be received if Exchangeable Combined Certificates
are surrendered) (each an “Exchange Proportion”).

 

	Class of Exchangeable 

Combined Certificates	Corresponding Classes of 

Exchangeable Certificates	Exchange Proportion
	Class E	Class E-1

Class E-2	50%

50%
	Class F	Class F-1

Class F-2	50%

50%
	Class EF	Class E-1	37.5006540051274%

 

    	-343-

    	 

    

 

		
Class E-2

Class F-1

Class F-2	
37.5006540051274%

12.4993459948726%

12.4993459948726%
	Class G	Class G-1

Class G-2	50%

50%
	Class EFG	Class E-1

Class E-2

Class F-1

Class F-2

Class G-1

Class G-2	23.5297014263907%

23.5297014263907%

7.84268667005893%

7.84268667005893%

18.6276119035504%

18.6276119035504%
	Class H	Class H-1

Class H-2	50%

50%

 

Following any exchange
of any Class of Exchangeable Combined Certificates for the corresponding Exchangeable Certificates, or any exchange of the specified
Exchange Percentages of the Exchangeable Certificates for a Class of Exchangeable Combined Certificates, the percentage interests
of the outstanding Certificate Balances of the Trust Components with the same alphanumeric designation that are represented by
the related Exchangeable Certificates (or related Exchangeable Components) shall be increased or decreased accordingly.

 

As of the Closing Date,
the Certificate Balance and Percentage Interest and Exchange Percentage Interest for each Class of Exchangeable Combined Certificates
and each Class of Exchangeable Certificates are as follows:

 

Approximate Closing
Date Certificate Balance of Exchangeable Certificates or 

Exchangeable Combination Certificates

 

	Class
                                         of Exchangeable Certificates or

                                         Exchangeable Combination Certificates 
	 	Approximate
                                         Closing 

                                         Date Certificate 

                                         Balance

	Class
    E-1 Exchangeable Certificate	 	$
    0
	Class
    E-2 Exchangeable Certificate	 	$
    0
	Class
    E Exchangeable Combination Certificate	 	$
    28,670,000
	Class
    F-1 Exchangeable Certificate	 	$
    0
	Class
    F-2 Exchangeable Certificate	 	$
    0
	Class
    F Exchangeable Combination Certificate	 	$
    9,556,000
	Class
    EF Exchangeable Combination Certificate	 	$
    0
	Class
    G-1 Exchangeable Certificate	 	$
    0
	Class
    G-2 Exchangeable Certificate	 	$
    0
	Class
    G Exchangeable Combination Certificate	 	$
    22,697,000
	Class
    EFG Exchangeable Combination Certificate	 	$
    0
	Class
    H-1 Exchangeable Certificate	 	$
    2,608,677
	Class
    H-2 Exchangeable Certificate	 	$
    2,608,677
	Class
    H Exchangeable Combination Certificate	 	$
    23,452,000

 

    	-344-

    	 

    

 

Closing Date Percentage
Interests

 

	Percentage
                                         Interest
	 	Approximate

                                         Closing Date 

                                         Percentage Interest
	 
	Class
    E-1 Percentage Interest 	 	0.00%
	Class
    E-2 Percentage Interest	 	0.00%
	Class
    E-E-1 Exchange Percentage Interest	 	100.00%
	Class
    E-E-2 Exchange Percentage Interest	 	100.00%
	Class
    EF-E-1 Exchange Percentage Interest	 	0.00%
	Class
    EF-E-2 Exchange Percentage Interest	 	0.00%
	Class
    EF-F-1 Exchange Percentage Interest	 	0.00%
	Class
    EF-F-2 Exchange Percentage Interest	 	0.00%
	Class
    F-1 Percentage Interest	 	0.00%
	Class
    F-2 Percentage Interest	 	0.00%
	Class
    F-F-1 Exchange Percentage Interest	 	100.00%
	Class
    F-F-2 Exchange Percentage Interest	 	100.00%
	Class
    G-1 Percentage Interest	 	0.00%
	Class
    G-2 Percentage Interest	 	0.00%
	Class
    G-G-1 Exchange Percentage Interest	 	100.00%
	Class
    G-G-2 Exchange Percentage Interest	 	100.00%
	Class
    EFG-E-1 Exchange Percentage Interest	 	0.00%
	Class
    EFG-E-2 Exchange Percentage Interest	 	0.00%
	Class
    EFG-F-1 Exchange Percentage Interest	 	0.00%
	Class
    EFG-F-2 Exchange Percentage Interest	 	0.00%
	Class
    EFG-G-1 Exchange Percentage Interest	 	0.00%
	Class
    EFG-G-2 Exchange Percentage Interest	 	0.00%
	Class
    H-1 Exchange Percentage Interest	 	81.8%
	Class
    H-1 Percentage Interest	 	18.2%
	Class
    H-2 Exchange Percentage Interest	 	81.8%
	Class
    H-2 Percentage Interest	 	18.2%

 

There is no limit on
the number of exchanges authorized under this Section 5.09(a); provided that exchanges shall no longer be permitted
following the date when the then current principal balance of the most senior corresponding Trust Component is reduced to zero
as a result of the payment in full of all interest and principal on that Trust Component or the then current principal balance
of the most subordinate corresponding Trust Component is reduced to zero as a result of the application of Realized Losses to that
Trust Component. In all cases, however, an exchange may not occur if the face amount of the Certificates to be received in the
exchange would not represent a minimum authorized denomination for the relevant Class as described under Section 5.01. In
addition, the Depositor shall have the right to make or cause exchanges on the Closing Date pursuant to instructions delivered
to the Certificate Administrator on the Closing Date.

 

The various amounts distributable
on any Class of Exchangeable Combined Certificates on each Distribution Date in respect of Interest Accrual Amounts, Interest Distribution
Amounts, Principal Distribution Amounts, reimbursements of Realized Losses and yield maintenance charges allocated to any of the
respective percentage interests in the Trust Components represented by such Exchangeable Combined Certificates shall be so distributed
in a single, aggregate distribution to the Holders of such Exchangeable Combined Certificates on such Distribution Date. Any Realized
Losses, Interest Shortfalls and other shortfalls, including as a result of Appraisal Reduction Events, allocated to the percentage
interests in the Trust

 

    	-345-

    	 

    

 

Components represented by any Class of Exchangeable Combined Certificates shall be borne by such Exchangeable
Combined Certificates and any recoveries of such amounts shall be paid to such any Class of Exchangeable Combined Certificates.

 

(b)          Exchangeable
Certificates shall be exchangeable on the books of the Depository for a related Class of Exchangeable Combined Certificates, and
Exchangeable Combined Certificates shall be exchangeable on the books of the Depository for the related Exchangeable Certificates,
after the Closing Date (other than any exchanges on the Closing Date pursuant to instructions from the Depositor). In order to
effect an exchange of the Exchangeable Certificates or Exchangeable Combined Certificates, the Certificateholder shall notify the
Certificate Administrator by e-mail at cts.cmbs.bond.admin@wellsfargo.com no later than three (3) Business Days before the
proposed date for the exchange (the “Exchange Date”). The Exchange Date can be any Business Day other than the
first or last Business Day of the month, subject to the satisfaction of the Certificate Administrator.

 

(c)          With
respect to the notice required in clause (b) above, the Certificateholder shall provide notice on the Certificateholder’s
letterhead, which notice must carry a medallion stamp guarantee and set forth the following information: (i) the CUSIP Number(s)
of the Exchangeable Certificates or Exchangeable Combined Certificates to be exchanged and converted and the Exchangeable Certificate
or the Exchangeable Combined Certificates to be received, (ii) the outstanding principal balance of the initial Certificate Balance
of the Exchangeable Certificates or the Exchangeable Combined Certificates to be exchanged and converted, (iii) the Certificateholder’s
Depository participant number, if applicable, and (iv) the proposed Exchange Date. The Certificateholder shall utilize the “deposit
and withdrawal system” at the Depository to affect the exchange and conversion of the Certificates. A notice becomes irrevocable
on the second (2nd) Business Day before the Exchange Date.

 

(d)          In
connection with each exchange, the Certificateholder may be required to pay certain administrative fees charged by DTC and such
fees must be received by the Certificate Administrator prior to the exchange date or such exchange shall not be effected. For the
avoidance of doubt, no fee or service charge shall be required with respect to any exchange of Exchangeable Certificates or Exchangeable
Combined Certificates, other than such administrative fees charged by the Depository. The first distribution on an Exchangeable
Certificate or Exchangeable Combined Certificates shall be made in the month following the month of exchange to the Certificateholder
of record as of the applicable Record Date for such certificate. Neither the Certificate Administrator nor the Depositor shall
have any obligation to ensure the availability of the applicable Certificates to accomplish any exchange.

 

Section
5.10     Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate
Administrator shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with
registered Holders by mail with respect to Definitive Certificates. In each case, such vote shall be administered in
accordance with the following procedures, unless different procedures are otherwise described herein with respect to a
specific vote:

 

(a)          Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date

 

    	-346-

    	 

    

 

determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)          In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted.
Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote.
Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and
the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date
such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error,
re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          Any
and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)          If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and

 

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the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

[End of Article V]

 

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ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, the asset representations reviewer AND THE DIRECTING
CERTIFICATEHOLDER

 

Section
6.01     Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the
Operating Advisor and the Asset Representations Reviewer. (a) The Master Servicer hereby represents, warrants and
covenants to the Trustee, for its own benefit and the benefit of the Certificateholders, each Serviced Companion Noteholder,
the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating
Advisor, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or an
event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(iii)        The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to (A)
applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial companies”
(as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law;

 

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(v)         The
Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(vi)       No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this Agreement;

 

(vii)       The
Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect to
such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)     No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is
required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance by the
Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby, other
than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have been obtained,
made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or (B) where the lack
of such consent, approval, authorization, order, qualification, registration, filing or notice would not have a material adverse
effect on the performance by the Master Servicer under this Agreement.

 

      (b)        The
Special Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Delaware, and the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located to
the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents, (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Special

 

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Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to (A)
applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law;

 

(v)         The
Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)        No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer, which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations under this
Agreement;

 

(vii)       The
Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect to such risks,
which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)      No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

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      (c)        The
Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, as
of the Closing Date, that:

 

(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York, and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law;

 

(v)         The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(vi)       [Reserved];

 

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(vii)       No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and

 

(viii) 
    No consent, approval, authorization or order of any court or governmental agency or body is required
under federal or state law for the execution, delivery and performance by the Operating Advisor of, or compliance by the
Operating Advisor with, this Agreement or the consummation of the transactions of the Operating Advisor contemplated by this
Agreement, except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the
actual performance by the Operating Advisor of its obligations under this Agreement, or which, if not obtained would not have
a materially adverse effect on the ability of the Operating Advisor to perform its obligations hereunder.

 

     (d)         The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)     
     The Asset Representations Reviewer is a limited liability company, duly organized, validly
existing and in good standing under the laws of the State of New York, and the Asset Representations Reviewer is in
compliance with the laws of each State in which any Mortgaged Property is located to the extent necessary to perform its
obligations under this Agreement;

 

(ii)     
    The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and
compliance with the terms of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset
Representations Reviewer’s organizational documents, (B) constitute a default (or an event which, with notice or lapse
of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material
instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule,
regulation, order, judgment or decree to which the Asset Representations Reviewer or its property is subject, which, in the
case of either (B) or (C) above, is likely to materially and adversely affect either the ability of the Asset
Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in

 

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accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)         The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        [Reserved];

 

(vii)       [Reserved];

 

(viii)      No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(ix)     
   The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

     (e)           The
representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery of this Agreement.
Upon written notice or actual knowledge by any party to this Agreement (or upon written notice thereof from any Certificateholder
or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section 6.01 which materially
and adversely affects the interests of any party to this Agreement, the Certificateholders, the party discovering such breach shall
give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder.

 

     Section
6.02     Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset
Representations Reviewer. The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset
Representations Reviewer shall be liable in accordance herewith only to the extent of the respective obligations specifically
imposed upon and undertaken by the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset
Representations Reviewer herein.

 

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Except as otherwise expressly
set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder will not be deemed
to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated to the transactions
contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity hereunder.

 

For the avoidance of
doubt, with respect to any indemnification provisions in this Agreement providing that a party to this Agreement is required to
indemnify another party to this Agreement for attorney’s fees and expenses, such fees and expenses are intended to include
attorney’s fees and expenses relating to the enforcement of such indemnity (but only after a non-appealable final judgment
or court order in favor of the indemnified party with respect to such indemnity or as agreed to by the related parties pursuant
to the settlement or otherwise).

 

Section
6.03     Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer
or the Asset Representations Reviewer. (a) Subject to subsection (b) below, the Depositor, the Master Servicer and
the Special Servicer each will keep in full effect its existence, rights and franchises as an entity under the laws of the
jurisdiction of its incorporation or organization, and each will obtain and preserve its qualification to do business as a
foreign entity in each jurisdiction in which qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans or Companion Loans and to perform its
respective duties under this Agreement.

 

(b)          The
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each may be
merged or consolidated with or into any Person, or transfer all or substantially all of its assets (which may be limited to all
or substantially all of its assets related to commercial mortgage loan servicing or commercial mortgage surveillance, as the case
may be) to any Person, in which case any Person resulting from any merger or consolidation to which the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer shall be a party, or any Person succeeding to
the business of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer,
shall be the successor of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations
Reviewer (such Person, in the case of the Master Servicer or the Special Servicer, in each of the foregoing cases, the “Surviving
Entity”), as the case may be, hereunder, without the execution or filing of any paper (other than an assumption agreement
wherein the successor shall agree to perform the obligations of and serve as the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer, as the case may be, in accordance with the terms of this Agreement)
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that with respect to such merger, consolidation or succession, Rating Agency Confirmation is received from each
Rating Agency with respect to the Classes of Certificates and, with respect to any class of Serviced Companion Loan Securities,
a confirmation is received from each applicable rating agency that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates as described in
Section 3.25); provided, further, that if

 

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the Master Servicer, the Special Servicer or the Operating Advisor
enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity
under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a result
of the merger, be required to provide a Rating Agency Confirmation with respect to ratings of the Classes of Certificates or, with
respect to any class of Serviced Companion Loan Securities, a confirmation of the rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings; provided, further, that for so long as
the Trust, and, with respect to any Serviced Companion Loan included as part of the trust in a related Other Securitization, is
subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer or the Operating Advisor
notifies the Depositor in writing (a “Merger Notice”) of any such merger, consolidation, conversion or other
change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor in such Other Securitization,
as the case may be, has discovered that such successor entity has not complied with its Exchange Act reporting obligations under
any other commercial mortgage loan securitization (and specifically identifying the instance of noncompliance), then it shall be
an additional condition to such succession that the Depositor or the depositor in such Other Securitization, as the case may be,
shall have consented (which consent shall not be unreasonably withheld or delayed) to such successor entity. Notwithstanding the
foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer, Special Servicer or Operating
Advisor, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to
the extent (i) the Master Servicer, the Special Servicer or Operating Advisor, as applicable, is the surviving entity of such merger,
consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder
or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably withheld. If,
within sixty (60) days following the date of delivery of the Merger Notice to the Depositor or the depositor in such Other Securitization,
as the case may be, the Depositor or depositor in such Other Securitization, as the case may be, shall have failed to notify the
Master Servicer or the Special Servicer, as applicable, in writing of the Depositor’s determination, or depositor’s
determination, in the case of an Other Securitization, to grant or withhold such consent, such failure shall be deemed to constitute
a grant of such consent. If the conditions to the provisions in the second preceding sentence are not met, the Trustee may terminate,
and if the conditions set forth in the third proviso of the third preceding sentence are not met the Trustee shall terminate, the
applicable Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such termination to be effected in the manner
set forth in Section 7.01.

 

(i)          The
Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction
of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties
under this Agreement.

 

(ii)   
     Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any
Person resulting from any merger or consolidation to which the Asset Representations Reviewer shall be a party, or any Person
succeeding to

 

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the business of the Asset Representations Reviewer, shall be the successor of the Asset Representations
Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Asset Representations
Reviewer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that the Trustee has received a Rating
Agency Confirmation with respect to such successor or surviving Person.

 

Section
6.04     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer (including in its capacity as
Companion Paying Agent), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and their respective
Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees or agents of any of the
foregoing shall be under any liability to the Trust, the Certificateholders or the Companion Holders for any action taken or
for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that (i) this provision shall not protect the Depositor, the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any breach
of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful
misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations and
duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer, shareholder, member,
manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the
Special Servicer, the Operating Advisor or the Asset Representations Reviewer, and any of the partners, directors, officers,
shareholders, members, managers, employees or agents of any of the foregoing may rely on any document of any kind which, prima
facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the
Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, Certificate Administrator, the
Asset Representations Reviewer and the Operating Advisor and their respective Affiliates and any partner, director, officer,
shareholder, member, manager, employee or agent of any of the foregoing shall be indemnified and held harmless by the Trust
against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and
any other costs, liabilities, fees and expenses incurred in connection with any actual or threatened legal or
administrative action (whether in equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion
Loans or the Certificates, other than any loss, liability or expense: (i) specifically required to be borne thereby pursuant
to the terms hereof; (ii) incurred in connection with any breach of a representation or warranty made by it herein; (iii)
incurred by reason of bad faith, willful misconduct or negligence in the performance of its obligations or duties hereunder,
or by reason of negligent disregard of such obligations or duties; or (iv) in the case of the Depositor and any of its
partners, directors, officers, shareholders, members, managers, employees and agents, incurred in connection with any
violation by any of them of any state or federal securities law. In addition, absent actual fraud (as determined by a final
non-appealable court order), neither the Trustee nor the Certificate Administrator (including in its capacity as Custodian)
shall be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever

 

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(including but not
limited to lost profits), even if the Trustee or the Certificate Administrator has been advised of the likelihood of such
loss or damage and regardless of the form of action. Each of the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor conclusively may rely on,
and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate, certificate of
auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order,
financial statement, agreement, appraisal, bond or other document (in electronic or paper format) as contemplated by and in
accordance with this Agreement and reasonably believed or in good faith believed by the Master Servicer (including in its
capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor to be
genuine and to have been signed or presented by the proper party or parties and each of them may consult with counsel, in
which case any written advice of counsel or Opinion of Counsel shall be full and complete authorization and protection with
respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or
Opinion of Counsel.

 

(b)          None
of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any legal or administrative
action (whether in equity or at law), proceeding, hearing or examination that is not incidental to its respective duties under
this Agreement or which in its opinion may involve it in any expense or liability not recoverable from the Trust; provided,
however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer may in its discretion undertake any such action, proceeding, hearing or examination that it may deem necessary or desirable
in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders (and,
in the case of any Serviced Whole Loan, the rights of the Certificateholders and the holders of a Serviced Companion Loan (as a
collective whole) taking into account the subordinate or pari passu nature of such Serviced Companion Loan); provided,
however, that if a Serviced Whole Loan and/or the holder of any related Companion Loan are involved, such expenses, costs
and liabilities will be payable out of funds related to the applicable Serviced Whole Loan in accordance with the related Intercreditor
Agreement and will also be payable out of the other funds in the Collection Account if amounts on deposit with respect to such
Serviced Whole Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan or Companion
Loan, then any subsequent recovery on that Mortgage Loan or Companion Loan, as applicable, will be used to reimburse the Trust
for any amounts advanced for the payment of such expenses, costs or liabilities. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust, and the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Asset Representations Reviewer and the Operating Advisor shall be entitled to be reimbursed therefor out of amounts attributable
to the Mortgage Loans or the Companion Loan on deposit in the Collection Account (including, without duplication, any subaccount
thereof), as provided by Section 3.05(a)(xii).

 

(c)          Each
of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the related Serviced
Companion Noteholder, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the

  

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Master Servicer
(including in its capacity as Companion Paying Agent) (in the case of the Special Servicer), the Special Servicer (in the case
of the Master Servicer) and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result
of any willful misconduct, bad faith or negligence of the Master Servicer or the Special Servicer, as the case may be, in the performance
of its obligations and duties under this Agreement or by reason of negligent disregard by the Master Servicer or the Special Servicer,
as the case may be, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein
by the Master Servicer or the Special Servicer, as applicable, provided that such indemnity shall not cover special, punitive,
incidentals, exemplary, indirect or consequential damages, even if they were advised of the likelihood of such loss or damage and
regardless of the form of action. The Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer
or the Operating Advisor, as the case may be, shall immediately notify the Master Servicer or the Special Servicer, as applicable,
if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification
hereunder, whereupon the Master Servicer or the Special Servicer, as the case may be, shall assume the defense of such claim (with
counsel reasonably satisfactory to the Trustee, the Certificate Administrator or the Depositor) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the Master Servicer or the Special Servicer, as the case may be,
shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless
the Master Servicer’s or the Special Servicer’s, as the case may be, defense of such claim is materially and adversely
prejudiced thereby.

 

(d)          Each
of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify the Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Certificate Administrator
(in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating Advisor, the Asset Representations
Reviewer and the Trust and any partner, director, officer, shareholder, member, manager employee or agent thereof, and hold them
harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any
willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator, respectively, in the performance of
its obligations and duties under this Agreement or by reason of negligent disregard by the Trustee or the Certificate Administrator,
respectively, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein;
provided that such indemnity shall not cover special, punitive, incidentals, exemplary, indirect or consequential damages,
even if they were advised of the likelihood of such loss or damage and regardless of the form of action. The Depositor, the Master
Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately
notify the Trustee and the Certificate Administrator, respectively, if a claim is made by a third party with respect to this Agreement
or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate Administrator,
as applicable, shall assume the defense of such claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer
(including in its capacity as

 

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Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating
Advisor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment
or decree which may be entered against it or them in respect of such claim. Any failure to so notify the Trustee or the Certificate
Administrator shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Trustee’s or the Certificate Administrator’s defense of such claim is materially and adversely prejudiced
thereby.

 

(e)          The
Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of
the Depositor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the
Depositor of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein; provided
that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately
notify the Depositor if a claim is made by a third party with respect to this Agreement, whereupon the Depositor shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying
Agent) or the Special Servicer) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge
and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Depositor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Depositor’s defense of such claim is materially and adversely prejudiced thereby.

 

(f)          The
Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust and any partner, director,
officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the
Operating Advisor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by
the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations or warranties made
herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the case may be,
shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense of such claim
(with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the

 

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Asset Representations Reviewer or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect any rights any of
the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s defense
of such claim is materially and adversely prejudiced thereby.

 

(g)          Neither
the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees
or agents of the Operating Advisor shall be under any liability to any Certificateholder for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Operating Advisor against any liability which would otherwise be imposed by reason of
willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations and
duties hereunder.

 

(h)          The
Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of
the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be, shall
immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect to this Agreement or the
Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights
any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s
defense of such claim is materially and adversely prejudiced thereby.

 

(i)          The
applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Operating Advisor, Non-Serviced Depositor,
Non-Serviced Trustee, Non-Serviced Certificate Administrator, Non-Serviced Paying Agent and any of their respective partners, directors,
officers, shareholders, members, managers, employees or agents (collectively, the “Non-Serviced Indemnified Parties”),
shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the applicable
Non-Serviced Intercreditor

 

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 Agreement) of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of
a Non-Serviced Mortgage Loan and the related Non-Serviced Mortgaged Property under the applicable Non-Serviced PSA (as and to the
same extent the applicable Non-Serviced Trust is required to indemnify such parties in respect of other mortgage loans in the applicable
Non-Serviced Trust pursuant to the terms of the related Non-Serviced PSA).

 

The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of the Master Servicer (including in
its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer.

 

(j)          For
purposes of this Section 6.04 and Section 11.12, the Master Servicer or Special Servicer, as the case may be, will
be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of their respective
obligations and duties hereunder or acted in negligent disregard of such obligations and duties if the Master Servicer or Special
Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because the Master Servicer or Special Servicer,
as applicable, in accordance with the Servicing Standard, determines that compliance with such terms would or potentially would
cause any Trust REMIC to fail to qualify as a REMIC or cause a tax to be imposed on the Trust or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code (for which determination the Master Servicer and Special
Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

Section
6.05    Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.03,
neither the Master Servicer nor the Special Servicer shall resign from their respective obligations and duties hereby imposed
on each of them except upon (a) determination that such party’s duties hereunder are no longer permissible under
applicable law or (b) in the case of the Master Servicer or the Special Servicer, upon the appointment of, and the acceptance
of such appointment by, a successor (which may be appointed by the resigning Master Servicer or Special Servicer, as
applicable), and receipt by the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such determination permitting the
resignation of the Master Servicer or the Special Servicer pursuant to clause (a) above shall be evidenced by an
Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee and (prior to the
occurrence of a Consultation Termination Event) the Directing Certificateholder. Unless applicable law requires the
resignation of the Master Servicer or the Special Servicer (as the case may be) to be effective immediately, and the
Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation by the Master Servicer or the
Special Servicer under clause (a) above shall become effective until a successor master servicer or successor special
servicer, as applicable, shall have assumed the

 

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Master Servicer’s or Special Servicer’s, as applicable,
responsibilities and obligations in accordance with Section 7.02 and no such resignation by the Master Servicer or the
Special Servicer shall become effective until the Certificate Administrator shall have filed any required Form 8-K pursuant
to Section 11.07 hereof and any other Form 8-K filings have been completed with respect to any related Companion Loan.
Upon any termination (as described in Section 7.01(c)) or resignation of the Master Servicer or the Special Servicer,
pursuant to this Section 6.05, the Master Servicer or the Special Servicer, as applicable, shall have the right and
opportunity to appoint any successor master servicer or special servicer with respect to this Section 6.05; provided
that, such successor master servicer or special servicer shall not be the Asset Representations Reviewer, the Operating
Advisor or one of their respective Affiliates and (prior to the occurrence and continuance of a Control Termination Event)
such successor special servicer is approved by the Directing Certificateholder, such approval not to be unreasonably
withheld. The resigning party shall pay all costs and expenses (including out-of-pocket costs and expenses incurred by the
Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.05.
Except as provided in Section 7.01(c), in no event shall the Master Servicer or the Special Servicer have the right to
appoint any successor master servicer or special servicer if such Master Servicer or Special Servicer, as applicable, is
terminated or removed pursuant to Section 7.01.

 

Section
6.06     Rights of the Depositor in Respect of the Master Servicer and the Special Servicer. The Depositor may, but is not
obligated to, enforce the obligations of the Master Servicer and the Special Servicer hereunder and may, but is not obligated
to, perform, or cause a designee to perform, any defaulted obligation of the Master Servicer and the Special Servicer
hereunder or exercise the rights of the Master Servicer or Special Servicer, as applicable, hereunder; provided, however,
that the Master Servicer and the Special Servicer shall not be relieved of any of their respective obligations hereunder by
virtue of such performance by the Depositor or its designee. The Depositor shall not have any responsibility or liability for
any action or failure to act by the Master Servicer or the Special Servicer and is not obligated to supervise the performance
of the Trustee, the Master Servicer, the Operating Advisor or the Special Servicer under this Agreement or otherwise.

 

Section 6.07     The
Master Servicer and the Special Servicer as Certificate Owner. The Master Servicer, the Special Servicer or any Affiliate
thereof may become the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any
Certificate with (except as otherwise set forth in the definition of “Certificateholder”) the same rights
it would have if it were not the Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section 6.08    The
Directing Certificateholder. (a) Other than with respect to any Serviced AB Whole Loan for which the related holder of a
Serviced Subordinate Companion Loan is not subject to a Serviced AB Control Appraisal Period, for so long as no Control
Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to advise: (1) the
Special Servicer with respect to all Specially Serviced Loans other than any Excluded Loan and all Non-Specially Serviced
Loans other than Excluded Loans, as to all matters for which the Master Servicer must obtain the consent or deemed consent of
the Special Servicer and (2) the Special Servicer or the Master Servicer, as applicable, with respect to all Mortgage Loans
other than Excluded Loans, as to any extension of maturity being considered by the Special Servicer or by the Master Servicer
subject to consent or deemed consent of the

 

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Special Servicer, and notwithstanding anything herein to the contrary, except as
set forth in, and in any event subject to the second and third paragraphs of this Section 6.08, (i) with respect to a
Mortgage Loan (other than a Specially Serviced Loan or a Non-Serviced Mortgage Loan), the Master Servicer, shall not be
permitted to take any of the following actions (each a “Major Decision”), irrespective of whether any such
Major Decision constitutes a “Major Decision” under, and as defined in, the related Intercreditor Agreement,
unless it has obtained the consent or deemed consent of the Special Servicer (provided that such consent shall be
deemed given (unless earlier objected to by the Special Servicer) fifteen (15) Business Days after the
Special Servicer’s receipt of the Master Servicer’s written recommendation and analysis with respect to such
Major Decision and all information reasonably requested by the Special Servicer, and reasonably available to the Master
Servicer, in order to grant or withhold such consent and (ii) with respect to any Mortgage Loan (other than any Non-Serviced
Mortgage Loan or any Excluded Loan) or any Serviced Whole Loan, for so long as no Control Termination Event has occurred and
is continuing, the Special Servicer shall not be permitted to take any of the following actions (and shall not be permitted
to consent to the Master Servicer’s taking any of the following actions as to which the Directing Certificateholder has
objected in writing (A) with respect to Specially Serviced Loans, within ten (10) Business Days (or thirty (30) days with
respect to clause (ix) below), after the Directing Certificateholder’s receipt of the Special Servicer’s
written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and
reasonably available to the Special Servicer, in order to grant or withhold such consent or (B) with respect to Non-Specially
Serviced Loans, within five (5) Business Days (or thirty (30) days with respect to clause (x) below) after the
Directing Certificateholder’s receipt from the Special Servicer of the Master Servicer’s written analysis and the
Special Servicer’s recommendation with respect thereto, and all information reasonably requested by the Directing
Certificateholder, and reasonably available to the Special Servicer, in order to grant or withhold such
consent (provided that if such written objection has not been received by the Special Servicer within such five (5) or
ten (10) Business Day (or thirty (30) day) period, then the Directing Certificateholder will be deemed to have approved such
action):

 

(i)          any
proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership
of properties securing such of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loans as come into
and continue in default;

 

(ii)        any modification, consent to a modification or waiver of any monetary term (other than
late fees and Default Interest) or material non-monetary term (including, without limitation, the timing of payments and
acceptance of discounted payoffs) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any
extension of the maturity date of such Mortgage Loan or Serviced Whole Loan;

 

(iii)       any
sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with the termination
of the Trust) or a defaulted Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance with this
Agreement, in each case, for less than the applicable Purchase Price;

 

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(iv)       any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous material
located at an REO Property;

 

(v)        any
requests for release of material collateral or any acceptance of substitute or additional collateral for a Mortgage Loan or Serviced
Whole Loan or any consent to either of the foregoing, other than (A) grants of easements or rights of way that do not materially
affect the use or value of a Mortgaged Property or the Mortgagor’s ability to make any payments with respect to a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (B) releases of non-material parcels of a Mortgaged
Property, (C) releases that the related Mortgage Loan documents expressly require the mortgagee thereunder to make upon the satisfaction
of certain conditions (and the conditions to the release that are set forth in the related Mortgage Loan documents do not include
the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction of the other conditions
to the release set forth in the related Mortgage Loan documents that do not include any other approval or exercise)) and such release
is made as required by the related Mortgage Loan documents, (D) releases that are related to any condemnation action that is pending,
or threatened in writing, and would affect a non-material portion of the Mortgaged Property, or (E) releases of collateral securing
any Mortgage Loan in connection with a defeasance of such collateral;

 

(vi)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any consent to such a waiver or consent to a transfer of the Mortgaged
Property or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence
of debt as may be effected without the consent of the lender under the related loan agreement;

 

(vii)      any
property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater than $2,500,000) or
franchise changes (with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan for which the
lender is required to consent or approve under the Mortgage Loan documents);

 

(viii)     releases
of any material amounts from escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other
than those required pursuant to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a
Serviced Whole Loan and for which there is no lender discretion;

 

(ix)        any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor or guarantor releasing
a Mortgagor or guarantor from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
other than pursuant to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(x)         any
determination of an Acceptable Insurance Default;

 

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(xi)        any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and non-disturbance
or attornment agreement in connection with any lease, at a Mortgaged Property if (A) the lease involves a ground lease or lease
of an outparcel or affects an area greater than or equal to the lesser of (I) 30% of the net rentable area of the improvements
at the Mortgaged Property and (II) 30,000 square feet of the improvements at the Mortgaged Property and (B) such transaction either
is not a routine leasing matter or such transaction relates to a Specially Serviced Loan; provided that if lender consent
is not required for such transaction pursuant to the Mortgage Loan documents, such transaction will not constitute a Major Decision;

 

(xii)       any
modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement related
to a Mortgage Loan, or any action to enforce rights (or decision not to enforce rights) with respect thereto; and

 

(xiii)      any
consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor, to the
extent the mortgagee’s approval is required under the related Mortgage Loan documents;

 

provided, however, that,
in the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by this Agreement
to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter
requiring consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event in
this Agreement (or any matter requiring consultation with the Directing Certificateholder or the Operating Advisor), is necessary
to protect the interests of the Certificateholders (or, with respect to any Serviced Whole Loan, the interest of the Certificateholders
and the holders of any related Serviced Companion Loan) (as a collective whole (taking into account the subordinate or pari
passu nature of any Companion Loans)), the Special Servicer or Master Servicer, as applicable, may take any such action without
waiting for the Special Servicer’s (in the case of the Master Servicer) or the Directing Certificateholder’s response
(or without waiting to consult with the Directing Certificateholder or the Operating Advisor, as the case may be), provided
that the Special Servicer or Master Servicer, as applicable, provides the Special Servicer (in the case of the Master Servicer)
or the Directing Certificateholder (or the Operating Advisor, if applicable) with prompt written notice following such action including
a reasonably detailed explanation of the basis therefor. The Special Servicer is not required to obtain the consent of the Directing
Certificateholder for any of the foregoing actions after the occurrence and during the continuance of a Control Termination Event;
provided, however, that, after the occurrence and during the continuance of a Control Termination Event but, with
respect to the Directing Certificateholder only, prior to the occurrence of a Consultation Termination Event, the Special Servicer
shall consult with the Directing Certificateholder in connection with any Major Decision not relating to any Excluded Loan (and
any other actions which otherwise require consultation with the Directing Certificateholder prior to a Consultation Termination
Event hereunder) and consider alternative actions recommended by the Directing Certificateholder, in respect thereof. In the event
the Special Servicer receives no response from the Directing Certificateholder within ten (10) Business Days following its written
request for input on any required consultation, the Special Servicer shall not be obligated to consult with the Directing Certificateholder
on the specific

 

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matter; provided, however, that the failure of the Directing Certificateholder to respond
shall not relieve the Special Servicer from consulting with the Directing Certificateholder on any future matters with respect
to the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan or an Excluded Loan) or Serviced Whole Loan. In addition,
after a Control Termination Event, the Special Servicer will also be required to consult with the Operating Advisor in connection
with any proposed Major Decision (and any other actions which otherwise require consultation with the Operating Advisor after the
occurrence and during the continuance of a Control Termination Event hereunder) and consider alternative actions recommended by
the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding basis. In the event that
the Special Servicer receives no response from the Operating Advisor within ten (10) Business Days following the later of (i) its
written request for input on any required consultation and (ii) delivery of all such additional information reasonably requested
by the Operating Advisor related to the subject matter of such consultation, the Special Servicer shall not be obligated to consult
with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to
respond on any specific matters shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor
on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to
the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing),
the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in
accordance with the procedures set forth in this Section 6.08 for consulting with the Operating Advisor.

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan, for so long as no Control Termination Event has occurred and is continuing, the
Directing Certificateholder subject to any rights, if any, of the related Companion Holder to advise the Special Servicer with
respect to the related Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement, may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the Directing Certificateholder
may deem advisable or as to which provision is otherwise made herein; provided that notwithstanding anything herein to the
contrary, no such direction or objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master
Servicer or Special Servicer to violate any provision of any Mortgage Loan or related Intercreditor Agreement or mezzanine intercreditor
agreement, applicable law, this Agreement, or the REMIC Provisions (and, with respect to a Serviced Whole Loan, subject to the
rights of the holders of the related Companion Loan), including without limitation the obligation of the Master Servicer and the
Special Servicer to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trust or the Trustee to liability, or materially
expand the scope of the responsibilities of the Master Servicer or the Special Servicer, as applicable, hereunder or cause the
Master Servicer or the Special Servicer, as applicable, to act, or fail to act, in a manner which in the reasonable judgment of
the Master Servicer or the Special Servicer, as applicable, is not in the best interests of the Certificateholders.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or any advice
from the Directing

 

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Certificateholder, would cause the Special Servicer or Master Servicer, as applicable, to violate the terms
of any Mortgage Loan, applicable law or this Agreement, including without limitation, the Servicing Standard, the Special Servicer
or Master Servicer, as applicable, shall disregard such refusal to consent or advise and notify the Directing Certificateholder,
the Trustee and the Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of
or approval of the Directing Certificateholder that does not violate the terms of any Mortgage Loan, applicable law or the Servicing
Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer or the
Special Servicer.

 

The Directing Certificateholder
shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
or for errors in judgment; provided, however, that the Directing Certificateholder shall not be protected against
any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of duties owed to the Controlling Class Certificateholders or by reason of reckless disregard
of obligations or duties owed to the Controlling Class Certificateholders. By its acceptance of a Certificate, each Certificateholder
acknowledges and agrees that the Directing Certificateholder may take actions that favor the interests of one or more Classes of
the Certificates including the Holders of the Controlling Class over other Classes of the Certificates, and that the Directing
Certificateholder may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates,
that the Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class, including the Holders
of the Controlling Class, that the Directing Certificateholder does not have any duties or liability to the Holders of any Class
of Certificates other than the Controlling Class, that the Directing Certificateholder shall not be liable to any Certificateholder,
by reason of its having acted solely in the interests of the Holders of the Controlling Class, and that the Directing Certificateholder
shall have no liability whatsoever for having so acted, and no Certificateholder may take any action whatsoever against the Directing
Certificateholder or any director, officer, employee, agent or principal thereof for having so acted.

 

Any Non-Serviced Controlling
Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or the Certificateholders for any action
taken, or for refraining from the taking of any action, or for errors in judgment. By its acceptance of a Certificate, each Certificateholder
acknowledges and agrees that any such Non-Serviced Controlling Holder, with respect to the related Non-Serviced Whole Loan, may
take actions that favor the interests of one or more classes of the certificates issued under the related Non-Serviced PSA including
the Holders of the controlling class under such Non-Serviced PSA over other Classes of the Certificates, and that such Non-Serviced
Controlling Holder, with respect to such Non-Serviced Whole Loan, may have special relationships and interests that conflict with
those of Holders of some Classes of the Certificates, that such Non-Serviced Controlling Holder, with respect to such Non-Serviced
Whole Loan, may act solely in the interests of the Holders of the controlling class under the related Non-Serviced PSA, that such
Non-Serviced Controlling Holder, shall not be liable to any Certificateholder, by reason of its having acted solely in the interests
of the Holders of the controlling class under the related Non-Serviced PSA, and that the Non-Serviced Controlling Holder, with
respect to such Non-Serviced Whole Loan, shall have no

 

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liability whatsoever for having so acted, and no Certificateholder may take
any action whatsoever against such Non-Serviced Controlling Holder, with respect to such Non-Serviced Whole Loan, or any director,
officer, employee, agent or principal thereof for having so acted.

 

(b)          Notwithstanding
anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control Termination Event (and
at any time with respect to any Excluded Loan), the Directing Certificateholder shall have no right to consent to or direct any
action taken or not taken by any party to this Agreement; (ii) after the occurrence and during the continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder shall remain entitled to
receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer, Special
Servicer and any other applicable party shall consult with the Directing Certificateholder (other than with respect to any Excluded
Loan) in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after the occurrence
of a Consultation Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder shall
have no direction, consultation or consent rights hereunder and no right to receive any notices, reports or information (other
than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder.

 

[End of Article VI]

  

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ARTICLE
VII

SERVICER TERMINATION EVENTS

 

Section
7.01     Servicer Termination Events; Master Servicer and Special Servicer Termination. (a)
“Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)          (A)
any failure by the Master Servicer to make any deposit required to be made by the Master Servicer to the Collection Account, or
remit to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by the time such
deposit or remittance is first required to be made under the terms of this Agreement, which failure is not remedied within one
(1) Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit
into, any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m.
(New York City time) on the relevant Distribution Date; or

 

(ii)        any
failure by the Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account hereunder, any
amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified by, the terms of
this Agreement; or

 

(iii)       any
failure on the part of the Master Servicer or the Special Servicer, as the case may be, duly to observe or perform in any material
respect any of its other covenants or obligations contained in this Agreement which continues unremedied for a period of thirty
(30) days (or (A) with respect to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case
of the Master Servicer’s or Special Servicer’s obligations, as applicable, contemplated by ARTICLE XI, (B) fifteen
(15) days in the case of the Master Servicer’s failure to make a Servicing Advance or (C) fifteen (15) days in the case of
a failure to pay the premium for any property insurance policy required to be maintained) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given (A) to the Master Servicer or the Special Servicer, as
the case may be, by any other party hereto, or (B) to the Master Servicer or the Special Servicer, as the case may be, with a copy
to each other party to this Agreement, by the Holders of Certificates evidencing not less than 25% of all Voting Rights or, solely
as it relates to the servicing of a Serviced Pari Passu Whole Loan if affected by that failure, by the related Serviced Companion
Noteholder; provided, however, if such failure is capable of being cured and the Master Servicer or Special Servicer,
as applicable, is diligently pursuing such cure, such period will be extended an additional thirty (30) days; provided,
further, however, that such extended period will not apply to the obligations regarding Exchange Act reporting; or

 

(iv)        any
breach on the part of the Master Servicer or the Special Servicer, as the case may be, of any representation or warranty contained
in Section 6.01(a) or

 

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Section 6.01(b), as applicable, which materially and adversely affects the interests of any
Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) and which continues
unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall
have been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator
or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by
the Holders of Certificates evidencing not less than 25% of all Voting Rights or, as it relates to the servicing of a Serviced
Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholder; provided, however, that
if such breach is capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing
such cure, such 30-day period will be extended an additional thirty (30) days; or

 

(v)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer or the Special
Servicer and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty (60)
days; or

 

(vi)        the
Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or
relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its property; or

 

(vii)       the
Master Servicer or the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit
of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;
or

 

(viii)      either
of Moody’s or DBRS has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal
(and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn within sixty
(60) days of such actual knowledge by the Master Servicer or the Special Servicer, as the case may be) and, in the case of either
of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or Special Servicer, as applicable,
as the sole or a material factor in such rating action; or

 

(ix)        the
Master Servicer or the Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer

 

    	-371-

    	 

    

 

or Special Servicer is not reinstated to at least that rating within sixty (60)
days of the delisting.

 

(b)          If
any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every such
case, so long as such Servicer Termination Event shall not have been remedied, the Trustee or the Depositor may, and at the written
direction of ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any
Excluded Loan) the Directing Certificateholder (solely with respect to the Special Servicer) or the Holders of Certificates entitled
to 25% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to terminate each of the Master
Servicer or the Special Servicer, as applicable, upon five Business Days’ written notice if there is a Servicer Termination
Event under clause (iii)(A) above), by notice in writing to the Affected Party, with a copy of such notice to the Depositor
and the Operating Advisor, all of the rights (subject to Section 3.11 and Section 6.04) and obligations of the Affected
Party under this Agreement and in and to the Mortgage Loans and the proceeds thereof (other than as a Certificateholder or Companion
Holder, if applicable); provided, however, that the Affected Party shall be entitled to the payment of accrued and
unpaid compensation and reimbursement through the date of such termination as provided for under this Agreement for services rendered
and expenses incurred. From and after the receipt by the Affected Party of such written notice except as otherwise provided in
this ARTICLE VII, all authority and power of the Affected Party under this Agreement, whether with respect to the Certificates
(other than as a Holder of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with
respect to a termination of the Master Servicer or the Special Servicer pursuant to and under this Section 7.01, and, without
limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Affected
Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement
or assignment of the Mortgage Loans and related documents, or otherwise. The Master Servicer and Special Servicer each agree that
if it is terminated pursuant to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) Business
Days subsequent to its receipt of the notice of termination) provide the Trustee with all documents and records requested by it
to enable it to assume the Master Servicer’s or the Special Servicer’s, as the case may be, functions hereunder, and
shall cooperate with the Trustee in effecting the termination of the Master Servicer’s or the Special Servicer’s, as
the case may be, responsibilities and rights (subject to Section 3.11 and Section 6.04) hereunder, including, without
limitation, the transfer within five (5) Business Days to the Trustee for administration by it of all cash amounts which shall
at the time be or should have been credited by the Master Servicer to the Collection Account or any Servicing Account (if it is
the Affected Party), by the Special Servicer to the REO Account (if it is the Affected Party) or thereafter be received with respect
to the Mortgage Loans or any REO Property (provided, however, that the Master Servicer and the Special Servicer each
shall, if terminated pursuant to this Section 7.01(b) or pursuant to Section 7.01(d) (with respect to the Special
Servicer), continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of
such termination, whether in respect of Advances (in the case of the Special Servicer or the Master Servicer) or otherwise, and
it and its Affiliates and the directors, managers, officers, members,

 

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employees
and agents of it and its Affiliates shall continue to be entitled to the benefits of Section 3.11 and Section 6.04
notwithstanding any such termination). 

(c)          If
the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination Event under
Section 7.01(a)(viii) or (ix), the Master Servicer shall have a forty-five (45) day period after such notice in which
to find a successor master servicer qualified to act as Master Servicer hereunder in accordance with Section 6.03 and Section
7.02 and to which the Master Servicer can sell its rights to service the Mortgage Loans under this Agreement. During such forty-five
(45) day period the Master Servicer may continue to serve as Master Servicer hereunder. In the event that the Master Servicer is
unable, within such forty-five (45) day period, to cause a qualified successor master servicer to assume the duties of the Master
Servicer hereunder, then and in such event, the Trustee shall assume the obligations of the Master Servicer hereunder.

 

Notwithstanding Section
7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing that affects the
Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated, the Holder of
such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement,
as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related Serviced Pari
Passu Whole Loan. Any Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari Passu Mortgage
Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion Loan) the person
(or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion Loan. Any
such Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02 and the eligibility requirements
of the related Other Pooling and Servicing Agreement, and such appointment thereof shall comply with the provisions of Section
7.02. Any appointment of a replacement Special Servicer in accordance with this paragraph shall be subject to the receipt of
Rating Agency Confirmation and confirmation from the applicable rating agencies that such appointment or replacement will not result
in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related Serviced Companion Loan Securities
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)          Subject
to the rights of the holder of a related Serviced Subordinate Companion Loan pursuant to the related Intercreditor Agreement at
any time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded Loan,
the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice
to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such termination
to be effective upon the appointment of a successor special servicer (which must be a Qualified Replacement Special Servicer) meeting
the requirements of this Section 7.01(d). Upon a termination of such Special Servicer, the Directing Certificateholder (other
than with respect to any Excluded Loan) shall appoint a successor special servicer; provided, however, that (i) such
successor will meet the requirements set forth in Section 7.02, (ii) the Trustee has provided each

 

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Rating
Agency with a Rating Agency Communication and (iii) no replacement of the Special Servicer shall be effective until the Certificate
Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have
been completed with respect to any related Companion Loan. 

After the occurrence
and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance Certificates
evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balances pursuant to Section 4.05 hereof) of the Principal Balance Certificates requesting a vote
to replace the Special Servicer with a new special servicer designated in such written direction to assume the duties of the Special
Servicer hereunder, (b) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including
any legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and which will not be additional expenses of the Trust and (c) delivery by such Holders to each Rating Agency (with a
copy to the Certificate Administrator and Trustee) of a Rating Agency Communication (which Rating Agency Communication shall be
provided at the expense of such Holders), the Certificate Administrator shall promptly post notice to all Certificateholders of
such request on the Certificate Administrator’s Website in accordance with Section 3.13(b) and concurrently by mail,
and conduct the solicitation of votes of all Certificates in such regard, which vote shall occur within one hundred-eighty (180)
days of the posting of such notice. Upon the written direction of Holders of Certificates evidencing at least 75% of a Certificateholder
Quorum of Certificates, the Trustee shall terminate all of the rights and obligations of the Special Servicer under this Agreement
and appoint the successor special servicer to assume the duties of such Special Servicer (which must be a Qualified Replacement
Special Servicer) designated by such Certificateholders. The Certificate Administrator shall include on each Distribution Date
Statement a statement that each Certificateholder may (i) access such notices via the Certificate Administrator’s Website
and (ii) register to receive electronic mail notifications when such notices are posted thereon. Notwithstanding the foregoing,
the Certificateholder’s direction to remove the Special Servicer shall not apply to any Serviced AB Whole Loan for which
the holder of the related Serviced Subordinate Companion Loan is not subject to a Serviced AB Control Appraisal Period.

 

A Serviced AB Whole Loan
Controlling Holder shall have the right, prior to the occurrence and continuance of a Serviced AB Control Appraisal Period, to
replace the Special Servicer solely with respect to the related Serviced AB Whole Loan, so long as (A) each Rating Agency delivers
a Rating Agency Confirmation; (B) the successor special servicer has assumed in writing (from and after the date such successor
special servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under
this Agreement from and after the date it becomes the Special Servicer as they relate to any Serviced AB Whole Loan pursuant to
an assumption agreement reasonably satisfactory to the Certificate Administrator; and (C) the Certificate Administrator shall have
received an opinion of counsel reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation
of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the
terms of this Agreement with respect to any Serviced AB Whole Loan and (z) subject to customary qualifications and exceptions,
this Agreement will be enforceable against such replacement in accordance with the terms hereof.

 

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The parties hereto acknowledge
that, notwithstanding anything to the contrary contained in this section, in accordance with the related Intercreditor Agreement,
if a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced PSA remains unremedied and
affects the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer has not otherwise been
terminated, the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction of the Directing Certificateholder)
will be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special Servicer solely with
respect to the related Non-Serviced Whole Loan. The appointment (or replacement) of a special servicer with respect to a Non-Serviced
Whole Loan will in any event be subject to Rating Agency Confirmation from each Rating Agency. A replacement special servicer will
be selected by the related Non-Serviced Trustee or, prior to a consultation termination event under the related Non-Serviced PSA,
by the related Non-Serviced Controlling Holder; provided, however, that any successor special servicer appointed
to replace the special servicer with respect to such Non-Serviced Whole Loan cannot at any time be the Person (or an Affiliate
thereof) that was terminated at the direction of the holder of such Non-Serviced Mortgage Loan, without the prior written consent
of the Directing Certificateholder.

 

Following the occurrence
of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines that
the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing
Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer,
a written report, substantially in the form of Exhibit W attached hereto, setting forth the reasons supporting its recommendation
(along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement Special
Servicer (which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional
information, subject to compliance of such form with the terms and provisions of this Agreement; provided, further,
that in no event shall the information or any other content included in such written recommendation contravene any provision of
this Agreement) detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation)
and recommending a suggested replacement special servicer to assume the duties of such Special Servicer, which shall be a Qualified
Replacement Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders
of such recommendation and the related report on the Certificate Administrator’s Website in accordance with Section 3.13(b),
and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote of Holders of Principal
Balance Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account the application of any
Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances of such Certificates) of all Principal Balance
Certificates on an aggregate basis and (ii) the delivery of a Rating Agency Communication to each Rating Agency by the Certificate
Administrator following satisfaction of the foregoing clause (i), the Trustee shall (i) terminate all of the rights and
obligations of the Special Servicer under this Agreement and appoint a successor special servicer approved by the Certificateholders
and (ii) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket
costs and expenses (including reasonable legal fees and expenses of outside counsel) associated with providing such Rating Agency
Communications and administering such vote and the Operating Advisor’s identification of a

 

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Qualified
Replacement Special Servicer shall be an additional expense of the Trust. In the event that the Trustee does not receive at least
a majority of the requested votes, then the Trustee shall have no obligation to remove the Special Servicer. Prior to the appointment
of any replacement special servicer, such replacement special servicer shall have agreed to succeed to the obligations of the
Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. Notwithstanding the foregoing,
the Operating Advisor shall not be permitted to recommend the replacement of the Special Servicer with respect to a Serviced AB
Whole Loan so long as the related Serviced Companion Noteholder is not subject to a Serviced AB Control Appraisal Period under
the related Intercreditor Agreement.

 

No penalty or fee shall
be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d). All costs
of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling Class.

 

For the avoidance of
doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations set forth
in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination under this
Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote of the Certificateholders (regarding
removal of the Special Servicer).

 

(e)          The
Master Servicer and Special Servicer shall, as the case may be, from time to time, take all such reasonable actions as are required
by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed on “watch”
status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency. In no event shall the
remedy for a breach of the foregoing covenant extend beyond termination pursuant to Section 7.01(a)(viii) and (ix)
and the resulting operation of Section 7.01(b) and (c). The operation of this subsection (e) shall not be
construed to limit the effect of Section 7.01(a)(viii) or (ix).

 

(f)          Notwithstanding
the foregoing, if a Servicer Termination Event on the part of the Master Servicer affects only a Serviced Companion Loan, the related
holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially, by any Serviced Companion
Loan, then the Master Servicer may not be terminated by or at the direction of the related holder of such Serviced Companion Loan
or the holders of any certificates backed, wholly or partially, by such Serviced Companion Loan, but upon the written direction
of the related holder of such Serviced Companion Loan, the Master Servicer shall be required to appoint a sub-servicer that will
be responsible for servicing the related Serviced Whole Loan.

 

(g)          Notwithstanding
anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer Loan, if any, the
Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence and continuance
of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded Loan, the Directing Certificateholder
shall select an Excluded Special Servicer, as successor to the resigning Special Servicer, for the related Excluded Special Servicer
Loan in accordance with this Agreement. After the occurrence and during the continuance of a Control Termination Event or if at
any time the applicable Excluded Special Servicer Loan is

 

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also
an Excluded Loan, the resigning Special Servicer shall select the related Excluded Special Servicer. The Special Servicer shall
not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to
the identity of the applicable Excluded Special Servicer so long as the selected Excluded Special Servicer is a Qualified Replacement
Special Servicer. It shall be a condition to any such appointment that (i) the Rating Agencies confirm that the appointment would
not result in a qualification, downgrade or withdrawal of any of their then-current ratings of the Certificates and each NRSRO
hired to provide ratings with respect to any Serviced Companion Loan Securities makes the equivalent confirmation, (ii) the related
Excluded Special Servicer is a Qualified Replacement Special Servicer and (iii) the related Excluded Special Servicer delivers
to the Depositor and the Certificate Administrator and any applicable Other Depositor and Other Certificate Administrator, the
information, if any, required under Item 6.02 of Form 8-K pursuant to the Exchange Act regarding itself in its role as Excluded
Special Servicer.

 

If at any time the Special
Servicer is no longer a Borrower Party with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer
shall resign, (2) the related Mortgage Loan or Serviced Whole Loan shall no longer be an Excluded Special Servicer Loan, (3) the
Special Servicer shall become the Special Servicer again for such related Mortgage Loan or Serviced Whole Loan and (4) the Special
Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned
during such time on and after such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan.

 

The applicable Excluded
Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and
shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such
time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan.

 

If a Servicing Officer
of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that
a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable,
the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice
thereof to each of the other parties to this Agreement.

 

Section
7.02     Trustee to Act; Appointment of Successor. On and after the time the Master Servicer
or the Special Servicer, as the case may be, either resigns pursuant to subsection (a) of the first sentence of Section
6.05 or receives a notice of termination for cause pursuant to Section 7.01(b), and provided that no
acceptable successor has been appointed within the time period specified in Section 7.01(c), the Trustee shall be the
successor to such party, until such successor to the Master Servicer or the Special Servicer, as applicable, is appointed as
provided in this Section 7.02 or by the Directing Certificateholder as provided in Section 7.01(d), as
applicable, in all respects in its capacity as Master Servicer or Special Servicer, as applicable, under this Agreement and
the transactions set forth or provided for herein and shall be subject to, and have the benefit of, all of the rights,
(subject to Section 3.11 and Section 6.04) benefits, responsibilities, duties, liabilities and limitations on
liability relating thereto and that arise

 

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thereafter
placed on or for the benefit of the Master Servicer or Special Servicer, as applicable, by the terms and provisions hereof; provided,
however, that any failure to perform such duties or responsibilities caused by the terminated party’s failure under
Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor hereunder.
The appointment of a successor master servicer shall not affect any liability of the predecessor Master Servicer which may have
arisen prior to its termination as Master Servicer, and the appointment of a successor special servicer shall not affect any liability
of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee in its capacity
as successor to the Master Servicer or the Special Servicer, as the case may be, shall not be liable for any of the representations
and warranties of the Master Servicer or the Special Servicer, respectively, herein or in any related document or agreement, for
any acts or omissions of the predecessor Master Servicer or Special Servicer or for any losses incurred by the predecessor Master
Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase any Mortgage Loan hereunder
solely as a result of its obligations as successor master servicer or special servicer, as the case may be. Subject to Section
3.11, as compensation therefor, the Trustee as successor master servicer shall be entitled to the Servicing Fees and all fees
relating to the Mortgage Loans or the Companion Loans which the Master Servicer would have been entitled to if the Master Servicer
had continued to act hereunder, including but not limited to any income or other benefit from any Permitted Investment pursuant
to Section 3.06, and subject to Section 3.11, and the Trustee as successor to the Special Servicer shall be entitled
to the Special Servicing Fees to which the Special Servicer would have been entitled if the Special Servicer had continued to
act hereunder. Should the Trustee succeed to the capacity of the Master Servicer or the Special Servicer, as the case may be,
the Trustee shall be afforded the same standard of care and liability as the Master Servicer or the Special Servicer, as applicable,
hereunder notwithstanding anything in Section 8.01 to the contrary, but only with respect to actions taken by it in its
role as successor master servicer or successor special servicer, as the case may be, and not with respect to its role as Trustee
hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to act as successor to the Master Servicer or
the Special Servicer, as applicable, or shall, if it is unable to so act, or if the Trustee is not approved as a servicer by each
Rating Agency, or if the Directing Certificateholder (solely with respect to the Special Servicer) ((i) prior to the occurrence
and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan) or the Holders of Certificates
entitled to more than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria set forth in Section
6.05 and otherwise herein, as the successor to the Master Servicer or the Special Servicer, as applicable, hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder.
No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be effective until (i) the assumption
in writing by the successor to the Master Servicer or the Special Servicer of all its responsibilities, duties and liabilities
hereunder that arise thereafter, (ii) receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25), (iii) such appointment (solely with respect to the Special

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Servicer) has been approved (prior to the occurrence
and continuance of a Control Termination Event) by the Directing Certificateholder, such approval not to be unreasonably withheld
and (iv) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any
other Form 8-K filings have been completed with respect to any related Companion Loan. Pending appointment of a successor to the
Master Servicer or the Special Servicer hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall
act in such capacity as herein above provided. In connection with such appointment and assumption of a successor to the Master
Servicer or Special Servicer as described herein, the Trustee may make such arrangements for the compensation of such successor
out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation
with respect to a successor master servicer or successor special servicer, as the case may be, shall be in excess of that permitted
the terminated Master Servicer or Special Servicer, as the case may be, hereunder. The Trustee, the Master Servicer or the Special
Servicer (whichever is not the terminated party) and such successor shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession. Any reasonable out-of-pocket costs and expenses associated with the transfer
of the servicing function (other than with respect to a termination without cause) under this Agreement shall be borne by the
predecessor Master Servicer or Special Servicer, as applicable. If such predecessor Master Servicer or Special Servicer (as the
case may be) has not reimbursed the party requesting such termination or the successor master servicer or special servicer for
such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust;
provided that the terminated Master Servicer or Special Servicer shall not thereby be relieved of its liability for such
expenses. If and to the extent that the terminated Master Servicer or Special Servicer has not reimbursed such costs and expenses,
the party requesting such termination shall have an affirmative obligation to take all reasonable actions to collect such expenses
on behalf of the Trust. In the event of a termination without cause, such costs and expenses shall be borne by the party requesting
such termination, or as otherwise set forth herein; provided that the Certificate Administrator and the Trustee shall not
bear any such costs and expenses. For the avoidance of doubt, if the Trustee is terminating the Master Servicer or Special Servicer
in accordance with this Agreement at the direction of any party or parties permitted to direct the Trustee to so terminate the
Master Servicer or Special Servicer pursuant to this Agreement, the Trustee shall not have any liability for such expenses pursuant
to this paragraph.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning or terminated
Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee
Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor
Master Servicer that meets the requirements of this Section 7.02.

 

Section
7.03     Notification to Certificateholders. (a) Upon any resignation of the Master Servicer
or the Special Servicer pursuant to Section 6.05, any termination of the Master Servicer or the Special Servicer
pursuant to Section 7.01 or any appointment of a successor to the Master Servicer or the Special Servicer pursuant to Section
7.02, the Certificate

 

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Administrator
shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register. 

(b)          Not
later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time
or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator would be deemed
to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate Administrator shall
transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan is affected, the related Serviced Companion
Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section
7.04     Waiver of Servicer Termination Events. The Holders of Certificates representing at
least 66-2/3% of the Voting Rights allocated to each Class of Certificates affected by any Servicer Termination Event
hereunder may waive such Servicer Termination Event; provided, however, that a Servicer Termination Event under clause
(i), (ii) or (viii) of Section 7.01(a) may be waived only with the consent of all of the
Certificateholders of the affected Classes, and a Servicer Termination Event under clause (iii) of Section
7.01(a) (with respect to obligations under ARTICLE XI) may be waived only with the consent of the Depositor. Upon
any such waiver of a Servicer Termination Event, such Servicer Termination Event shall cease to exist and shall be deemed to
have been remedied for every purpose hereunder. Upon any such waiver of a Servicer Termination Event by Certificateholders,
the Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses incurred by it in
connection with enforcement action taken with respect to such Servicer Termination Event prior to such waiver from the Trust.
No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right consequent thereon
except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement, for purposes of waiving any
Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the name of the Depositor or
any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as
they would if any other Person held such Certificates.

 

Section
7.05     Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill
its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations
(x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting
in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee
has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the
related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of
failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the
Trustee, the Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder,
including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the
Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance,
as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master
Servicer’s default in its obligations hereunder); provided, however, that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and

 

    	-380-

    	 

    

 

unpaid,
all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding
to the Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect
to a Nonrecoverable Advance hereunder.

 

[End of Article VII]

 

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ARTICLE
VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section
8.01     Duties of the Trustee and the Certificate Administrator. (a) The Trustee and the
Certificate Administrator, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the
Trustee or the Certificate Administrator, as applicable, shall have actual knowledge and after the curing or waiving of all
Servicer Termination Events which may have occurred, undertake to perform such duties and only such duties as are
specifically set forth in this Agreement. If a Servicer Termination Event occurs and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. Any permissive
right of the Trustee and the Certificate Administrator contained in this Agreement shall not be construed as a duty and
neither the Trustee nor the Certificate Administrator shall be answerable with respect to its exercise of such a permissive
right other than its negligence or willful misconduct in performance of such right.

 

(b)          The
Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of ARTICLE II, the Diligence Files, any CREFC® reports and any information delivered for posting to the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them to determine whether they
conform on their face to the requirements of this Agreement. If any such instrument is found not to conform on its face to the
requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator shall notify the party providing
such instrument and request the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for the
accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by
the Depositor, the Master Servicer or the Special Servicer or another Person, and accepted by the Trustee or the Certificate Administrator
in good faith, pursuant to this Agreement.

 

(c)          No
provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)          Prior
to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which may have
occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the express
provisions of this Agreement, the Trustee and the Certificate Administrator shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into
this Agreement against the Trustee and the Certificate Administrator and, in the absence of bad faith on the part of the Trustee
and the Certificate Administrator, the

 

    	-382-

    	 

    

 

Trustee and the Certificate Administrator may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee or
the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)        Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it shall be conclusively
determined by the final judgment of a court of competent jurisdiction in the State of New York, no longer subject to appeal or
review, that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts; and

 

(iii)       Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% (i) of
the Percentage Interest of each affected Class, or (ii) if each Class is an affected Class of the aggregate Voting Rights of the
Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the
Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator, under
this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

(d)          The
Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the Serviced
Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders under this Agreement
to the extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification pursuant
to this Agreement.

 

Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. Except as
otherwise provided in Section 8.01:

 

(i)          The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be fully protected in acting or refraining
from acting upon any resolution, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and the Trustee and
the Certificate Administrator need not investigate any statement, representation or warranty of any fact or matter stated in any
such document and may conclusively rely as to the truth of any statements and the correctness of the opinions expressed therein;

 

(ii)        The
Trustee and the Certificate Administrator may consult with counsel of its selection and the advice of such counsel or any opinion
of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance therewith;

 

    	-383-

    	 

    

 

(iii)       Neither
the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in it
by this Agreement or the Certificates or to make any investigation of matters arising hereunder or to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have provided to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably satisfactory to it, against the costs, losses, expenses (including, without limitation,
the fees and expenses of its counsel and agents) and liabilities which may be incurred therein (including any actions in respect
thereof) or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers, unless repayment of such funds or indemnity satisfactory to it, in its sole discretion, against such risk or liability
is reasonably assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence
of a Servicer Termination Event which has not been cured, to exercise such of the rights and powers vested in it by this Agreement,
and to use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in
the conduct of his own affairs;

 

(iv)        Neither
the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          Prior
to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events which may have
occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than 50% of the Voting
Rights; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate Administrator
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate Administrator
by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively, may
require indemnity reasonably satisfactory to it from such requesting Holders against such expense or liability as a condition to
taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)        The
Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys
shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided, further,
that the Trustee or the Certificate Administrator, as the case

 

    	-384-

    	 

    

 

may be, may not perform any duties hereunder through any Person
that is a Prohibited Party;

 

(vii)       For
all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to have
actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure
or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless a Responsible
Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of
any event, act, failure or breach, as applicable, which is in fact such a default is received by the Trustee or the Certificate
Administrator at the respective Corporate Trust Office, and such notice references the Certificates or this Agreement. In the absence
of receipt of such notice and such actual knowledge otherwise obtained, the Trustee and the Certificate Administrator may conclusively
assume that there is no Servicer Termination Event;

 

(viii)      Neither
the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special
Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall
only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor, the Operating Advisor or the
Asset Representations Reviewer;

 

(ix)        Neither
the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund unless
it is determined in a non-appealable decision by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s,
as applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)          In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder because of circumstances beyond the control of Trustee or the Certificate Administrator including, but not limited to,
due to force majeure or acts of God; provided that such failure or delay is not also a result of its own negligence,
bad faith or willful misconduct;

 

(xi)        Except
as otherwise expressly set forth in this Agreement, neither Wells Fargo Bank, National Association nor U.S. Bank National Association,
as applicable, acting in any particular capacity hereunder will be deemed to be imputed with knowledge of (a) either Wells Fargo
Bank, National Association or U.S. Bank National Association, as applicable, acting in a capacity that is unrelated to the transactions
contemplated by this Agreement, or (b) either Wells Fargo Bank, National Association or U.S. Bank National Association, as applicable,
acting in any other capacity hereunder;

 

(xii)       Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law or which
shall be beyond the corporate powers, authorization or qualification of the Trustee;

 

    	-385-

    	 

    

 

(xiii)      Neither
the Trustee nor the Certificate Administrator shall be required to give any bond or surety in respect of the execution of the Trust
Fund created hereby or the powers granted hereunder;

 

(xiv)       In
making or disposing of any investment permitted by this Agreement, the Trustee and the Certificate Administrator are each authorized
to deal with itself (in its individual capacity) or with any one or more of its respective Affiliates, in each case on an arm’s-length
basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Trustee or the Certificate Administrator,
as applicable, or for any third person or dealing as principal for its own account;

 

(xv)        Anything
in this Agreement to the contrary notwithstanding, in no event shall the Trustee or the Certificate Administrator be liable for
special, indirect, incidental, exemplary, punitive or consequential loss, expense or damage of any kind whatsoever (including but
not limited to lost profits), whether or not any such losses, expenses or damages were foreseeable or contemplated, even if the
Trustee or the Certificate Administrator, as applicable, has been advised of the likelihood of such loss, expense or damage and
regardless of the form of action;

 

(xvi)       Delivery
of reports, information and documents to the Trustee or the Certificate Administrator shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Depositor’s or any
other entity’s compliance with any covenants under this Agreement, the Certificates or any other related documents. Neither
the Trustee nor the Certificate Administrator shall be obligated to monitor or confirm, on a continuing basis or otherwise, the
Depositor’s or any other entity’s compliance with the covenants described herein or with respect to any reports or
other documents filed under this Agreement, the Certificates or any other related document; and

 

(xvii)      Neither
the Trustee nor the Certificate Administrator shall have any duty (A) to see to any recording, filing, or depositing of this Agreement
or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to
see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other than from funds
available in the Collection Account or (D) to confirm or verify the contents of any reports or certificates of the Master Servicer
or Special Servicer delivered to the Trustee or the Certificate Administrator pursuant to this Agreement believed by the Trustee
or the Certificate Administrator, as applicable, to be genuine and to have been signed or presented by the proper party or parties.

 

Each of the Trustee and
the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities afforded to
it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,

 

    	-386-

    	 

    

 

without
limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section
8.03     Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of
Certificates or Mortgage Loans. The recitals contained herein and in the Certificates, other than the acknowledgments of
the Trustee or the Certificate Administrator in Sections 2.02 and 2.04 and the signature, if any, of the
Certificate Registrar and Authenticating Agent set forth on any outstanding Certificate, shall not be taken as the statements
of the Trustee or the Certificate Administrator, and the Trustee or the Certificate Administrator assume no responsibility
for their correctness. Neither the Trustee nor the Certificate Administrator makes any representations as to the validity or
sufficiency of this Agreement or of any Certificate (other than as to the signature, if any, of the Trustee or the
Certificate Administrator set forth thereon) or of any Mortgage Loan or related document. Neither the Trustee nor the
Certificate Administrator shall be accountable for the use or application by the Depositor of any of the Certificates issued
to it or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor in respect of
the assignment of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from the Collection Account or
any other account by or on behalf of the Depositor, the Master Servicer, the Special Servicer or in the case of the Trustee,
the Certificate Administrator. The Trustee and the Certificate Administrator shall not be responsible for and may rely upon
the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument
furnished by the Depositor, the Master Servicer or the Special Servicer and accepted by the Trustee or the Certificate
Administrator, in good faith, pursuant to this Agreement.

 

Section
8.04     Trustee or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in
its individual capacity, not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and
may deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in banking transactions, with the
same rights it would have if it were not Trustee or the Certificate Administrator.

 

Section
8.05     Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee
and Certificate Administrator. (a) As compensation for the performance of their respective duties hereunder, the Trustee
will be paid the Trustee Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee, and
the Certificate Administrator will be paid the Certificate Administrator Fee equal to the Certificate Administrator’s
portion of one month’s interest at the Certificate Administrator Fee Rate, which shall cover recurring and otherwise
reasonably anticipated expenses of the Certificate Administrator. The Trustee Fee and Certificate Administrator Fee shall be
paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan (other than the portion of an
REO Loan related to any Companion Loan), the Certificate Administrator shall pay to the Trustee monthly the Trustee Fee from
the Certificate Administrator Fee, which Certificate Administrator Fee shall accrue from time to time at the Certificate
Administrator Fee Rate and the Certificate Administrator Fee shall be computed in the same manner as interest is calculated
thereon and for the same period respecting which any related interest payment due or deemed thereon is computed. The Trustee
Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall
constitute the Trustee’s

 

    	-387-

    	 

    

 

sole
form of compensation for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties of the Trustee hereunder, except for the reimbursement of expenses specifically provided for herein.
The Certificate Administrator Fee shall constitute the Certificate Administrator’s sole form of compensation for the exercise
and performance of its powers and duties hereunder, except for the reimbursement of expenses specifically provided for herein.
No Trustee Fee or Certificate Administrator Fee shall be payable with respect to any Companion Loan.

 

(b)          The
Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity) and
any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts paid in
settlement, and expenses incurred in becoming successor master servicer or successor special servicer, to the extent not otherwise
paid hereunder) arising out of, or incurred in connection with, any act or omission of the Trustee or the Certificate Administrator,
respectively, relating to the exercise and performance of any of the powers, rights and duties of the Trustee or the Certificate
Administrator, respectively (including in any capacities in which they serve, such as paying agent, REMIC Administrator, Authenticating
Agent, Custodian, Certificate Registrar, and 17g-5 Information Provider) hereunder; provided, however, that none
of the Trustee or the Certificate Administrator, nor any of the other above specified Persons shall be entitled to indemnification
pursuant to this Section 8.05(b) for (i) allocable overhead, (ii) expenses or disbursements incurred or made by or on behalf
of the Trustee or the Certificate Administrator, respectively, in the normal course of the Trustee or the Certificate Administrator,
respectively, performing its duties in accordance with any of the provisions hereof, which are not “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically
required to be borne thereby pursuant to the terms hereof or (iv) any loss, liability or expense incurred by reason of willful
misconduct, bad faith or negligence in the performance of the Trustee’s or the Certificate Administrator’s, respectively,
obligations and duties hereunder, or by reason of negligent disregard of such obligations or duties, or as may arise from a breach
of any representation or warranty of the Trustee specified in Section 8.12 or the Certificate Administrator specified in
Section 8.14, respectively, made herein. The provisions of this Section 8.05(b) shall survive the termination of
this Agreement and any resignation or removal of the Trustee or the Certificate Administrator, respectively, and appointment of
a successor thereto. The foregoing indemnity shall also apply to the Certificate Administrator in all of its capacities hereunder,
including Custodian, Certificate Registrar and Authenticating Agent.

 

(c)          The
Certificate Administrator shall indemnify and hold harmless the Depositor, the Trust and Mortgage Loan Sellers from and against
any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses incurred by the Depositor, the Trust, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon
(i) a breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which
the Certificate Administrator is required to make available information to a Privileged Person that is an NRSRO, of its

 

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obligations
under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate Administrator, in its
capacity as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator is required to make available
information to a Privileged Person that is an NRSRO, in the performance of such obligations or its negligent disregard of its
obligations and duties under this Agreement.

 

Section
8.06     Eligibility Requirements for Trustee and Certificate Administrator. Each of the
Trustee and the Certificate Administrator hereunder shall at all times be, and will be required to resign if it fails to be,
(i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to
accept the trust conferred under this Agreement, having a combined capital and surplus of at least $100,000,000 and subject
to supervision or examination by federal or state authority and in the case of the Trustee, shall not be an Affiliate of the
Master Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to,
the Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution
insured by the Federal Deposit Insurance Corporation, (iii) an institution whose long-term senior unsecured debt is rated at
least “A2” by Moody’s, “A” by Fitch and “A” by DBRS (or in the case of the Trustee,
a long-term unsecured debt rating of “A(low)” by DBRS if the Master Servicer maintains a rating of at least
“A” by DBRS); provided that the Trustee will not become ineligible
to serve based on a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt rating
of no less than “Baa2” by Moody’s and “A-” by Fitch,
(b) its short-term debt obligations have a short-term rating of not less than “P-2” from Moody’s
and “F1” by Fitch and (c) the Master Servicer maintains a
rating of at least “A2” by Moody’s and “A+” by
Fitch; provided, further, that if any such institution is not rated by DBRS, it maintains an equivalent
(or higher) rating by any two other NRSROs (which may include Moody’s and/or Fitch) or such other rating with respect
to which the Rating Agencies have provided a Rating Agency Confirmation and (iv) an entity that is not a Prohibited
Party.

 

If such corporation,
national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and
surplus of such corporation, national bank or national banking association shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In the event the place of business from which the Certificate
Administrator administers the Trust REMICs or the Grantor Trust or in which the Trustee’s office is located is in a state
or local jurisdiction that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to a tax imposed
under the REMIC Provisions) or a grantor trust, the Certificate Administrator or the Trustee, as applicable shall elect either
to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax at no expense to
the Trust or (iii) administer the Trust REMICs or the Grantor Trust, as applicable, from a state and local jurisdiction that does
not impose such a tax.

 

Section
8.07     Resignation and Removal of the Trustee and Certificate Administrator. (a) The
Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Depositor, the Master Servicer, the Special Servicer and the Trustee or the Certificate
Administrator, as

 

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applicable,
the Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders. The Certificate
Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b)
and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information Provider,
which shall promptly post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).
Upon receiving such notice of resignation, the Depositor shall use its reasonable best efforts to promptly appoint a successor
trustee or successor certificate administrator acceptable to the Master Servicer and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder by written instrument, in duplicate, which instrument shall be
delivered to the resigning Trustee or Certificate Administrator and to the successor trustee or certificate administrator. A copy
of such instrument shall be delivered to the Master Servicer, the Special Servicer, the Certificateholders and the Trustee or
Certificate Administrator, as applicable, by the Depositor. If no successor trustee or certificate administrator shall have been
so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning
Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the appointment
of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket costs and
expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

(b)          If
at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 (and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign after written request
therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Certificate Administrator
shall fail to timely publish any report to be delivered, published or otherwise made available by the Certificate Administrator
pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days, or if the Certificate
Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01, then the Depositor may
remove the Trustee or Certificate Administrator, as applicable, and appoint a successor trustee or certificate administrator acceptable
to the Master Servicer, by written instrument, in duplicate, which instrument shall be delivered to the Trustee or Certificate
Administrator so removed and to the successor trustee or certificate administrator in the case of the removal of the Trustee or
Certificate Administrator. A copy of such instrument shall be delivered to the Master Servicer, the Special Servicer and the Certificateholders
by the Depositor. If no successor trustee or certificate administrator shall have been so appointed and have accepted appointment
within thirty (30) days after the giving of such notice of removal, the removed Trustee or Certificate Administrator may petition
any court of competent jurisdiction for the appointment of a successor trustee or certificate administrator, as applicable, at
the expense of the Trust.

 

(c)          The
Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written notice, with
or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate administrator
by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly

 

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authorized,
one complete set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate
Administrator so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the
Depositor, the Special Servicer and the remaining Certificateholders by the Master Servicer. In the event of any such termination
without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable, shall
be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor. 

(d)          Any
resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment by
the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with
respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator, as the case may be, shall pay
all costs and expenses associated with the transfer of its duties.

 

If the same party is
acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party in its capacity as
Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its capacity as Trustee
or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator and a successor
trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon any succession of
the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator shall be entitled
to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for services rendered
and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator shall be personally
liable for any action or omission of any successor trustee or certificate administrator.

 

(e)          Upon
the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the termination
of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each Mortgage Loan (to the extent
that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee), without recourse, representation
or warranty, express or implied, to the order of the successor, as trustee for the registered Holders of Morgan Stanley Bank of
America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 or in blank, and (ii) in the
case of the other assignable Mortgage Loan documents (to the extent such other Mortgage Loan documents were assigned to the outgoing
trustee), assign such Mortgage Loan documents to such successor, and such successor shall review the documents delivered to it
or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this
Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a Mortgage Loan was not
endorsed to the outgoing trustee, the Custodian shall, upon its receipt of a Request for Release, deliver such Mortgage Note to
the Depositor or the successor trustee, as requested, and the Master Servicer and the Depositor shall cooperate with any successor
trustee to ensure that such

 

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Mortgage
Note is endorsed (without recourse, representation or warranty, express or implied) to the order of the successor, as trustee
for the registered Holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28 or in blank; provided, however, that, notwithstanding anything to the contrary herein, to the extent
any such endorsement of such Mortgage Note requires the signature of the related Mortgage Loan Seller in order to comply with
the foregoing, then the Master Servicer shall use reasonable efforts to cause the related Mortgage Loan Seller to execute such
endorsement; (c) if any other assignable Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall,
upon its receipt of a Request for Release, deliver such Mortgage Loan document to the Depositor or the successor trustee, as requested,
and the Master Servicer and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Loan document
is assigned to such successor trustee; and (d) in any case, such successor trustee shall review the documents delivered to it
or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to
this Agreement, such endorsements and assignments have been made or, in the event such endorsement or assignment cannot be made
for any reason, to note the same in such certification.

 

(f)          Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section
8.08     Successor Trustee or Certificate Administrator. (a) Any successor trustee or
certificate administrator appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the
Depositor, the Master Servicer, the Special Servicer and to its predecessor Trustee or Certificate Administrator an
instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or
Certificate Administrator shall become effective and such successor trustee or certificate administrator without any further
act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with the like effect as if originally named as Trustee or Certificate Administrator herein. The
predecessor Trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements held by it
hereunder (other than any Mortgage Files at the time held on its behalf by the Custodian, which Custodian, at
Custodian’s option shall become the agent of the successor trustee), and the Depositor, the Master Servicer, the
Special Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other things as may
reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties
and obligations, and to enable the successor trustee to perform its obligations hereunder.

 

(b)          No
successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this Section
8.08 unless at the time of such acceptance such successor trustee or successor certificate administrator, as applicable, shall
be eligible under the provisions of Section 8.06.

 

(c)          Upon
acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable, to the Depositor and the Certificateholders. If the Master Servicer fails to deliver such notice within ten (10) days after acceptance of appointment by the successor trustee or successor certificate administrator, as 

 

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applicable, such successor trustee or successor
certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

Section
8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into
which the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any
Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be
a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the
Certificate Administrator shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder; provided
that, in the case of the Trustee, such successor person shall be eligible under the provisions of Section 8.06,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. The Certificate Administrator shall post such notice to the Certificate Administrator’s
Website in accordance with Section 3.13(b) and shall provide notice of such event to the Master Servicer, the Special
Servicer, the Depositor and the 17g-5 Information Provider, which shall post such notice to the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other
provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust Fund or property securing the same may at the time be located, the Master Servicer and the Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to
act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of
the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event
shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section
8.06 hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
be required under Section 8.08 hereof. All co-trustee fees shall be payable out of the Trust Fund.

 

(b)          In
the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate trustee or co-trustee at the direction of the Trustee.

 

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(c)          Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this ARTICLE VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including
every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

 

(d)          Any
separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor trustee.

 

(e)          The
appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties and
responsibilities hereunder.

 

(f)          No
Trustee shall be held personally liable because of any act or omission of any other trustee hereunder and such appointment shall
not, and shall not be deemed to, constitute any such separate trustee or co-trustee as agent of the Trustee.

 

(g)          The
Trustee may at any time accept the resignation or removal of any separate trustee or co-trustee.

 

Section
8.11     Appointment of Custodians. The Certificate Administrator is hereby appointed as the
Custodian to hold all or a portion of the Mortgage Files. The Custodian shall be a depository institution subject to
supervision by federal or state authority, shall have combined capital and surplus of at least $15,000,000 and shall be
qualified to do business in the jurisdiction in which it holds any Mortgage File. The Custodian shall be subject to the same
obligations and standard of care as would be imposed on the Certificate Administrator hereunder in connection with the
retention of Mortgage Files directly by the Certificate Administrator. Upon termination or resignation of the Custodian, the
Certificate Administrator may appoint another Custodian meeting the foregoing requirements. The appointment of one or more
Custodians by the Certificate Administrator shall not relieve the Certificate Administrator from any of its
obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and omissions of any Custodian
other than the initial Custodian. Any Custodian appointed hereunder must maintain a fidelity bond and errors and omissions
policy in an amount customary for Custodians which serve in such capacity in commercial mortgage loan securitization
transactions, or may self-insure.

 

Section 8.12     Representations
and Warranties of the Trustee. The Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder

 

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and
the Certificate Administrator for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)          The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America;

 

(ii)        The
execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement by
the Trustee, will not violate the Trustee’s articles of association and by-laws or constitute a default (or an event which,
with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or
other instrument to which it is a party or which is applicable to it or any of its assets which default or breach of such material
contract, agreement or other instrument would have a material effect on the Trustee’s performance of its obligations hereunder;

 

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

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms
of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory authority, which violation, in the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement;

 

(vi)        No
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit the
Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions contemplated
by this Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior
to the actual performance by the

 

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Trustee of its obligations under this Agreement, and which, if not obtained would not have a materially
adverse effect on the ability of the Trustee to perform its obligations hereunder.

 

Section
8.13     Provision of Information to Certificate Administrator, Master Servicer and Special
Servicer. The Master Servicer shall promptly, upon request, provide the Special Servicer and the Certificate
Administrator with notice of any change in the identity and/or contact information of any Serviced Companion Noteholder (to
the extent it receives written notice of such change). The Certificate Administrator, Master Servicer and Special Servicer
may each conclusively rely on the information provided to them regarding identity and/or contact information regarding any
Serviced Companion Noteholder, and the Certificate Administrator, Master Servicer and Special Servicer, as applicable, shall
have no liability for notices not sent to the correct Serviced Companion Noteholders or any obligation to determine the
identity and/or contact information of the Serviced Companion Noteholders to the extent updated or correct
information regarding the holders of any of the Serviced Companion Noteholders or the most recent identity and/or contact
information regarding any of the Serviced Companion Noteholders has not been provided to the Certificate Administrator,
Master Servicer or Special Servicer, as applicable.

 

Section
8.14     Representations and Warranties of the Certificate Administrator. The Certificate
Administrator hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder, and the Trustee, for the benefit of the
Certificateholders, as of the Closing Date, that:

 

(i)          The
Certificate Administrator is a national banking association duly organized under the laws of the United States of America, duly
organized, validly existing and in good standing under the laws thereof;

 

(ii)        The
execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the terms of
this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws or
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in
the breach of, any material agreement or other instrument to which it is a party or which is applicable to it or any of its assets;

 

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

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance with the terms
hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of
creditors’ rights generally and the rights of creditors of national banking associations specifically and (b) general

 

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principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Certificate
Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the
Certificate Administrator to perform its obligations under this Agreement or the financial condition of the Certificate Administrator;

 

(vi)        No
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement or the consummation
of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order which has not been
obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations under this Agreement,
and which, if not obtained would not have a materially adverse effect on the ability of the Certificate Administrator to perform
its obligations hereunder.

 

Section
8.15     Compliance with the PATRIOT Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to
the funding of terrorist activities and money laundering (“Applicable Laws”), each of the Trustee, the
Certificate Administrator, the Special Servicer and the Master Servicer is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Trustee, the Certificate
Administrator, the Special Servicer or the Master Servicer, as applicable, arising out of the Trust or this Agreement.
Accordingly, each of the parties to this Agreement agrees to provide to the Trustee, the Certificate Administrator, the
Special Servicer and the Master Servicer, upon its respective reasonable request from time to time such identifying
information and documentation as may be available for such party in order to enable the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer to comply with Applicable Laws.

 

[End of Article VIII]

 

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ARTICLE
IX

TERMINATION

 

Section
9.01     Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section
9.01 and Section 9.02, the Trust and the respective obligations and responsibilities under this Agreement of the
Certificate Administrator (other than the obligations of the Certificate Administrator to provide for and make payments to
Certificateholders as hereafter set forth), the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer and the Trustee, shall terminate upon payment (or provision for payment) to the
Certificateholders of all amounts held by the Certificate Administrator and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (i) the final payment (or related Advance) or other liquidation of the
last Mortgage Loan and REO Property (as applicable) subject hereto, (ii) the purchase or other liquidation by the Holders of
the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, of all the Mortgage Loans and the Trust’s portion of each REO Property remaining in the
Trust Fund at a price equal to (a) the sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO
Loans) included in the Trust Fund, (2) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust Fund (such Appraisals in clause (a)(2) to be conducted by an Independent MAI-designated
appraiser selected by the Special Servicer and approved by the Master Servicer and the Controlling Class), (3) the reasonable
out-of-pocket expenses of the Master Servicer with respect to such termination, unless the Master Servicer is the purchaser
of such Mortgage Loans and (4) if a Mortgaged Property secures a Non-Serviced Mortgage Loan and is an “REO
property” under the terms of the related Non-Serviced PSA, the pro rata portion of the fair market value of the
related Mortgaged Property, as determined by the related Non-Serviced Master Servicer in accordance with clauses (2)
and (3) above, minus (b) solely in the case where the Master Servicer is exercising such purchase right, the
aggregate amount of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in respect
of such Advances in accordance with Sections 3.03(d) and 4.03(d) and any unpaid Servicing Fees, remaining
outstanding and payable solely to the Master Servicer (which items shall be deemed to have been paid or reimbursed to the
Master Servicer in connection with such purchase) or (iii) so long as the Class A-1, Class A-2, Class A-SB, Class A-3, Class
A-4, Class A-S, Class B, Class C and Class D Certificates are no longer outstanding, the voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and REO Properties in the Trust Fund pursuant to the terms of the immediately succeeding
paragraph; provided, however, that in no event shall the trust created hereby continue beyond the expiration of
twenty-one (21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James’s, living on the date hereof.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then

 

    	-398-

    	 

    

 

outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, to exchange
all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (iii) of the first paragraph of this Section 9.01 by giving
written notice to all the parties hereto no later than sixty (60) days prior to the anticipated date of exchange. In the event
that the Sole Certificateholder elects to exchange all of its Certificates (other than the Class V and Class R Certificates) for
all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust in accordance with the preceding
sentence, such Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates
is to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing
to the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator hereunder through the
date of the liquidation of the Trust that may be withdrawn from the Collection Account, or an escrow account acceptable to the
respective parties hereto, pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account pursuant
to Section 3.05(a), but only to the extent that such amounts are not already on deposit in the Collection Account. In addition,
the Master Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC Distribution Account and Excess
Interest Distribution Account on the P&I Advance Date related to such Distribution Date in which the final distribution on
the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section 3.04(b) (provided,
however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described purchase price allocable
to such Trust’s portion of REO Property shall initially be deposited into the related REO Account). Upon confirmation that
such final deposits have been made and following the surrender of all its Certificates (other than the Class V and Class R Certificates)
on the applicable Distribution Date, the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release
or cause to be released to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans
and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be
necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund, and the Trust shall be
liquidated in accordance with Section 9.02. Solely for federal income tax purposes, the Sole Certificateholder shall be
deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of the Principal
Balance Certificates, plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such
amounts against amounts distributable in respect of such Certificates and Related Lower-Tier Regular Interests.

 

The obligations and responsibilities
under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and
the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent (i) its related Serviced Mortgage Loan
has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related Companion Holder to or
for the benefit of the Trust or any party hereto in accordance with the related Intercreditor Agreement remain due and owing.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property

 

    	-399-

    	 

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of the first paragraph of this Section 9.01 by giving written notice
to the Trustee, the Certificate Administrator, and the other parties hereto no later than sixty (60) days prior to the anticipated
date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer, the Master
Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans (excluding the Mortgage Loan identified as “40 West Plaza” on the Mortgage
Loan Schedule) as set forth in the Preliminary Statement. This purchase shall terminate the Trust and retire the then-outstanding
Certificates. In the event that the Master Servicer or the Special Servicer purchases, or the Holders of the majority of the Controlling
Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the Trust’s portion of each REO
Property remaining in the Trust Fund in accordance with the preceding sentence, the Master Servicer, the Special Servicer, the
Holders of the majority of the Controlling Class or the Holders of the Class R Certificates, as applicable, shall deposit in the
Lower-Tier REMIC Distribution Account not later than the P&I Advance Date relating to the Distribution Date on which the final
distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price
(exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a),
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Lower-Tier
REMIC Distribution Account all amounts required to be transferred thereto on such P&I Advance Date from the Collection Account
pursuant to the first paragraph of Section 3.04(b), together with any other amounts on deposit in the Collection Account
that would otherwise be held for future distribution. Upon confirmation that such final deposits and payments have been made,
the Custodian shall release or cause to be released to the Master Servicer, the Special Servicer, the Holders of the majority
of the Controlling Class or the Holders of the Class R Certificates, as applicable, the Mortgage Files for the remaining Mortgage
Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Master Servicer, the Special
Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates, as applicable, as shall
be necessary to effectuate transfer of the Mortgage Loans is an asset of the Trust) and REO Properties remaining in the Trust
Fund.

 

For purposes of this
Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to terminate the Upper-Tier
REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders of the Class R Certificates.
For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class,
shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust and terminating the Trust.

 

Notice of any termination
pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to the Certificateholders,
each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions of Section 3.13(c)
(who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01, to the other parties
hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage Loans is an asset of
the

 

    	-400-

    	 

    

 

Trust)
and each REO Property remaining in the Trust Fund, not earlier than the 15th day and not later than the 25th day of the month
next preceding the month of the final distribution on the Certificates, or (b) otherwise during the month of such final distribution
on or before the P&I Advance Determination Date in such month, in each case specifying (i) the Distribution Date upon which
the Trust will terminate and final payment of the Certificates will be made, (ii) the amount of any such final payment and (iii)
that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the offices of the Certificate Registrar or such other location therein designated.

 

After transferring the
Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable to the Regular
Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution Account, in each case pursuant to Section
3.04(b) and upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution Date, the
Certificate Administrator shall distribute to each Certificateholder so presenting and surrendering its Certificates (i) such Certificateholder’s
Percentage Interest of that portion of the amounts then on deposit in the Upper-Tier REMIC Distribution Account, the Class E Distribution
Account, the Class F Distribution Account, the Class G Distribution Account or the Class H Distribution Account, as applicable,
that are allocable to payments on the Class of Certificates so presented, (ii) to Holders of the Class V Certificates so presented,
any amounts remaining on deposit in the Excess Interest Distribution Account, and (iii) any remaining amount shall be distributed
to the Class R Certificates in respect of the Class LR Interest or the Class UR Interest, as applicable. Amounts transferred from
the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall
be distributed in termination and liquidation of the Lower-Tier Regular Interests and the Class LR Interest in accordance with
Sections 4.01(a), 4.01(c), 4.01(e) and 4.01(f). Any funds not distributed on such Distribution Date
shall be set aside and held uninvested in trust for the benefit of the Certificateholders not presenting and surrendering their
Certificates in the aforesaid manner and shall be disposed of in accordance with this Section 9.01 and Section 4.01(h).

 

Section
9.02     Additional Termination Requirements. (a) In the event the Master Servicer or the
Special Servicer purchases, or the Holders of the Controlling Class or the Holders of the Class R Certificates purchase, all
of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund as provided in Section
9.01, the Upper-Tier REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with the following
additional requirements, which meet the definition of a “qualified liquidation” in Section 860F(a)(4) of the
Code:

 

(i)          the
Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date of mailing
of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’ final Tax Returns
pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)        during
the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates, the Certificate
Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the Master

 

    	-401-

    	 

    

 

Servicer, the Special
Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates, as applicable, for cash; and

 

(iii)       within
such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular Interests and
the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited, to the Holders
of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC) and in respect of the Class
UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to meet claims), and the Trust (if
applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End of Article IX]

 

    	-402-

    	 

    

 

ARTICLE
X

ADDITIONAL REMIC PROVISIONS

 

Section
10.01     REMIC Administration. (a) The Certificate Administrator shall make elections or
cause elections to be made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and
Local Tax Law. Each such election will be made on Form 1066 or other appropriate federal tax return for the taxable year
ending on the last day of the calendar year in which the Lower-Tier Regular Interests and the Certificates are issued. For
the purposes of the REMIC election in respect of the Upper-Tier REMIC, each Class of the Regular Certificates (other than the
Exchangeable Certificates and the Exchangeable Combined Certificates) and the Trust Components shall be designated as the
“regular interests” and the Class UR Interest shall be designated as the sole class of “residual
interests” in the Upper-Tier REMIC. For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class
of Lower-Tier Regular Interests shall be designated as a class of “regular interests” and the Class LR Interest
shall be designated as the sole class of “residual interests” in the Lower-Tier REMIC. None of the Special
Servicer, the Master Servicer or the Trustee shall permit the creation of any “interests” (within the meaning of
Section 860G of the Code) in any Trust REMIC other than the foregoing interests.

 

(b)          The
Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust REMIC within
the meaning of Section 860G(a)(9) of the Code.

 

(c)          The
Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving either
such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’ or
accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05(a) unless such legal expenses and
costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Holder of
the largest Percentage Interest in the Class R Certificates shall be designated, in the manner provided under Treasury Regulations
Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1, as the “tax matters person” of each Trust REMIC
and as the “partnership representative” of each Trust REMIC within the meaning of Section 6223 of the Code (to the
extent such provision is applicable to the Trust REMICs). By their acceptance thereof, the Holder of the largest Percentage Interest
in the Class R Certificates hereby agrees to irrevocably appoint the Certificate Administrator as its agent to perform all of the
duties of the “tax matters person” and “partnership representative” for the Trust REMICs.

 

(d)          [Reserved].

 

(e)          The
Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax Returns that
it determines are required with respect

 

    	-403-

    	 

    

 

to
each Trust REMIC created hereunder, and shall cause the Trustee to sign (and the Trustee shall timely sign) such Tax Returns in
a timely manner. The ordinary expenses of preparing such returns shall be borne by the Certificate Administrator without any right
of reimbursement therefor.

 

(f)          The
Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate such information
as is necessary for the application of any tax relating to the transfer of such Class R Certificate to any Person who is a Disqualified
Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders such information
or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount
and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service on Form 8811, within
thirty (30) days after the Closing Date, the name, title, address and telephone number of the “tax matters person”
who will serve as the representative of each of the Trust REMICs created hereunder.

 

(g)          The
Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within the Certificate
Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary to maintain
the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate Administrator
to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the Special Servicer
shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail to cause to be taken)
any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions,
if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result in the
imposition of a tax upon any Trust REMIC or the Trust (including but not limited to the tax on “prohibited transactions”
as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code,
but not including the tax on “net income from foreclosure property”) (either such event, an “Adverse REMIC
Event”) unless the Certificate Administrator receives an Opinion of Counsel (at the expense of the party seeking to take
such action or, if such party fails to pay such expense, and the Certificate Administrator determines that taking such action is
in the best interest of the Trust and the Certificateholders, at the expense of the Trust, but in no event at the expense of the
Certificate Administrator or the Trustee) to the effect that the contemplated action will not, with respect to the Trust, any Trust
REMIC created hereunder, endanger such status or, unless the Certificate Administrator determines in its sole discretion to indemnify
the Trust against such tax, result in the imposition of such a tax (not including a tax on “net income from foreclosure property”).
The Trustee shall not take or fail to take any action (whether or not authorized hereunder) as to which the Certificate Administrator
has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. The Certificate Administrator may consult with counsel to make such written advice, and the cost of same
shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the expense
of the Certificate Administrator or the Trustee. At all times as may be required by the Code, the Certificate Administrator will
to the extent within its control and the scope of its duties more specifically set forth herein, maintain substantially all of
the assets of each Trust REMIC as

 

    	-404-

    	 

    

 

“qualified
mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5)
of the Code. 

(h)          In
the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts or
additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates, except as provided in the last sentence of this Section 10.01(h); provided that with respect
to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant to Section 860G(c) of
the Code or any similar tax imposed by a state or local tax authority, the Special Servicer shall retain in the related REO Account
a reserve for the payment of such taxes in such amounts and at such times as it shall deem appropriate (or as advised by the Certificate
Administrator in writing), and shall remit to the Master Servicer such reserved amounts as the Master Servicer shall request in
order to pay such taxes. Except as provided in the preceding sentence, the Master Servicer shall withdraw from the Collection Account
sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is estimated to be legally owed by any
Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at the expense of the Trust
(other than as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator is
hereby authorized to and shall segregate, into a separate non-interest bearing account, the net income from any “prohibited
transaction” under Section 860F(a) of the Code or the amount of any taxable contribution to any Trust REMIC after the Startup
Day that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such
prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect of “net income from
foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax authorities, the Certificate
Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of Class R Certificates (as
applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier Regular Interests, to the Upper-Tier
REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom and then to the Holders of the Class R
Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(c) and (y) in the case of the Upper-Tier
REMIC, to the Holders of the Principal Balance Certificates in the manner specified in Section 4.01(a), to the extent they
are fully reimbursed for any Realized Losses arising therefrom and then to the Holders of the Class R Certificates in respect of
the Class UR Interest. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be
responsible for any taxes imposed on any Trust REMIC except to the extent such taxes arise as a consequence of a breach of their
respective obligations under this Agreement which breach constitutes willful misconduct, bad faith, or negligence by such party.

 

(i)          The
Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records with respect
to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(j)          Following
the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets to any Trust REMIC
unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense of the

 

    	-405-

    	 

    

 

party
seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause an Adverse
REMIC Event. 

(k)          Neither
the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC will receive
a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets other than “qualified
mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5)
of the Code.

 

(l)          Solely
for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” by which
the Certificate Balance or Notional Amount of each Class of Regular Certificates and by which the Lower-Tier Principal Amount of
each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is the Rated Final Distribution Date.

 

(m)          None
of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure of a
Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed in
lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to ARTICLE IX of this
Agreement or (iv) a purchase of Mortgage Loans pursuant to ARTICLE II or ARTICLE III of this Agreement) or acquire
any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection Account or the REO Account
for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will not (a) affect adversely
the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as applicable, has determined in its sole discretion to indemnify the Trust against such tax, cause the Trust or any
Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

(n)          The
Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor
provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225 of the Code (or successor
provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Class R
Certificateholder, past or present. Each Class R Certificateholder agrees, by acquiring such Certificate, to any such elections.

 

Section
10.02     Use of Agents. (a) The Trustee shall execute all of its obligations and duties
under this ARTICLE X through its Corporate Trust Office. The Trustee may execute any of its obligations and duties
under this ARTICLE X either directly or by or through agents, nominees, custodians, or attorneys. The Trustee shall
not be relieved of any of its duties or obligations under this ARTICLE X by virtue of the appointment of any such
agents or attorneys.

 

(b)          The
Certificate Administrator may execute any of its obligations and duties under this ARTICLE X either directly or by or through
agents or attorneys. The

 

    	-406-

    	 

    

 

Certificate
Administrator shall not be relieved of any of its duties or obligations under this ARTICLE X by virtue of the appointment
of any such agents or attorneys. 

Section
10.03     Depositor, Master Servicer and Special Servicer to Cooperate with Certificate
Administrator. (a) The Depositor shall provide or cause to be provided to the Certificate Administrator within ten (10)
days after the Depositor receives a request from the Certificate Administrator, all information or data that the Certificate
Administrator reasonably determines to be relevant for tax purposes as to the valuations and issue prices of the
Certificates, including, without limitation, the price, yield, Prepayment Assumptions and projected cash flow of the
Certificates.

 

(b)          The
Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable notice
and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates or the
Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform its duties hereunder.

 

Section
10.04     Appointment of REMIC Administrators. (a) The Certificate Administrator may appoint
at the Certificate Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on
behalf of the Certificate Administrator in performing the functions set forth in Section 10.01 herein. The Certificate
Administrator shall cause any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument
in which REMIC Administrator shall agree to act in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the Certificate Administrator from any of its obligations hereunder,
and the Certificate Administrator shall remain responsible and liable for all acts and omissions of the REMIC Administrator.
Each REMIC Administrator must be acceptable to the Certificate Administrator and must be organized and doing business under
the laws of the United States of America or of any State and be subject to supervision or examination by federal or state
authorities. In the absence of any other Person appointed in accordance herewith acting as REMIC Administrator, the
Certificate Administrator hereby agrees to act in such capacity in accordance with the terms hereof. If Wells Fargo
Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be
terminated as REMIC Administrator.

 

(b)          Any
Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the
corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)          Any
REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of resignation to
the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer and the Depositor.
The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving written notice of termination
to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon receiving a notice of resignation
or upon such a

 

    	-407-

    	 

    

 

termination,
or in case at any time any REMIC Administrator shall cease to be eligible in accordance with the provisions of this Section
10.04, the Certificate Administrator may appoint a successor REMIC Administrator, in which case the Certificate Administrator
shall give written notice of such appointment to the Master Servicer, the Trustee and the Depositor and shall mail notice of such
appointment to all Certificateholders; provided, however, that no successor REMIC Administrator shall be appointed
unless eligible under the provisions of this Section 10.04. Any successor REMIC Administrator upon acceptance of its appointment
hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named as REMIC Administrator. No REMIC Administrator shall have responsibility or liability for any action
taken by it as such at the direction of the Certificate Administrator.

 

[End of Article X]

 

    	-408-

    	 

    

  

ARTICLE
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01     Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of ARTICLE
XI of this Agreement is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization
that includes a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations of the
Commission. The Depositor shall not exercise its rights to request delivery of information or other performance under these
provisions other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange
Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties hereto
acknowledge that interpretations of the requirements of Regulation AB may change over time, due to interpretive guidance
provided by the Commission or its staff, and agree to comply with requests made by the Depositor (or any Other Depositor or
Other Trustee of any Other Securitization that includes a Serviced Companion Loan) in good faith for delivery of information
under these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations
require compliance and are not “grandfathered”). In connection with the Morgan Stanley Bank of America Merrill
Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, and any Other Securitization subject to
Regulation AB that includes a Serviced Companion Loan, each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with the Depositor and the
Certificate Administrator, and any Other Depositor, Other Trustee and Other Certificate Administrator of any Other
Securitization that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor or the
Certificate Administrator, and any such Other Depositor, Other Trustee or Other Certificate Administrator, as
applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any
other information (in its possession or reasonably attainable) necessary in the reasonable good faith determination of the
Depositor or such Other Depositor, as applicable, to permit the Depositor or such Other Depositor, as applicable, to comply
with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Custodian, the Asset Representations Reviewer and the Certificate Administrator, as
applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans (and the related Serviced Companion Loan, if
applicable), reasonably believed by the Depositor or the related Other Depositor to be necessary in order to effect such
compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written request made under
this Section 11.01, but in any event, shall, upon reasonable advance written request, provide information in
sufficient time to allow the Depositor to satisfy any related filing requirements. For purposes of this ARTICLE XI, to
the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party to perform, such
party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

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Section
11.02     Succession; Subcontractors. (a) As a condition to the succession to the Master Servicer and Special Servicer or to
any Sub-Servicer (but only if such Sub-Servicer is a Servicing Function Participant and a servicer as contemplated by Item 1108(a)(2))
as servicer or sub-servicer or succession to the Certificate Administrator under this Agreement by any Person (i) into which the
Master Servicer and Special Servicer, such Sub Servicer or Certificate Administrator may be merged or consolidated, or (ii) which
may be appointed as a successor to the Master Servicer and Special Servicer or to any such Sub-Servicer or Certificate Administrator,
the person removing and replacing the Master Servicer and Special Servicer or Certificate Administrator shall provide to the Depositor,
the Master Servicer and Special Servicer and the Certificate Administrator, as applicable, at least fifteen (15) calendar days
prior to the effective date of such succession or appointment (or such shorter period as is agreed to by the Depositor), (x) written
notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory
to the Depositor, all information relating to such successor reasonably requested by the Depositor in order to comply with its
reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required
to be filed under the Exchange Act); provided, however that if disclosing such information prior to such effective
date would violate any applicable law or confidentiality agreement, the Master Servicer, the Special Servicer, any Additional
Servicer or the Certificate Administrator, as the case may be, shall submit such disclosure to the Depositor no later than the
first Business Day after the effective date of such succession or appointment.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
(each of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator and each
Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted to utilize one or more
Subcontractors to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing Function Participant,
such Servicer shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and, subject to the reimbursement
of any applicable expenses under Section 11.15, any Other Trustee, Other Certificate Administrator and Other Depositor
related to any Other Securitization that includes a related Serviced Companion Loan) a written description (in form and substance
satisfactory to the Depositor, such Mortgage Loan Seller or such Other Trustee, Other Certificate Administrator or Other Depositor,
as applicable) of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the identity of such Subcontractor
and (ii) the elements of the Servicing Criteria that will be addressed in assessments of compliance provided by each such Subcontractor.
As a condition to the utilization by such Servicer of any Subcontractor determined to be a Servicing Function Participant, such
Servicer shall (i) with respect to any such Subcontractor engaged by such Servicer that is an Initial Sub-Servicer, use commercially
reasonable efforts to cause, and (ii) with respect to any other subcontractor with which it has entered into a servicing relationship,
cause such Subcontractor used by such Servicer for the benefit of the Depositor and the Trustee (and, subject to the reimbursement
of any applicable expenses under Section 11.15, any Other Trustee, Other Certificate Administrator and Other Depositor
related to any Other Securitization that includes a related Serviced Companion Loan) to comply with the provisions of Section
11.10 and Section 11.11 of this Agreement to the same extent as if such Subcontractor were such Servicer. With respect
to any Servicing Function Participant engaged by such Servicer that is an Initial Sub-Servicer, such Servicer shall be responsible
for using commercially reasonable efforts to obtain, and with respect to each other Servicing Function Participant engaged by
such

 

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Servicer, such Servicer shall obtain from each such Servicing Function Participant and deliver to the applicable Persons
any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor
under Section 11.10 and Section 11.11, in each case, as and when required to be delivered. For the avoidance of
doubt, the Custodian shall not be permitted to utilize any Subcontractor to perform any of its obligations hereunder.

 

(c)          Notwithstanding
the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with the performance of
any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets the criteria in Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB,
then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, the engagement of such Sub-Servicer
shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator of any such Sub-Servicer
and Sub-Servicing Agreement. Other than with respect to the Initial Sub-Servicer, no Sub-Servicing Agreement shall be effective
until fifteen (15) days after such written notice is received by the Depositor and the Certificate Administrator (or such shorter
period as is agreed to by the Depositor). Such notice shall contain all information reasonably necessary to enable the Certificate
Administrator to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports
under the Exchange Act are required to be filed under the Exchange Act).

 

(d)          In
connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may be merged or consolidated,
or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written notice to the Depositor, the Certificate
Administrator and the 17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar days prior to the effective date of such
succession or appointment (or if such prior notice is violative of applicable law or any applicable confidentiality agreement,
no later than one (1) Business Day after such effective date of succession) and shall furnish to the Depositor and the Certificate
Administrator, in writing and in form and substance reasonably satisfactory to the Depositor and the Certificate Administrator,
all information reasonably necessary for the Certificate Administrator to accurately and timely report, pursuant to Section
11.07, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required
to be filed under the Exchange Act).

 

(e)          Notwithstanding
anything to the contrary contained in this ARTICLE XI, in connection with any Sub-Servicer and/or any Mortgage Loan that
is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation AB, the Master Servicer
shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer to comply with its
obligations under such Initial Sub-Servicing Agreement.

 

(f)          
Any information furnished pursuant to this Section 11.02 shall also be provided, and subject to the reimbursement of
any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the information

 

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relates to a party that services, specially services or is trustee for a Serviced Companion Loan) in the same time frame as set
forth in this Section 11.02.

 

Section
11.03     Filing Obligations. (a) The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection with
the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04, 11.05, 11.06 and 11.07
of this Agreement, the Certificate Administrator shall prepare for execution by the Depositor any Forms 8-K, 10-D and 10-K
required by the Exchange Act, in order to permit the timely filing thereof, and the Certificate Administrator shall file (via
the Commission’s Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system) such Forms
executed by the Depositor.

 

Each
party hereto shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of
any “sponsor”, credit enhancer, derivative provider or “significant obligor” as of the Closing Date other
than with respect to itself or any information required to be provided by it or indemnified for by it pursuant to any separate
agreement.

 

(b)          In
the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator will promptly notify
the Depositor. In the case of Forms 10-D and 10-K, the Depositor, the Master Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A or Form 10-K/A, as applicable,
pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will, upon receipt of all
required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information
on the next succeeding Form 10-D to be filed for the Trust. In the event that any previously filed Form 8-K, Form 10-D or Form
10-K needs to be amended, the Certificate Administrator will notify the Depositor, and such other parties as needed and the parties
hereto will cooperate with the Certificate Administrator to prepare any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any
Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by an officer of the Depositor. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.03 related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form
10-K is contingent upon the parties observing all applicable deadlines in the performance of their duties under Sections 11.03,
11.04, 11.05, 11.06, 11.07, 11.08, 11.09, 11.10, 11.11 and 11.15
of this Agreement. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare, arrange for execution and/or timely file any such Form 15, Form 12b-25 or any
amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability
or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution
or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

 

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Section
11.04     Form 10-D Filings. (a) Within fifteen (15) days after each Distribution Date
(subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of
the Trust any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any
disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional
Form 10-D Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit
BB to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent
such reporting, direction and approval.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto, within
five (5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit BB
hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function
Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer, as the
case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure, if applicable;
provided that information relating to any REO Account to be reported under “Item 8: Other Information” on Exhibit
BB shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after the related Distribution
Date on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include with such Additional Form 10-D Disclosure,
an Additional Disclosure Notification in the form attached hereto as Exhibit EE (except with respect to the reporting of
REO Account balances which shall be delivered in the form of Exhibit MM hereto) and (iii) the Depositor shall approve,
as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
(or such other e-mail address as the Certificate Administrator may instruct) or by facsimile to 410-715-2380, Attn: CTS SEC
Notifications. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit BB of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any reasonable expenses
incurred by the Trustee or Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form
10-D pursuant to this paragraph.

 

The
Certificate Administrator shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a) of the Exchange
Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution of a Qualified
Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference to the most recent Form
ABS-15G filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the SEC’s assigned “Central Index
Key” for each such filer and (iii) to the extent such information is provided to the Certificate Administrator by the Master
Servicer in the form of Exhibit MM hereto for inclusion therein within the time period described in this Section 11.04,
the balances of the REO Account (to the extent the related information has been received from

 

    	-413-

    	 

    

 

the Special Servicer within the
time period specified in this Section 11.04) and the Collection Account as of the related Distribution Date and as of the
immediately preceding Distribution Date and (iv) the balances of the Distribution Accounts, the Gain-on-Sale Reserve Account and
the Interest Reserve Account, in each case as of the related Distribution Date and as of the immediately preceding Distribution
Date. The Depositor and the Mortgage Loan Sellers, in accordance with Section 5(f) of the applicable Mortgage Loan Purchase Agreement,
shall deliver such information as described in clause (i) and clause (ii) of this paragraph.

 

Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
ninety (90) days.” The Depositor hereby represents to the Certificate Administrator that the Depositor has filed all such
required reports during the preceding twelve (12) months and that it has been subject to such filing requirement for the past
ninety (90) days. The Depositor shall notify the Certificate Administrator in writing, no later than the 5th calendar day after
the related Distribution Date with respect to the filing of a report on Form 10-D if the answer to the questions should be “no.”
The Certificate Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such
report.

 

With
respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall
include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the applicable Servicer)
the identity of such Mortgage Loan and, to the extent such information is received by the Certificate Administrator from the Master
Servicer or the Special Servicer, as applicable, substantially in the form of Exhibit KK (A) the amount of any such Additional
Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total debt service coverage
ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable, and (C) the aggregate
LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form 10-D for each reporting period: Name: W. Todd Stillerman, Esq., Telephone: (980) 388-7451. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

Upon
receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
12.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in
accordance with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post such
Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt
of such Asset Review Report Summary from the Asset Representations Reviewer.

 

    	-414-

    	 

    

 

To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include on
the Form 10-D relating to the reporting period in which such request was received (a “Special Notice”) disclosure
regarding the request to communicate, and such disclosure is required to include the following and no more than the following:
(a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement
to the effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate
Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise
of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to
contact the requesting Certificateholder or Certificate Owner.

 

(b)          After
preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for
review no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar day after the related
Distribution Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business Days after receipt of
such copy, but no later than the two (2) Business Days prior to the 15th calendar day after the Distribution Date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D and, a duly authorized officer of the Depositor shall sign the Form 10-D and return an electronic or fax copy of
such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Alternatively,
if the Certificate Administrator agrees in its sole discretion, the Depositor may deliver to the Certificate Administrator manually
signed copies of a power of attorney meeting the requirements of Item 601(b)(24) of Regulation S-K under the Securities Act, and
certified copies of a resolution of the Depositor’s board of directors authorizing such power of attorney, each to be filed
with each Form 10-D, in which case the Certificate Administrator shall sign such Forms 10-D as attorney in fact for the Depositor.
If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator will
follow the procedures set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator
will make available on its Internet website a final executed copy of each Form 10-D filed by the Certificate Administrator. The
signing party at the Depositor can be contacted at c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated, One Bryant Park,
New York, New York 10036, Attention: Leland F. Bunch, III, with a copy to: W. Todd Stillerman, Esq., Assistant General Counsel,
Bank of America Corporation, 214 North Tryon Street, 20th Floor, NC1-027-20-05, Charlotte, North Carolina 28255. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.04(b) related to the timely preparation and filing of Form 10-D is contingent upon such parties observing all applicable
deadlines in the performance of their duties under this Section 11.04(b). Neither the Trustee nor the Certificate Administrator
shall have any liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 10-D, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from any party to this Agreement needed to prepare, arrange
for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

    	-415-

    	 

    

 

(c)          Any
notice and/or information furnished pursuant to this Section 11.04 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.04.

 

Section
11.05     Form 10-K Filings. (a) Within ninety (90) days after the end of each fiscal year of the Trust (it being
understood that the fiscal year for the Trust ends on December 31 of each year) or such earlier date as may be required by
the Exchange Act (the “10-K Filing Deadline”), commencing in March 2017, the Certificate Administrator
shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such
Form 10-K shall include the following items, in each case to the extent they have been delivered to the Certificate
Administrator within the applicable time frames set forth in this Agreement:

 

(i)           an
annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian
and each Additional Servicer, as described under Section 11.09, including disclosure regarding any material instance of
noncompliance and the nature and status thereof;

 

(ii)          (A)
the annual reports on assessment of compliance with servicing criteria for the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each other Servicing Function
Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian
or Trustee, as described under Section 11.10; and

 

(B)          if
any such report on assessment of compliance with servicing criteria described under Section 11.10 identifies any material
instance of noncompliance, disclosure identifying such material instance of noncompliance (including whether the identified instance
was determined to have involved the servicing of the Mortgage Loans, as well as, any steps taken to remedy such instance of noncompliance
taken to the extent related to its activities with respect to asset-backed securities transactions as a whole involving such party
and that are backed by the same asset type backing the Certificates), or if such report on assessment of compliance with servicing
criteria described under Section 11.10 is not included as an exhibit to such Form 10-K, disclosure that such report is
not included and an explanation why such report is not included;

 

(iii)         (A)
the registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant utilized
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as described under Section 11.11; and

 

    	-416-

    	 

    

 

(B)          if
any registered public accounting firm attestation report described under Section 11.11 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and

 

(iv)         a
certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as a result
of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except as described
below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit
CC to the Depositor and the Certificate Administrator and approved by the Depositor and the Certificate Administrator will
have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, absent such reporting,
direction and approval. Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to (410) 715 2380, Attn: CTS SEC Notifications.

 

As
set forth on Exhibit CC hereto, no later than March 1st of each year that the Trust is subject to the Exchange Act reporting
requirements, commencing in 2017, (i) the parties listed on Exhibit CC shall be required to provide to the Certificate
Administrator and the Depositor, to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has
actual knowledge, in EDGAR-Compatible Format or in such other format as otherwise agreed upon by the Certificate Administrator,
the Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure, if applicable, (ii) the
parties listed on Exhibit CC hereto shall include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
in the form attached hereto as Exhibit EE and (iii) the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Neither the Trustee nor the Certificate
Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit CC
of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.
The Depositor will be responsible for any reasonable expenses incurred by the Trustee and the Certificate Administrator in connection
with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
ninety (90) days.” The Depositor hereby represents to the Certificate Administrator that the Depositor has filed all such
required reports during the preceding twelve (12) months and that it has been subject to such filing requirement for the past
ninety (90) days. The Depositor shall notify the

 

    	-417-

    	 

    

 

Certificate Administrator in writing, no later than March 1st with respect to
the filing of a report on Form 10-K, if the answer to the questions should be “no.” The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any such report.

 

(b)          After
preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K to the Depositor for
review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business Days after receipt of
such copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-K and the senior officer in charge of securitization for the Depositor
shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K cannot be filed on time or if a previously
filed Form 10-K needs to be amended, the Certificate Administrator shall follow the procedures set forth in Section 11.03(b).
Promptly after filing with the Commission, the Certificate Administrator will make available on its Internet website a final executed
copy of each Form 10-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at c/o Merrill
Lynch, Pierce, Fenner & Smith Incorporated, One Bryant Park, New York, New York 10036, Attention: Leland F. Bunch, III, with
a copy to: W. Todd Stillerman, Esq., Assistant General Counsel, Bank of America Corporation, 214 North Tryon Street, 20th
Floor, NC1-027-20-05, Charlotte, North Carolina 28255. The parties to this Agreement acknowledge that the performance by
the Certificate Administrator of its duties under this Section 11.05 related to the timely preparation and filing of Form
10-K is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged or
utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of their duties under this
Section 11.05. Neither the Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 10-K,
where such failure results from the Certificate Administrator’s failure to receive, on a timely basis, any information from
the parties to this Agreement (or any Sub-Servicer or Servicing Function Participant engaged by any such parties) needed to prepare,
arrange for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

(c)          Upon
written request from any Mortgage Loan Seller, Other Depositor, the Master Servicer or the Special Servicer, the Certificate Administrator
shall confirm to such Mortgage Loan Seller, Other Depositor, Master Servicer or Special Servicer whether it has received notice
that any party to this Agreement has changed since the Closing Date and will provide to such Mortgage Loan Seller or Other Depositor,
the Master Servicer or the Special Servicer, if known to the Certificate Administrator, the identity of the new party.

 

(d)          Any
notice and/or information furnished pursuant to this Section 11.05 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.05.

 

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Section
11.06     Sarbanes-Oxley Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached
as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust or the
trust for any Other Securitization is subject to the reporting requirements of the Exchange Act, the Master Servicer, the
Special Servicer, the Trustee (provided, however, that the Trustee shall not be required to deliver an
assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable to it),
the Certificate Administrator, the Custodian and the Operating Advisor shall provide, and (i) with respect to each Initial
Sub-Servicer engaged by the Master Servicer or the Special Servicer, as applicable, that is a Servicing Function Participant
use commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with respect to each other
Servicing Function Participant with which the Master Servicer, the Special Servicer, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there
was no Relevant Servicing Criteria applicable to it), the Certificate Administrator, the Custodian or the Operating Advisor
has entered into a servicing relationship with respect to the Mortgage Loans, shall cause such Servicing Function Participant
to provide, to each Person who signs the Sarbanes-Oxley Certification for the Trust or, subject to the reimbursement of any
applicable expenses under Section 11.15, any Other Securitization that includes a Serviced Companion Loan
(individually and collectively, the “Certifying Person”), on or before March 1st of each year commencing
in March 2017, a certification in the form attached hereto as Exhibits Z-1, Z-2, Z-3, Z-4, Z-5, Z-6
or Z-7 (each, a “Performance Certification”), as applicable, on which each Certifying Person, the
entity for which such Certifying Person acts as an officer (if the Certifying Person is an individual), and such
entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. In addition, in the event that any Companion Loan (other than a Non-Serviced
Companion Loan) is deposited into a commercial mortgage securitization (an “Other Securitization”) and the
Reporting Servicer is provided with timely and complete contact information for the parties to such Other
Securitization, each Reporting Servicer, upon not less than thirty (30) days prior written request, shall provide to the
Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization a certification in form and
substance similar to applicable Performance Certification (which shall address the matters contained in the applicable
Performance Certification, but solely with respect to the related Companion Loan) on which such Person, the entity for which
the Person acts as an officer (if the Person is an individual), and such entity’s officers, directors and Affiliates
can reasonably rely. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable
efforts to procure a Sarbanes-Oxley Certification from the applicable Non-Serviced Master Servicer, Non-Serviced Special
Servicer and Non-Serviced Trustee in form and substance similar to a Performance Certification. The senior officer in charge
of securitization for the Depositor shall serve as the Certifying Person on behalf of the Trust. In addition, each Reporting
Servicer shall execute a reasonable reliance certificate (which may be included as part of such other certifications being
delivered by such Reporting Servicer) to enable the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 11.09, if applicable, (ii) annual report on assessment of compliance with servicing
criteria provided pursuant to Section 11.10 and (iii) accountant’s report provided pursuant to Section
11.11, and shall include a certification that each such annual compliance statement or report discloses any deficiencies
or defaults described to the registered public accountants of such Reporting Servicer to enable such accountants to render
the certificates

 

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provided for in Section 11.11. In the event any Reporting Servicer is terminated or resigns pursuant
to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case may be,
such Reporting Servicer shall provide a certification to each affected Certifying Person pursuant to this Section
11.06 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or
primary servicing agreement, as the case may be. Each such Performance Certification shall be provided in EDGAR-Compatible
Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties.
Notwithstanding the foregoing, nothing in this Section 11.06 shall require any Reporting Servicer (i) to certify or
verify the accurateness or completeness of any information provided to such Reporting Servicer by third parties (including a
“significant obligor”, but other than an Additional Servicer or a Sub-Servicer appointed pursuant to Section
3.20), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance with such
Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports, to
certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

Notwithstanding
anything to the contrary contained in this Section 11.06, with respect to each year in which the Trust and the trust for
each Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties required to deliver
any certification under this Section 11.06 shall be obligated to do so.

 

Section
11.07     Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K
(each such event, a “Reportable Event”), and if requested by the Depositor and to the extent it receives the
Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare and file on behalf of the Trust any
Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com, provided
that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or information
related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”)
shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit DD to the Depositor and the
Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have no duty or liability for
any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K, absent such reporting, direction
and approval.

 

As
set forth on Exhibit DD hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later
than close of business, New York City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties
set forth on Exhibit DD hereto shall be required to provide to the Depositor and the Certificate Administrator, to the
extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form
8-K Disclosure Information, if applicable, (ii) the parties listed on Exhibit DD hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure

 

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Information
on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit DD of their duties under this paragraph or proactively solicit or procure
from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable expenses incurred
by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K
pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to 410-715-2380, Attn: CTS SEC Notifications.

 

After
preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor for
review no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier than
24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph. Promptly,
but no later than the close of business on the 3rd Business Day after the Reportable Event, the Depositor shall notify the Certificate
Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K. No later than
noon, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized officer of the Depositor shall
sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b). Promptly after filing
with the Commission, the Certificate Administrator will, make available on its Internet website a final executed copy of each
Form 8-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at c/o Merrill Lynch, Pierce,
Fenner & Smith Incorporated, One Bryant Park, New York, New York 10036, Attention: Leland F. Bunch, III, with a copy to: W.
Todd Stillerman, Esq., Assistant General Counsel, Bank of America Corporation, 214 North Tryon Street, 20th Floor,
NC1-027-20-05, Charlotte, North Carolina 28255. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 11.07 related to the timely preparation and filing of Form 8-K is contingent
upon such parties observing all applicable deadlines in the performance of their duties under this Section 11.07. Neither
the Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such failure results
from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from the parties
to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith
or willful misconduct.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer
and the Special Servicer, as applicable, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer engaged
by such Master Servicer or Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional Servicer
to promptly notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing relationship
with respect to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly notify) the
Depositor and the Certificate Administrator, but in no event later than noon, New York City

 

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time, on the second (2nd)
Business Day after its occurrence, of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer
or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format.

 

Notwithstanding
anything to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each Other
Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required to deliver
Form 8-K Disclosure Information.

 

Any
notice and/or information furnished pursuant to this Section 11.07 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.07.

 

Section
11.08     Form 15 Filing. On or prior to January 30th of the first year in which the
Depositor shall provide notice to the Certificate Administrator of its ability under applicable law to suspend its Exchange
Act filings, the Certificate Administrator shall prepare and file a notification relating to the automatic suspension of
reporting in respect of the Trust under the Exchange Act (the “Form 15 Suspension Notification”) or any
form necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting period
occurring after the filing of such form, the obligations of the parties to this Agreement under Section 11.04, Section
11.05 and Section 11.07 shall be suspended and reports or certifications due under Section 11.09, Section
11.10 and Section 11.11 shall not be due until April 15th of each year. The Certificate Administrator shall
provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the
filing of a Form 15 Suspension Notification, the Depositor shall provide notice to the Certificate Administrator that it is
required to resume its Exchange Act filings, the Certificate Administrator shall recommence preparing and filing reports on
Forms 10-K, 10-D and 8-K as required pursuant to Section 11.04, Section 11.05 and Section 11.07, and all
parties’ obligations under this ARTICLE XI shall recommence.

 

Section
11.09     Annual Compliance Statements. The Master Servicer, the Special Servicer (regardless
of whether the Special Servicer has commenced special servicing of a Mortgage Loan), the Custodian, the Trustee
(provided, however, that the Trustee shall not be required to deliver an assessment of compliance with respect
to any period during which there was no Relevant Servicing Criteria applicable to it) and the Certificate Administrator
(each, a “Certifying Servicer”) shall (and each such party shall (i) with respect to each Additional
Servicer engaged by the Certifying Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause
such Additional Servicer to deliver to and (ii) with respect to each other Additional Servicer that is also a Servicing
Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such
Additional Servicer to deliver to), on or before March 1st of each year, commencing in March 2017, deliver to the Trustee,
the Certificate Administrator (which copy shall be deemed furnished by the Certificate Administrator when made available on
its Internet website), the Depositor and the 17g-5 Information Provider (who shall post to the 17g-5 Information
Provider’s Website), an Officer’s

 

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Certificate,
in the form attached hereto as Exhibit HH (or such other form, similar in substance, as may be reasonably acceptable to
the Depositor) stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities during the
preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the applicable
sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, has been made under such officer’s
supervision and (B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled
all its obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case
of an Additional Servicer, in all material respects throughout such year or portion thereof, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status
thereof. Such Officer’s Certificate shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by
the Depositor, the Certificate Administrator and such providing parties. Each Certifying Servicer shall (i) with respect to each
Additional Servicer engaged by such Certifying Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to
cause such Additional Servicer, and (ii) with respect to each other Additional Servicer with which it has entered into a servicing
relationship with respect to the Mortgage Loans, cause such Additional Servicer to forward a copy of each such statement (or,
in the case of the Certificate Administrator, make a copy of each such statement available on its Internet website) to the Directing
Certificateholder and the 17g-5 Information Provider. With respect to any Non-Serviced Companion Loan, the Certificate Administrator
will use its reasonable efforts to procure such Officer’s Certificate from the applicable Non-Serviced Master Servicer,
Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to the form attached hereto as Exhibit
HH. Promptly after receipt of each such Officer’s Certificate, the Depositor may review each such Officer’s Certificate
and, if applicable, consult with the Certifying Servicer as to the nature of any failures by the Certifying Servicer or any related
Additional Servicer with which the Certifying Servicer has entered into a servicing relationship with respect to the Mortgage
Loans in the fulfillment of any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder or under
the applicable sub-servicing or primary servicing agreement. The obligations of the Certifying Servicer and each Additional Servicer
under this Section 11.09 apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage Loan during
the applicable period, whether or not such Certifying Servicer or Additional Servicer is acting as the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or Additional Servicer at the time such Officer’s Certificate is required
to be delivered. None of the Master Servicer, Special Servicer or Additional Servicer shall be required to cause the delivery
of any such statement until April 15 in any given year so long as it has received written confirmation from the Depositor (or,
in the case of an Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed in
respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

In
the event the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any
applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect
to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement,

 

    	-423-

    	 

    

 

cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect
to the period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject
to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Any
certificate, statement, report, notice and/or information furnished pursuant to this Section 11.09 shall also be provided,
and subject to the reimbursement of any applicable expenses under Section 11.15, to each Other Depositor and each Other
Certificate Administrator (to the extent such item and/or information relates to a party that services, specially services or
is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.09.

 

Section
11.10     Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or
before March 1st of each year, commencing in March 2017, the Master Servicer, the Special Servicer (regardless of whether the
Special Servicer has commenced special servicing of the Mortgage Loans), the Trustee (provided, however, that
the Trustee shall be required to deliver an assessment of compliance only if an Advance was made by the Trustee in such
calendar year), the Custodian, the Operating Advisor, the Certificate Administrator and each Additional Servicer, each at its
own expense, shall furnish (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by such Master
Servicer, Special Servicer, Trustee, Operating Advisor, Custodian, or Certificate Administrator that is a Servicing Function
Participant, use commercially reasonable efforts to cause such Servicing Function Participant to furnish and (ii) with
respect to each other Servicing Function Participant with which it has entered into a servicing relationship with respect to
the Mortgage Loans, cause such Servicing Function Participant to furnish) to the Trustee, the Certificate Administrator, the
Depositor (which copy shall be deemed furnished by the Certificate Administrator when made available on its Internet website)
(and, with respect to the Special Servicer, also to the Operating Advisor), and the 17g-5 Information Provider, a report
substantially in the form of Exhibit II or such other form provided by such Reporting Servicer that complies in all
material respects with the requirements of Item 1122 of Regulation AB, on an assessment of compliance with the Servicing
Criteria applicable to it that contains (A) a statement by such Reporting Servicer of its responsibility for assessing
compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Relevant Servicing
Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment
of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered by the
Form 10-K required to be filed pursuant to Section 11.05, including, if there has been any material instance of
noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, (D)
a statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for such period; and (E) if the party’s
assessment compliance or the related attestation report identifies any material instance of noncompliance with the Relevant
Servicing Criteria, a discussion of whether the identified instance was determined to have involved the servicing of the
Mortgage Loans and any steps taken to remedy such identified instance of noncompliance to the extent related to its
activities with respect to asset-backed securities transactions taken as a whole involving such party and that are backed by
the same asset type backing the Certificates. With respect to any Non-Serviced Companion Loan, the Certificate Administrator
will use its reasonable efforts to procure such report from the

 

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applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar
to the form attached hereto as Exhibit II. Such report shall be provided in EDGAR-Compatible Format, or in such other format
agreed upon by the Depositor, the Certificate Administrator and the Reporting Servicer..

 

Each
such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address
the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered to
the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such report and,
if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant
Servicing Criteria applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting Servicer, as
applicable), and (ii) the Certificate Administrator shall confirm that the assessments taken individually address the Relevant
Servicing Criteria for each party as set forth on Exhibit AA and notify the Depositor of any exceptions. None of the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or any Servicing Function Participant
shall be required to cause the delivery of any such assessments until April 15th in any given year so long as it has received
written confirmation from the Depositor (or, in the case of an Other Securitization, the related Other Depositor) that a report
on Form 10-K is not required to be filed in respect of the Trust or the trust for any Other Securitization for the preceding calendar
year.

 

Notwithstanding
the foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator
and Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their
combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)          The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to such
party and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator has entered into a servicing relationship.

 

(c)          No
later than ten (10) Business Days after the end of each fiscal year for the Trust, the Master Servicer and the Special Servicer
shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each Additional Servicer
engaged by it and each Servicing Function Participant utilized by it, in each case other than with respect to any Initial Sub-Servicer,
and the Trustee, the Operating Advisor and the Certificate Administrator shall notify the Depositor and each Mortgage Loan Seller
as to the name of each Servicing Function Participant utilized by it, in each case by providing an updated Exhibit GG,
and each such notice (except to a Mortgage Loan Seller) will specify what specific Servicing Criteria will be addressed in the
report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator and the Operating Advisor submit their assessments pursuant to Section 11.10(a),
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 11.11) of each Servicing Function
Participant engaged by it.

 

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In
the event the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any
Servicing Function Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii)
with respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such
Additional Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation
as required in Section 11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the Trustee,
the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement or the period of time that
the Additional Servicer was subject to such other servicing agreement.

 

(d)          The
Operating Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Termination Event
or Consultation Termination Event occurred during the previous calendar year, and upon such request the Certificate Administrator
shall deliver such confirmation to the Operating Advisor within fifteen (15) days of such request.

 

(e)          Any
certificate, statement, report, assessment, attestation, notice and/or information furnished pursuant to this Section 11.10
shall also be provided, and subject to the reimbursement of any applicable expenses under Section 11.15, to each Other
Depositor and each Other Certificate Administrator (to the extent such item and/or information relates to a party that services,
specially services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section
11.10.

 

Section
11.11     Annual Independent Public Accountants’ Attestation Report. On or before March
1st of each year, commencing in March 2017, the Master Servicer, the Special Servicer, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there
was no Relevant Servicing Criteria applicable to it), the Custodian, the Operating Advisor and the Certificate Administrator,
each at its own expense, shall cause (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by such
Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate Administrator that is a Servicing Function
Participant use commercially reasonable efforts to cause such Servicing Function Participant to cause and (ii) with respect
to each other Servicing Function Participant with which it has entered into a servicing relationship with respect to the
Mortgage Loans, cause such Servicing Function Participant to cause) a registered public accounting firm (which may also
render other services to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Custodian, the Operating Advisor or the applicable Servicing Function Participant, as the case may be) and that is a member
of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator
(who will promptly post such report on the Certificate Administrator’s Website pursuant to Section 3.13(b)) and
the Depositor, the 17g-5 Information Provider and, prior to the occurrence of a Consultation Termination Event, the Directing
Certificateholder, and, promptly, but not earlier than the second Business Day following the

 

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delivery of such report to the 17g-5 Information Provider, to the Rating Agencies, to the effect
that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes
an assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria applicable to it and (ii) on the basis
of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is issuing an opinion as to whether such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria
applicable to it was fairly stated in all material respects. In the event that an overall opinion cannot be expressed, such registered
public accounting firm shall state in such report why it was unable to express such an opinion. Each such related accountant’s
attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
the Exchange Act. Such report must be available for general use and not contain restricted use language. With respect to any Non-Serviced
Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from the applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such statement will be provided by the Certificate
Administrator in accordance with Section 3.13(b). Such report shall be provided in EDGAR-Compatible Format, or in such
other format agreed upon by the Depositor, the Certificate Administrator and the providing parties.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable, consult
with the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
as to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to this
Section 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and notify the Depositor
of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian nor any Additional Servicer shall be required to deliver, or shall be required to cause the delivery of
such reports until April 15th in any given year so long as it has received written confirmation from the Depositor that a Form
10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Section
11.12     Indemnification. Each of the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Operating Advisor and the Asset Representations Reviewer shall indemnify
and hold harmless each Certification Party from and against any claims, losses, damages, penalties, fines, forfeitures, legal
fees and expenses and related costs, judgments and other costs and expenses incurred by such Certification Party arising out
of (i) an actual breach by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset
Representations Reviewer, the Custodian or the Certificate Administrator, as the case may be, of its obligations under this ARTICLE
XI, (ii) negligence,

 

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bad faith or willful misconduct on the part of the Master Servicer,
the Special Servicer, the Trustee, the Asset Representations Reviewer, the Operating Advisor, the Custodian or the Certificate
Administrator in the performance of such obligations, or (iii) delivery of any Deficient Exchange Act Deliverable by, or on behalf
of, such party.

 

The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with respect
to any Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that is a Servicing
Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect
to each other Additional Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing
relationship with respect to the Mortgage Loans, cause such party to, in each case, indemnify and hold harmless each Certification
Party from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments and any other costs, fees and expenses incurred by such Certification Party arising out of (a) a breach of its
obligations to provide any of the annual compliance statements or annual assessment of compliance with the servicing criteria
or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (b) negligence, bad faith or willful
misconduct on its part in the performance of such obligations, (c) any failure by it, as a Servicer (as defined in Section
11.02(b)) to identify a Servicing Function Participant pursuant to Section 11.02(c), or (d) delivery of any Deficient
Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian,
the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional
Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor
to conduct any reasonable due diligence necessary to evaluate and assess any material instances of noncompliance disclosed in
any of the deliverables required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).

 

In
connection with comments provided to the Depositor from the Commission or its staff regarding information (x) delivered by the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered
public accounting firm, attorney or other agent retained by such Affected Reporting Party to prepare such information, which information
is contained in a report filed by the Depositor under the Reporting Requirements and which comments are received subsequent to
the Depositor’s filing of such report, the Depositor shall promptly provide to such Affected Reporting Party any such comments
which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission or its staff for inclusion in the Depositor’s response to the Commission or its staff, unless
such Affected Reporting Party elects, with the consent of the Depositor (which consent shall not be unreasonably denied, withheld
or delayed), to directly communicate with the Commission or its staff and negotiate a response and/or

 

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resolution with the Commission
or its staff; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to
this Section 11.12. If such election is made, the applicable Affected Reporting Party shall be responsible for directly
negotiating such response and/or resolution with the Commission or its staff in a timely manner; provided that (i) such
Affected Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission or its
staff and copy the Depositor on all correspondence with the Commission or its staff and provide the Depositor with the opportunity
to participate (at the Depositor’s expense) in any telephone conferences and meetings with the Commission or its staff and
(ii) the Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting Party and its
representatives to respond to and negotiate directly with the Commission or its staff with respect to any comments from the Commission
or its staff relating to such Affected Reporting Party and to notify the Commission or its staff of such authorization. The Depositor
and the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission
or its staff for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and
expenses incurred by the Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor) in connection
with the foregoing (other than those costs and expenses required to be at the Depositor’s expense as set forth above) and
any amendments to any reports filed with the Commission or its staff related thereto shall be promptly paid by the applicable
Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (i) with respect to any Initial Sub-Servicer
engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such
party to, and (ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in each
case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause such party to, comply with the foregoing
by inclusion of similar provisions in the related sub-servicing or similar agreement. Upon resolution with the Commission, and
subject to the reimbursement of any applicable expenses under Section 11.15, the Affected Reporting Party shall promptly
provide, to each Other Depositor the appropriate revised reports, updated or revised information contained in any report filed
by the Other Depositor under the Reporting Requirements, or any updated or revised material communications in connection with
the response and/or resolution with the Commission or its staff, if and to the extent such reports, information and/or communications
relate to information that was previously provided to the Other Depositor and would reasonably be expected to be contained in
a report filed by the Other Depositor under the Reporting Requirements of an Other Pooling and Servicing Agreement.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing
Party”) shall contribute to the amount paid or payable to the Certification Party as a result of the losses, claims,
damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to Sections 11.06, 11.09 (if applicable), 11.10, 11.11 (or breach of its obligations under
the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance

 

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statements or annual servicing
criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct
in connection therewith. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
shall (i) with respect to any Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator
that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and
(ii) with respect to each other Additional Servicer or Servicing Function Participant, in each case, with which it has entered
into a servicing relationship with respect to the Mortgage Loans cause such party, in each case, to agree to the foregoing indemnification
and contribution obligations. This Section 11.12 shall survive the termination of this Agreement or the earlier resignation
or removal of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate
Administrator.

 

Section
11.13     Amendments. This ARTICLE XI may be amended with the written consent of the
parties hereto pursuant to Section 13.01 for purposes of complying with Regulation AB and/or to conform to standards
developed within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel,
Officer’s Certificates, Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced
Companion Loan Securities, a confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25), or the consent of any Certificateholder, notwithstanding anything to the
contrary contained in this Agreement; provided that the reports and certificates required to be prepared pursuant to Sections
3.13, 11.09, 11.10 and 11.11 shall not be eliminated without Rating Agency Confirmation with respect
to the Certificates or, with respect to any Serviced Companion Loan Securities, without a confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

Section
11.14     Regulation AB Notices. Any notice, report or certificate required to be delivered
by any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer, the Custodian or the Trustee, as the case may be, to the Depositor pursuant to this ARTICLE
XI may be delivered via email (and additionally delivered via phone or telecopy), notwithstanding the provisions of Section
13.05, to cts.sec.notifications@wellsfargo.com and Form10K.compliance@cwt.com.

 

Section
11.15     Certain Matters Relating to the Future Securitization of the Serviced Pari Passu
Companion Loans. (a) Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any sub-servicer
appointed with respect to any Serviced Pari Passu Companion Loan to, upon written request or notice from a Mortgage Loan
Seller (or a permitted transferee of such Mortgage Loan Seller pursuant to the related Intercreditor Agreement), reasonably
cooperate with the Mortgage Loan Seller (or such permitted transferee) selling any Serviced Pari Passu Companion Loan into a
securitization that

 

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is required to comply with Regulation AB
(a “Regulation AB Companion Loan Securitization”) and, to the extent needed in order to comply with Regulation
AB, provide to the Mortgage Loan Seller (or such permitted transferee) information about itself that such Mortgage Loan Seller
reasonably requires to meet the requirements of Items 1117 and 1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108
of Regulation AB and shall reasonably cooperate with such Mortgage Loan Seller to provide such other information as may be reasonably
necessary to comply with the requirements of Regulation AB. Each of the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer understands that such information may be included in the offering material related to a Regulation AB
Companion Loan Securitization and agrees to negotiate in good faith an agreement (subject to the final sentence of this sub-section)
to indemnify and hold the related depositor and underwriters involved in the offering of the related Certificates harmless for
any costs, liabilities, fees and expenses incurred by the depositor or such underwriters as a result of any material misstatements
or omissions or alleged material misstatements or omissions in any such offering material to the extent that such material misstatement
or omission was made in reliance upon any such information provided by the Trustee (where such information pertains to the Trustee
individually and not to any specific aspect of the Trustee’s duties or obligations under this Agreement), the Certificate
Administrator (where such information pertains to the Certificate Administrator individually and not to any specific aspect of
the Certificate Administrator’s duties or obligations under this Agreement), the Master Servicer (where such information
pertains to the Master Servicer individually and not to any specific aspect of the Master Servicer’s duties or obligations
under this Agreement) and the Special Servicer (where such information pertains to the Special Servicer individually and not to
any specific aspect of the Special Servicer’s duties or obligations under this Agreement), as applicable, to such depositor,
underwriters or Mortgage Loan Seller (or permitted transferee) as required by this Section 11.15(a) and (ii) deliver such
securities law opinion(s) of counsel, certifications and/or indemnification agreement(s) (to the extent the cost thereof is paid
by the related Mortgage Loan Seller) with respect to such information that are substantially similar to those delivered with respect
to the offering material for this securitization by the Master Servicer or the Special Servicer, Trustee and Certificate Administrator,
as the case may be, or their respective counsel, in connection with the information concerning such party in the offering material
related to a Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to the extent that the information provided
by the Trustee, the Certificate Administrator the Master Servicer or the Special Servicer, as applicable, for inclusion in the
offering materials related to such Regulation AB Companion Loan Securitization is substantially and materially similar to the
information provided by such party with respect to the offering materials related to this transaction, subject to any required
changes due to any amendments to Regulation AB or any changes in the interpretation of Regulation AB, such party shall be deemed
to be in compliance with this Section 11.15(a). Any indemnification agreement executed by the Trustee, the Certificate
Administrator the Master Servicer or Special Servicer in connection with the Regulation AB Companion Loan Securitization shall
be substantially similar to the related indemnification agreement executed in connection with this Agreement. It shall be a condition
precedent to any party’s obligations otherwise set forth above and/or elsewhere in ARTICLE XI that the applicable
Mortgage Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice (and, in any event, not less
than 10 Business Days) of the exercise of its rights hereunder and (b) paid, or entered into reasonable agreement to cause to
be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel)

 

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incurred by such party in reviewing
and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)          Each
of the Trustee (provided, however, that the Trustee shall not be required to deliver an assessment of compliance
with respect to any period during which there was no Relevant Servicing Criteria applicable to it), the Certificate Administrator,
the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, upon request
or notice from such parties (which request or notice may be given once at the closing of such Regulation AB Companion Loan Securitization
instead of each time a filing is required), cooperate with the depositor, trustee, certificate administrator, master servicer
or special servicer for any Regulation AB Companion Loan Securitization in preparing each Form 10-D and Form 10-K required to
be filed by such Regulation AB Companion Loan Securitization (until January 30 of the first year in which the trustee or other
applicable party for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification with respect to
the related trust) and shall provide to such depositor, trustee, certificate administrator or master servicer within the time
period set forth in the Other Pooling and Servicing Agreement (so long as such time period is no earlier than the time periods
set forth herein) for such Regulation AB Companion Loan Securitization such information relating to a Serviced Securitized Companion
Loan as may be reasonably necessary for the depositor, trustee, certificate administrator and master servicer of the Regulation
AB Companion Loan Securitization to comply with the reporting requirements of Regulation AB and the Exchange Act; provided,
however, that any parties to any Regulation AB Companion Loan Securitization shall consult with the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer (and Master Servicer shall consult with any sub-servicer appointed
by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate Administrator, such Master Servicer and
the Special Servicer shall cooperate with such parties in respect of establishing the time periods for preparation of the Form
10-D reports in the documentation for such Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to the
extent the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in
all material respects with the timing, reporting and attestation requirements imposed on such party in ARTICLE XI of this
Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements
contemplated in this Section 11.15(b) with respect to such Regulation AB Companion Loan Securitization, such party shall
be deemed to be in compliance with the provisions of this Section 11.15(b).

 

(c)          Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which request
or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is
required), provide the trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan Securitization
(until January 30 of the first year in which the trustee or certificate administrator, as applicable, for such Regulation AB Companion
Loan Securitization files a Form 15 Suspension Notification with respect to the related trust) information with respect to any
event

 

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that is required to be disclosed under Form 8-K with respect to a Serviced Securitized Companion Loan within two (2) Business
Days after the occurrence of such event of which it has knowledge. Notwithstanding the foregoing, to the extent the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in ARTICLE XI of this Agreement (other than
this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in this
Section 11.15(c) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in
compliance with the provisions of this Section 11.15(c).

 

(d)          On
or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file an annual report
on Form 10-K (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th) (and not in respect of any
year in which such Regulation AB Companion Loan Securitization is not required to file an annual report on Form 10-K because a
Form 15 Suspension Notification with respect to the related trust was filed), each of the Trustee, the Master Servicer and the
Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any
Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, upon request or notice from
such trustee or certificate administrator (which request or notice may be given once at the closing of such Regulation AB Companion
Loan Securitization instead of each time a filing is required), provide, with respect to itself, to the trustee or certificate
administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required pursuant to Item
1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the extent required pursuant
to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on such Person’s assessment
of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b) of Regulation AB and (iii)
such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding the foregoing, to the extent
the Master Servicer or the Special Servicer, as the case may be, complies in all material respects with the timing, reporting
and attestation requirements imposed on such party in ARTICLE XI of this Agreement (other than this Section 11.15)
with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(d) with
respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions
of this Section 11.15(d).

 

(e)          On
or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file an annual report
on Form 10-K (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th) (and not in respect of any
year in which such Regulation AB Companion Loan Securitization is not required to file an annual report on Form 10-K because a
Form 15 Suspension Notification with respect to the related trust was filed), each of the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, to the
extent required pursuant to Item 1123 of Regulation AB, deliver, with respect to itself, to the trustee or certificate administrator
under the such Regulation AB Companion Loan Securitization, upon request or notice from such trustee (which request or notice
may be given once at the closing of such Regulation AB

 

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Companion Loan Securitization instead of each time a filing is required),
under such Regulation AB Companion Loan Securitization a servicer compliance statement signed by an authorized officer of such
Person that satisfies the requirements of Item 1123 of Regulation AB. Notwithstanding the foregoing, to the extent the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in ARTICLE XI of this Agreement (other than
this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in this
Section 11.15(e) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in
compliance with the provisions of this Section 11.15(e).

 

(f)          Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity limited to
each such parties respective failure described below) and hold the related Mortgage Loan Seller (or permitted transferee), depositor,
sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion Loan Securitization harmless
for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s), trustee, certificate
administrator or master servicer as a result of any failure by the Servicing Function Participant to comply with the reporting
requirements to the extent applicable set forth under Sections 11.15(b), (c), (d) or (e) above.

 

Any
subservicing agreement related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer
to provide to the Master Servicer or Special Servicer, as applicable, information, reports, statements and certificates with respect
to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates required
to be provided by the Master Servicer or Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer is
not otherwise required to provide such information, reports or certificates to any Person in order to comply with Regulation AB.
Such information, reports or certificates shall be provided to the Master Servicer or Special Servicer, as applicable, no later
than two Business Days prior to the date on which the Master Servicer or Special Servicer, as applicable, is required to deliver
its comparable information, reports, statements or certificates pursuant to this Section 11.15.

 

(g)          With
respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor has notified
the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer or the Special Servicer, as applicable, is in receipt of the updated financial statements
of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year)
from the Mortgagor, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the
updated financial statements of such “significant obligor” for any calendar year, beginning for the calendar year
following such notice from the Other Depositor, as applicable, the Master Servicer or the Special Servicer, as applicable, shall
deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or seven (7) Business Days prior to

 

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the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, the financial statements of such “significant obligor”, together with the net operating
income of such “significant obligor” for the applicable period as calculated by the Master Servicer or the Special
Servicer, as applicable, in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than
twelve (12) Business Day prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Mortgagor in such financial statements.

 

If
the Master Servicer or the Special Servicer, as applicable, does not receive such financial information satisfactory to comply
with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within
ten (10) Business Days after the date such financial information is required to be delivered under the related Mortgage Loan documents,
the Master Servicer or the Special Servicer, as applicable, shall notify the Other Depositor with respect to such Other Securitization
that includes the related Serviced Pari Passu Companion Loan (and shall cause each applicable Sub-Servicing Agreement entered
into after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer or the Special Servicer, as applicable, shall use efforts consistent with the Servicing Standard (taking into account,
in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial
statements required to be delivered by the related Mortgagor under the related Mortgage Loan documents.

 

The
Master Servicer or the Special Servicer, as applicable, shall (and shall cause each applicable Sub-Servicing Agreement entered
into after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact
the related Mortgagor related to any such “significant obligor” (identified to it as such by the Other Depositor in
accordance with the second preceding paragraph) to obtain the required financial information and is unsuccessful and, within five
(5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to
the Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the
Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization. This Officer’s Certificate
should be addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling
and Servicing Agreement.

 

(h)          If
any Other Securitization includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange Act,
then the obligations of the parties hereto set forth in this ARTICLE XI with respect such Other Securitization shall remain
in full force and effect notwithstanding that the Trust may cease to be subject to the reporting requirements of the Exchange
Act.

 

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Section
11.16     [Reserved].

 

Section
11.17     Impact of Cure Period. For the avoidance of doubt, neither the Master Servicer nor
the Special Servicer shall be subject to a Servicer Termination Event pursuant to clause (iii) of the definition
thereof prior to the expiration of the Grace Period applicable to such party’s obligations under this ARTICLE XI
as provided for in such clause (iii) nor shall any such party be deemed to not be in compliance under this Agreement,
during any Grace Period provided for in this ARTICLE XI; provided that if any such party fails to comply with
the delivery requirements of this ARTICLE XI by the expiration of any applicable Grace Period such failure shall
constitute a Servicer Termination Event. Neither the Master Servicer nor the Special Servicer shall be subject to a Servicer
Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration of the Grace Period
applicable to such party’s obligations under this ARTICLE XI as provided for in such clause (iii) nor
shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item required under
this ARTICLE XI by the time required hereunder with respect to any reporting period for which the Trust (or any trust
in a related Other Securitization) is not required to file Exchange Act reports.

 

[End
of Article XI]

 

    	-436-

    	 

    

  

ARTICLE
XII

the asset representations reviewer

 

Section
12.01     Asset Review.

 

(a)          On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall
determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred, the Certificate
Administrator shall promptly provide notice to all Certificateholders and each other party to this Agreement. Any notice required
to be delivered to the Certificateholders pursuant to this ARTICLE XII shall be delivered by the Certificate Administrator
by posting such notice on the Certificate Administrator’s Website, by mailing such notice to the Certificateholders’
addresses appearing in the Certificate Register in the case of Definitive Certificates and by delivering such notice via the Depository
in the case of Book-Entry Certificates. The Certificate Administrator shall include in the Distribution Report in the Form 10-D
relating to the reporting period in which the Asset Review Trigger occurred the following statement describing the events that
caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following Mortgage Loans identified below
are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”.
On each Distribution Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on
information provided to it by the Master Servicer or the Special Servicer, as applicable, shall determine whether (1) any additional
Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset
Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses
(1), (2) and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit
SS within two (2) Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If
Certificateholders evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting
a vote to commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall
promptly provide written notice thereof to all Certificateholders (with a copy to the Asset Representations Reviewer) and conduct
a solicitation of votes in accordance with Section 5.10 to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing
Certificateholder and the other Certificateholders (the “Asset Review Notice”). Upon receipt of an Asset Review
Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator
with a certification substantially in the form attached hereto as Exhibit RR (which shall be sent via email to trustadministrationgroup@wellsfargo.com

 

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or submitted electronically via the Certificate Administrator’s Website). Upon receipt of such certification, the Certificate
Administrator shall promptly (and in any case within two (2) Business Days after such receipt) grant the Asset Representations
Reviewer access to the Secure Data Room. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period
following the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review
and the Asset Representations Reviewer will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage
Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) a new Asset Review Trigger has occurred as
a result or an Asset Review Trigger is otherwise in effect, (C) the Certificate Administrator has timely received any Asset Review
Vote Election after the occurrence of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative
Asset Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause (C) in this sentence.
After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any
additional Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket
expenses incurred by the Certificate Administrator in connection with administering such vote will be paid as an expense of the
Trust from the Collection Account. The Certificate Administrator shall be entitled to administer any vote in connection with the
foregoing through an agent.

 

(b)          (i)
Upon receipt of an Asset Review Notice, the Custodian (with respect to clauses (1) - (5) below for Non-Specially
Serviced Loans), the Master Servicer (with respect to clause (7) below for Non-Specially Serviced Loans) and the Special
Servicer (with respect to clauses (6) - (7) for Specially Serviced Loans), in each case to the extent in such party’s
possession, shall promptly, but in no event later than ten (10) Business Days (except with respect to clause (7)), provide
the following materials to the extent in their possession to the Asset Representations Reviewer (collectively, with the Diligence
Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement posted by
the Certificate Administrator to the secure data room or the certificate administrator’s website, as applicable, the “Review
Materials”):

 

(1)          a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)          a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)        
a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)          a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

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(5)          a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(6)          copies
of all Asset Status Reports and Final Asset Status Reports related to each Delinquent Loan to the extent previously prepared by
the special servicer; and

 

(7)          any
other related documents that are reasonably requested by the Asset Representations Reviewer to be delivered by the Master Servicer
(with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans) pursuant to
clause (ii) hereof.

 

(ii)          In
the event that, as part of an Asset Review of such Mortgage Loan, the Asset Representations Reviewer determines that it is missing
any document that is required to be part of the Review Materials for such Mortgage Loan that was entered into or delivered in
connection with the origination of the related Mortgage Loan and are necessary in connection with its completion of any Asset
Review, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business Days after receipt of
the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with
respect to Specially Serviced Loans), as applicable, of such missing documents, and request that the Master Servicer or the Special
Servicer, as applicable, promptly, but in no event later than ten (10) Business Days after receipt of such notification from the
Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents to the extent in its possession.
In the event any such missing documents are not provided by the Master Servicer or Special Servicer, as applicable, within such
ten (10) Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan Seller.
The related Mortgage Loan Seller shall be required under the related Mortgage Loan Purchase Agreement to deliver such additional
documents only to the extent in the possession of such party. In addition, the related Mortgage Loan Seller may, without any obligation
to do so, include such other documents as part of the Diligence File that such Mortgage Loan Seller believes should be included
to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents
are clearly labeled and identified.

 

(iii)        The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be
independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the
Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant to
this Section 12.01 (any such information, “Unsolicited Information”).

 

(iv)        Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Review Materials with respect to a
Delinquent Loan, the Asset

 

    	-439-

    	 

    

 

Representations Reviewer, as an independent contractor, shall commence a review of the compliance of
each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit
QQ (each such procedure, a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset
Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue
to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a new Affirmative
Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)        The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)       The
Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within forty-five (45)
Business Days after the date on which access to the Secure Data Room is provided. In the event that the Asset Representations
Reviewer determines that the Review Materials are insufficient to complete a Test and such missing information and documentation
is not delivered to the Asset Representations Reviewer by the Master Servicer (with respect to Non-Specially Serviced Loans),
the Special Servicer (with respect to Specially Serviced Loans) or from the related Mortgage Loan Seller within ten (10) Business
Days following the request by the Asset Representations Reviewer to the Master Servicer or Special Servicer, as applicable, as
described in Section 12.01(b)(ii), the Asset Representations Reviewer shall list such missing information and documents
in such preliminary report setting forth the preliminary results of the application of the Tests and the reasons why such missing
information and documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the
absence of such information and documents will be deemed to be a failure of such Test. The Asset Representations Reviewer shall
provide such preliminary report to the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer
(with respect to Specially Serviced Loans), who shall promptly, but in no event later than ten (10) Business Days of receipt of
such preliminary report, provide such results to the related Mortgage Loan Seller. If the preliminary report indicates that any
of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety
(90) days (the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any information and documents
provided or explanations given to support a Test pass conclusion shall be sent to the Master Servicer (with respect to Non-Specially
Serviced

 

    	-440-

    	 

    

 

 Loans)
or the Special Servicer (with respect to Specially Serviced  Loans), and the Master Servicer and the Special Servicer,
as applicable, shall promptly, but in no event later than ten (10) Business Days after receipt from the related Mortgage Loan
Seller, deliver to the Asset Representations Reviewer any information and documents received from the Mortgage Loan Seller or
explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty has not failed a
Test or the Mortgage Loan Seller’s claim that any missing information and documents in the Review Materials are not
required to complete a Test. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare a
preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to
the related Mortgage Loan.

 

(viii)      The
Asset Representations Reviewer shall, within the later of (x) sixty (60) days after the date on which access to the Secure Data
Room is provided to the Asset Representations Reviewer by the Certificate Administrator or (y) within the ten (10) days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement, the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee and the Certificate Administrator. The period of time by which the Asset Review
Report must be completed and delivered may be extended by up to an additional thirty (30) days, upon written notice to the parties
to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset
Review Standard that such additional time is required due to the characteristics of the Mortgage Loan and/or the Mortgaged Property
or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material
Defect, or whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each
case, shall be a responsibility of the Special Servicer pursuant to Section 2.03(f) of this Agreement.

 

(ix)        In
addition, in the event that the Asset Representations Reviewer does not receive any information or documentation that it requested
from the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced
Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset
Review and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report solely based
on the information received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset Representations
Reviewer shall have no responsibility to independently obtain any such information from any party to this Agreement or otherwise.

 

    	-441-

    	 

    

 

(x)          Within
thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine,
based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Special Servicer
determines that a Material Defect exists, the Special Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(b).

 

(c)          The
Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Sponsor (including, without limitation, in connection with
the review of the Mortgage Loans) and not disclose such Privileged Information to any Person (including Certificateholders), other
than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this
Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information
Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception.

 

(d)          The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that no agent
or subcontractor may (i) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees,
compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,
the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with due diligence or other services
with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations
Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions
of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue of such delegation
or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under
the same terms and conditions as if the Asset Representations Reviewer alone were performing its obligations under this Agreement.
The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for
indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement
shall be deemed to limit or modify such indemnification.

 

Section
12.02     Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)          As
compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset
Representations Reviewer Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be
equal to

 

    	-442-

    	 

    

 

the product of a rate equal to 0.00026% per annum (the “Asset Representations Reviewer Fee Rate”)
and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any
Companion Loan) and shall be calculated in the same manner as interest is calculated on such Mortgage Loans.

 

(b)          As
compensation for the performance of its duties hereunder, with respect to an individual Asset Review Trigger and the Mortgage
Loans that are Delinquent Loans and are subject to an Asset Review (for purposes of this definition, “Subject Loans”),
upon the completion of any Asset Review with respect to an individual Asset Review Trigger, the Asset Representations Reviewer
shall be paid a fee equal to the sum of: (i) $12,500 multiplied by the number of Subject Loans, plus (ii) $1,500 per Mortgaged
Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $1,000 per Mortgaged
Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,000 per Mortgaged Property relating to a Subject
Loan subject to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of
clauses (i) through (iv), to adjustments on the basis of the year end Consumer Price Index for All Urban Consumers, or other similar
index if the Consumer Price Index for All Urban Consumers is no longer calculated, taking into account the Consumer Price Index
for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no longer calculated for
the year of the Closing Date and for the year of the occurrence of the Asset Review (the “Asset Representations Reviewer
Asset Review Fee”). The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan shall be
paid by the related Mortgage Loan Seller; provided, however, that if the related Mortgage Loan Seller is insolvent
or fails to pay such amount within ninety (90) days of written request by the Asset Representations Reviewer, such fee shall be
paid by the Trust Fund following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master
Servicer or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided, however,
that a statement of non-payment by the Asset Representations Reviewer ninety (90) days after an itemized invoice is delivered
by registered mail to the address listed in this Agreement for the related Mortgage Loan Seller, or to such other address as shall
be provided by such Mortgage Loan Seller for delivery of notice in accordance with this Agreement, together with evidence of delivery
or attempted delivery of such invoice and reasonable follow up by phone or email, shall constitute satisfactory evidence delivered
by the Asset Representations Reviewer of such failure to pay such amount; and provided, further, that notwithstanding
any payment of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation of the related
Mortgage Loan Seller and the Special Servicer shall pursue remedies against such Mortgage Loan Seller to recover any such amounts
to the extent paid by the Trust.

 

(c)          Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the
Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller,
and such portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or the Trust, as
the case may be, for such fees pursuant to Section 12.02(a).

 

(d)          The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

    	-443-

    	 

    

 

Section
12.03     Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be
discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each
Rating Agency. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been
so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset
Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset
representations reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all
costs and expenses of each party hereto and each Rating Agency in connection with its resignation.

 

Section
12.04     Restrictions of the Asset Representations Reviewer. Neither the Asset
Representations Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset
Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the
activities of the Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s
investment activities and (B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust
and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding
its investment activities.

 

Section
12.05     Termination of the Asset Representations Reviewer.

 

(a)          An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)          any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Asset Representations Reviewer by any party to this Agreement or to the Asset Representations Reviewer
and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding
Certificates, provided, if such failure is capable of being cured and the Asset Representations Reviewer is diligently
pursuing such cure, such thirty (30) day period will be extended an additional thirty (30) days;

 

(ii)        any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

    	-444-

    	 

    

 

(iii)       any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of thirty (30) days after the date written notice of such failure, requiring the same to be remedied, is given to
the Asset Representations Reviewer by any party to this Agreement;

 

(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(v)          the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)        the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders (which shall be simultaneously
delivered to the Asset Representations Reviewer) in accordance with the notice distribution procedures described in Section
12.01(a), unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination
Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case,
so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii)
upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the
application of any Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is
required to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection with its
termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor
and each Mortgage Loan Seller shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee
of any Asset Representations Reviewer Termination Event of which it becomes aware. For the avoidance of doubt, the Trustee shall
not be required to monitor the performance of the Asset Representations Reviewer.

 

    	-445-

    	 

    

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the
application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer
with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by
such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Asset Representations Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing
such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations
Reviewer. Upon the written direction of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without
regard to the application of any Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations of
the Asset Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of
such termination and other than indemnification rights arising out of events occurring prior to such termination) by notice in
writing to the Asset Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer,
on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to
vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the event that holders of the
Certificates entitled to at least 75% of the Voting Rights elect to remove the Asset Representations Reviewer without cause and
appoint a successor, the successor asset representations reviewer will be responsible for all expenses necessary to effect the
transfer of responsibilities from its predecessor.

 

(c)          On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing
Holder of such disqualification and immediately resign under Section 12.03 of this Agreement and the Depositor shall appoint
a successor asset representations reviewer subject to and in accordance with this Section 12.05. Notwithstanding the foregoing,
if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days of the termination of the
Asset Representations Reviewer, the Depositor shall be permitted, but not

 

    	-446-

    	 

    

 

obligated to, to find a replacement. The Depositor shall
not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Depositor uses
commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result
of the Depositor’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)          Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Mortgage Loan Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the
Directing Certificateholder and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of
its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the
date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than
indemnification rights (arising out of events occurring prior to such termination).

 

[End
of Article XII]

 

    	-447-

    	 

    

 

ARTICLE
XIII

MISCELLANEOUS PROVISIONS

 

Section
13.01     Amendment. (a) This Agreement may be amended from time to time by the parties
hereto, without the consent of any of the Certificateholders or the Companion Holders:

 

(i)        
 to cure any ambiguity or to correct any error;

 

(ii)        to
cause the provisions in this Agreement to conform to or be consistent with or in furtherance of the statements made with respect
to the Certificates, the Trust or this Agreement in the Prospectus or in the Private Placement Memorandum, or to correct or supplement
any of provision which may be inconsistent with any other provisions;

 

(iii)       to
amend any provision of this Agreement to the extent necessary or desirable to maintain the status of each Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding
(or comparable provisions of state income tax law);

 

(iv)       to
make any other provisions with respect to matters or questions arising under or with respect to this Agreement not inconsistent
with the provisions herein;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) or any other provision hereof restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused
by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
amend any provision of this Agreement to the extent necessary or desirable to list the Certificates on a stock exchange, including,
without limitation, the appointment of one or more sub-certificate administrators if necessary to effectuate such listing of the
Certificates and the requirement that certain information be delivered to such sub-certificate administrators;

 

(vii)      to
modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) in order to conform them to the commercial mortgage-backed securities industry standard for such provisions
if (a) the Depositor, the Trustee and the Master Servicer determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification will not result in an Adverse
REMIC Event or cause the Grantor Trust to fail to qualify as a grantor trust, (c) each Rating Agency shall have been provided
with a Rating Agency Communication with respect to such modification, and (d) if no Control

 

    	-448-

    	 

    

 

Termination Event or Consultation
Termination Event has occurred and is continuing, the Directing Certificateholder consents to such modification;

 

(viii)     to
modify the procedures of this Agreement relating to Rule 17g-5 of the Exchange Act; provided that if such modification
materially increases the obligations of the Trustee, the Certificate Administrator, the Custodian, the 17g-5 Information Provider,
the Operating Advisor, the Depositor, the Master Servicer or the Special Servicer, then the consent of such party will be required;

 

(ix)       to
modify, alter, amend, add or to rescind any of the provisions contained in this Agreement if and to the extent necessary to comply
with any rules or regulations promulgated, or any guidance provided with respect to Rule 15Ga-1 under the Exchange Act, by the
SEC from time to time;

 

(x)       
to amend the provisions of this Agreement described under Section 3.25 or the definition of “Rating Agency
Confirmation”; and

 

(xi)       any
other amendment which does not adversely affect in any material respect the interests of any Certificateholder (unless such Certificateholder
consents).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller or (B) may materially
and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

(b)    
   This Agreement may also be amended from time to time by the parties hereto with the consent of the Holders
of Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the
aggregate Percentage Interests constituting the Class for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment shall:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

    	-449-

    	 

    

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor Agreement,
the consent of the holder of any Serviced Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)         Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment hereto without having
first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder,
that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer,
the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code. Furthermore, no amendment to this Agreement may be made
that changes any provisions specifically required to be included in this Agreement by the Non-Serviced Intercreditor Agreement
without the consent of the holder of the related Non-Serviced Pari Passu Companion Loan(s).

 

(d)        Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as applicable,
and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder
and each Serviced Companion Noteholder, the Depositor, the Master Servicer, the Special Servicer, the Mortgagors, the Underwriters
and the Rating Agencies.

 

(e)        It
shall not be necessary for the consent of Certificateholders under this Section 13.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

    	-450-

    	 

    

 

(f)          The
Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01
that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)        The
cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or (c) and the cost of any amendment
entered into hereunder shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate
Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders,
the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or (c) shall be
payable out of the Collection Account.

 

(h)        The
Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to any
class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25).

 

(i)          To
the extent the Operating Advisor, the Trustee, Certificate Administrator, Master Servicer, Special Servicer, the Asset Representations
Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing any
amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such amendment
for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)          Notwithstanding
any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor
nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)        This
Agreement may not be amended without the consent of any holder of a Serviced Subordinate Companion Loan if such amendment would
materially and adversely affect the rights of such Companion Holder hereunder.

 

Section
13.02     Recordation of Agreement; Counterparts. (a) To the extent permitted by applicable
law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties
or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any
other appropriate public recording office or elsewhere, such recordation to be effected by the Certificate Administrator at
the expense of the Depositor on direction by the Special Servicer and with the consent of the Depositor (which may not be
unreasonably withheld), but only upon direction accompanied by an Opinion of Counsel (the cost of which shall be paid by the
Depositor) to the effect that such recordation materially and beneficially affects the interests of the
Certificateholders.

 

    	-451-

    	 

    

 

(b)          For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this
Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed
original counterpart of this Agreement.

 

(c)          The
Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue of the
fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section
13.03     Limitation on Rights of Certificateholders. (a) The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.

 

(b)          No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained
in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by
the parties to this Agreement pursuant to any provision hereof.

 

(c)          No
Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty
(60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute
any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly
covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of

 

    	-452-

    	 

    

 

any provision of this Agreement or the Certificates to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section
13.04     Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS
AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH
OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR
PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS
TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE
PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
13.05     Notices. (a) Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if personally delivered at
or couriered, sent by facsimile transmission (other than with respect to the Mortgage Loan Sellers) or mailed by registered
mail, postage prepaid (except for notices to the Mortgage Loan Sellers, the Master Servicer the Certificate Administrator and
the Trustee which shall be deemed to have been duly given only when received), to:

 

    	-453-

    	 

    

 

In
the case of the Depositor:

Banc of America Merrill Lynch Commercial Mortgage Inc.

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

 

with
a copy to:

W. Todd Stillerman, Esq.

Assistant General Counsel and Director

Bank of America Corporation

214 North Tryon Street, 20th Floor, NC1-027-20-05

Charlotte, North Carolina 28255

Facsimile: (404) 736-2127

 

and
with a copy to:

 

Cadwalader,
Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Henry A. LaBrun, Esq.

Facsimile: (704) 348-5200

 

In
the case of the Master Servicer:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

Facsimile: (704) 715-0036

 

with
a copy to:

Wells Fargo Bank, National Association Legal Department

301 S. College St., TW-30

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Reference: MSBAM 2016-C28

 

    	-454-

    	 

    

 

with
a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy Ackermann, Esq.

 

In
the case of the Special Servicer:

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Facsimile: (972) 868-5490

Attention: Lindsey Wright

 

with
a copy to:

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Facsimile: (972) 868-5490

Attention: Jenna Unell

 

In
the case of the Directing Certificateholder:

 

C-III
Collateral Management LLC

c/o C-III Capital Partners LLC

717 Fifth Avenue, 18th Floor

New York, NY 10022

Facsimile: (972) 868-5303

Attention: George Carleton

 

with
a copy to:

 

C-III
Capital Partners LLC

717 Fifth Avenue, 18th Floor

New York, NY 10022

Facsimile: (972) 868-5303

Attention: Kevin C. Donahue

 

with
a copy to:

 

C-III
Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Facsimile: (972) 868-5303

Attention: Lindsey Wright

 

    	-455-

    	 

    

 

with
a copy to:

 

C-III
Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Facsimile: (972) 868-5303

Attention: Jenna Unell

 

In
the case of the Trustee:

U.S. Bank National Association

190 S. LaSalle Street, 7th Floor

Mail Code MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSBAM 2016-C28

Facsimile: (866) 807-8670

Email: cmbs.transactions@usbank.com

 

In
the case of the Certificate Administrator:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – MSBAM 2016-C28

Email:      cts.cmbs.bond.admin@wellsfargo.com

 

with
a copy to: trustadministrationgroup@wellsfargo.com

 

In
the case of the Mortgage Loan Sellers:

 

1.           Bank
of America, National Association

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

 

with
a copy to:

W. Todd Stillerman, Esq.

Assistant General Counsel and Director

Bank of America Corporation

214 North Tryon Street, 20th Floor, NC1-027-20-05

Charlotte, North Carolina 28255

Facsimile: (404) 736-2127

 

and
with a copy to:

 

    	-456-

    	 

    

 

Cadwalader,
Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Henry A. LaBrun, Esq.

Facsimile: (704) 348-5200

 

2.           Morgan
Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

with
a copy to:

 

Morgan
Stanley Mortgage Capital Holdings LLC

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

3.           CIBC
Inc.

c/o Canadian Imperial Bank of Commerce

425 Lexington Avenue, 4th Floor

New York, New York 10017

Attention: Todd Roth, Managing Director

Facsimile: (212) 667-6236

 

4.           Starwood
Mortgage Funding III LLC

1601 Washington Ave., Suite 800

Miami Beach, Florida 33139

Attention: Leslie K. Fairbanks, Executive Vice President

Facsimile: (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

Facsimile: (305) 695-5449

 

and
a copy to:

LNR Property LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Attention: General Counsel

Facsimile: (305) 695-5449

Email: srivers@lnrproperty.com

 

    	-457-

    	 

    

 

and,
with respect to certifications pursuant to Section 2.02 of this Agreement, with a copy to:

Anderson, McCoy & Orta

100 N. Broadway, 26th Floor

Oklahoma City, Oklahoma 73102

Attention: Vanessa Orta

Email: rorta@amopc.com

 

and
with a copy to:

 

Marcia
Moore-Allen

Facsimile: (405) 236-1448

Email: mmoore-allen@amopc.com.

 

In
the case of the Operating Advisor:

Park Bridge Lender Services LLC

560 Lexington Avenue, 17th Floor

New York, New York 10022

Attention: MSBAM 2016-C28-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In
the case of the Asset Representations Reviewer:

 

Park
Bridge Lender Services LLC

560 Lexington Avenue, 17th Floor

New York, New York 10022

Attention: MSBAM 2016-C28-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In
the case of any mezzanine lender:

The address set forth in the related Intercreditor Agreement.

 

To
each such Person, such other address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication
required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class,
postage prepaid, to the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed
in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(b)          Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, the Certificate Administrator,
and Trustee also shall furnish such other information regarding the Trust as may be reasonably requested by the Rating Agencies
to the extent such

 

    	-458-

    	 

    

 

party has or can obtain such information without unreasonable effort or expense; provided, however,
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose which Rating Agency
has requested such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies
required hereunder shall be in writing.

 

Any
notices to the Rating Agencies shall be sent to the following addresses:

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Moody’s
Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

Section
13.06     Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or
the rights of the Holders thereof.

 

Section
13.07     Grant of a Security Interest. The Depositor intends that the conveyance of the
Depositor’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale
and not a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of
this Agreement. The Depositor also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted
to the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and
interest in and to the assets comprising the Trust Fund, including without limitation, the Mortgage Loans, all principal and
interest received or

 

    	-459-

    	 

    

 

receivable with respect to the Mortgage Loans (other than principal and interest payments due and
payable prior to the Cut-off Date and Principal Prepayments received prior to the Cut-off Date), all amounts held from time
to time in the Collection Account, the Distribution Accounts, the Gain-on-Sale Reserve Account, the Interest Reserve Account
and, if established, the REO Account, and all reinvestment earnings on such amounts, and all of the Depositor’s right,
title and interest in and to the proceeds of any title, hazard or other Insurance Policies related to such Mortgage Loans and
(ii) this Agreement shall constitute a security agreement under applicable law. This Section 13.07 shall constitute
notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section
13.08     Successors and Assigns; Third Party Beneficiaries. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. Each Mortgage Loan Seller (and its respective
agents), each Companion Holder (and its respective agents), each Underwriter, each depositor of a Regulation AB Companion
Loan Securitization and each Initial Purchaser is an intended third-party beneficiary to this Agreement in respect of the
respective rights afforded it hereunder. No other person, including, without limitation, any Mortgagor, shall be entitled to
any benefit or equitable right, remedy or claim under this Agreement.

 

(b)          Each
Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder.
Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions
herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other Trustee, and any
provisions regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)          Each
of the applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, Non-Serviced Master Servicer, Non-Serviced
Special Servicer and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a third-party beneficiary
to this Agreement in respect to its rights as specifically provided for herein and under the applicable Non-Serviced Intercreditor
Agreement.

 

(d)          Subject
to Section 2.03(k), Section 2.03(l)(iii) and Section 2.03(l)(v), any Requesting Certificateholder shall be
an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k) through Section
2.03(o).

 

Section
13.09     Article and Section Headings. The article and section headings herein are for
convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section
13.10     Notices to the Rating Agencies. (a) The Certificate Administrator shall use
reasonable efforts promptly to provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), (and the related 17g-5 information provider for any class of
Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with respect to each of the following
of which it has actual knowledge:

 

    	-460-

    	 

    

 

(i)         any
material change or amendment to this Agreement;

 

(ii)        the
occurrence of a Servicer Termination Event that has not been cured;

 

(iii)       the
resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special
Servicer; and

 

(iv)       the
repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 5 of the related Mortgage
Loan Purchase Agreement.

 

(b)        The
Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which it has
actual knowledge:

 

(i)         the
resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)        any
change in the location of the Collection Account;

 

(iii)       any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)       any
change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance
described in Section 3.08;

 

(v)        any
additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any Mortgage
Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5% of the then-aggregate
outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)       any
material damage to any Mortgaged Property;

 

(vii)      any
assumption with respect to a Mortgage Loan; and

 

(viii)     any
release or substitution of any Mortgaged Property.

 

(c)        The
Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change in the location
of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)        The
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5
Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter
to each Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable to any
Serviced Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as any Rating
Agency shall reasonably

 

    	-461-

    	 

    

 

request and which the Trustee, the Certificate Administrator, the Master Servicer or Special Servicer,
can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information
or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator, the Master
Servicer and Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such
information. Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party to provide
duplicative notices or copies to the Rating Agencies with respect to any of the above listed items. In connection with the delivery
by the Master Servicer or Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for
posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or
Special Servicer when such information, report, notice or document has been posted. The Master Servicer or Special Servicer, as
applicable, may, but shall not be obligated to send such information, report, notice or document to the applicable Rating Agency
so long as such information, report, notice or document (i) was previously provided to the 17g-5 Information Provider or (ii)
is simultaneously provided to the 17g-5 Information Provider.

 

[End
of Article XIII]

 

[SIGNATURES
COMMENCE ON FOLLOWING PAGE]

 

    	-462-

    	 

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized, in each
case as of the day and year first above written.

	 	 	 
	 	BANC OF AMERICA MERRILL LYNCH COMMERCIAL MORTGAGE INC.,

    Depositor
	 	 	 
	 	By:	/s/ Leland F. Bunch, III
	 	 	Name:  Leland F. Bunch, III
	 	 	Title:   Chief Executive Officer & President

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer
	 	 	 
	 	By:	/s/ Cynthia L. Schwartz
	 	 	Name:  Cynthia L. Schwartz
	 	 	Title:   Director

	 	 	 
	 	C-III
Asset Management LLC,

Special Servicer
	 	 	 
	 	By:	/s/ Kevin C. Donahue
	 	 	Name:  Kevin C. Donahue
	 	 	Title:   President

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Certificate Administrator
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name:  Stacey Gross
	 	 	Title:   Vice President

 

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	 	U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Trustee
	 	 	 	 
	 	By:  	/s/ Christopher J. Nuxoll
	 	 	Name:  Christopher J. Nuxoll
	 	 	Title: Vice President
	 	 	 	 
	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Operating Advisor
	 	 	 
	 	By:  Park Bridge Advisors LLC, a New York
	 	        limited
    liability company,     Its     Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York
	 	 	 	limited liability company, Its Sole Member
	 	 	 	 
	 	 	By:	/s/ David M. Rodgers
	 	 	 	Name:  David M. Rodgers
	 	 	 	Title:    Managing Member

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer
	 	 	 
	 	By:  Park Bridge Advisors LLC, a New York
	 	        limited
    liability company, its Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York
	 	 	 	limited
    liability company, its Sole Member
	 	 	 	 
	 	 	By:	/s/ David M. Rodgers
	 	 	 	Name:  David M. Rodgers
	 	 	 	Title:    Managing Member

          

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	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On the 23 day of
February, 2016, before me, a notary public in and for said State, personally appeared Leland F. Bunch, III, known to me to be
a the Chief Executive Officer & President of Banc of America Merrill Lynch Commercial Mortgage Inc., that executed
the within instrument, and also known to me to be the person who executed it on behalf of such corporation, and acknowledged
to me that such corporation executed the within instrument.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 

	 	 	 
	 	 	/s/ DANIELLE K CALDWELL
	 	 	Notary Public
	 	 	 
	[SEAL]	 	DANIELLE K CALDWELL
	 	 	Notary Public - State of New York
	My commission expires:	 	No. 01CA6081943
	 	 	Qualified in New York County
	 	 	My Commission Expires Dec. 04, 2018

 

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	STATE OF NORTH CAROLINA	)	 
	 	):	ss.
	COUNTY OF MECKLENBURG	)	 

 

On this 18 day of
February, 2016, personally appeared before me Cynthia L. Schwartz, to me known (or proved to me on the basis of satisfactory
evidence)  to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the
within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said
entity, for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument,
and that by her signature on the instrument the entity upon behalf of which she acted, executed the instrument.

	 	 	 
	 	/s/ ERICA L. SMITH	 
	 	Notary	 
	 	Name:	 
	 	 	 
	My Commission expires:	ERICA L. SMITH	 
	 	NOTARY PUBLIC	 
	 	Gaston County	 
	 	North Carolina	 
	 	My Commission Expires 7/15/2017	 

 

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	STATE OF TEXAS	)	 
	 	)	ss.:
	COUNTY OF DALLAS	)	 

 

On the 18th day
of February, 2016, before me, a notary public in and for said State, personally appeared Kevin C. Donahue known to me to be
 the President of C-III Asset
Management LLC, that executed the within instrument, and also known to me to be the person who executed it on behalf of such C-III Asset
Management LLC,
and acknowledged to me that such Kevin C. Donahue executed the within instrument.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

	 	 	 
	 	 	/s/ Robin Behrns
	 	 	Notary Public
	 	 	 
	[SEAL]	 	
	 	 	
	My commission expires:	 	
	 	 	
	 	 	
	 	 	 
	ROBIN BEHRNS	 	 
	Notary Public, State of Texas	 	 
	My Commission Expires	 	 
	February 14, 2018	 	 

 

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	STATE OF Maryland	)	 
	 	)	ss.:
	COUNTY OF Howard	)	 

 

On the 19th day of
February, 2016, before me, a notary public in and for said State, personally appeared Stacey Gross known to me to be
a VP of Wells Fargo Bank, National Association, that executed the within instrument, and also known to me to be the
person who executed it on behalf of such national banking association, and acknowledged to me that such national banking
association executed the within instrument.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

	 	 	 
	 	 	/s/ AMY MARTIN
	 	 	Notary Public
	 	 	 
	[SEAL]	 	AMY MARTIN
	 	 	NOTARY PUBLIC
	My commission expires:	 	ANNE ARUNDEL COUNTY
	 	 	MARYLAND
	 	 	My Commission Expires 2-22-2017

 

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	STATE OF ILLINOIS	)	 
	 	)	ss.:
	COUNTY OF COOK	)	 

 

On the 18th day of
February, 2016, before me, a notary public in and for said State, personally appeared  Christopher J. Nuxoll known to me to
be a  Vice President of U.S Bank National Association, that executed the within instrument, and also known to me to
be the person who executed it on behalf of such national banking association, and acknowledged to me that such
national banking association executed the within instrument.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

	 	 	 
	 	 	/s/ Vicky Eaton
	OFFICIAL SEAL

        VICKY EATON

        Notary Public - State of Illinois

        My Commission Expires Apr 17, 2019
	 	Notary Public
	 	 	 
	[SEAL]	 	
	 	 	
	My commission expires:	 	
	 	 	
	April 17, 2019	 	

 

 

 

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	STATE OF NEW JERSEY	)	 
	 	)	ss.:
	COUNTY OF ESSEX	)	 

 

I
CERTIFY that on February 18, 2016, David M. Rodgers, personally came before me and he acknowledged under oath, to my
satisfaction, that he is the Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors
LLC, which in turn is the sole member of Park Bridge Lender Services LLC, a limited liability company, that he is the person
named in and who executed the within instrument, that he signed and delivered this document as the voluntary act and deed of
the said limited liability company. 

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	 	 
	PETER JAMES ACKERMANN	 	/s/ PETER JAMES ACKERMANN
	NOTARY PUBLIC	 	Notary Public
	NEW JERSEY	 	 
	COMM. EXP.	 	 
	JUNE 08, 2019	 	 
	 	 	 
	(Affix Notary Stamp Above) 	 	 
	 	 	 
	My commission expires: 	June
    8, 2019	 	 	 
		(Date)	 	 	 

 

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	STATE OF NEW JERSEY	)	 
	 	)	ss.:
	COUNTY OF ESSEX	)	 

 

I
CERTIFY that on February 18, 2016, David M. Rodgers, personally came before me and he acknowledged under oath, to my satisfaction,
that he is the Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn
is the sole member of Park Bridge Lender Services LLC, a limited liability company, that he is the person named in and who executed
the within instrument, that he signed and delivered this document as the voluntary act and deed of the said limited liability
company. 

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	 	 
	PETER JAMES ACKERMANN	 	/s/ PETER JAMES ACKERMANN
	NOTARY PUBLIC	 	Notary Public
	NEW JERSEY	 	 
	COMM. EXP.	 	 
	JUNE 08, 2019	 	 
		 	 
	(Affix Notary Stamp Above) 	 	 
	 	 	 
	My commission expires: 	June
    8, 2019	 	 	 
		(Date)	 	 	 

  

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EXECUTION VERSION

 

EXHIBIT A-1

 

FORM OF CLASS [__] CERTIFICATE

 

CLASS [__]

 

MORGAN STANLEY BANK OF AMERICA MERRILL
LYNCH TRUST 2016-C28

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2016-C28, CLASS [__]

 

[FOR BOOK-ENTRY CERTIFICATES: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B AND C): THIS CERTIFICATE IS A TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE

 

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

 

2
     Temporary Regulation S Book-Entry Certificate legend.

 

    	A-1-1

    	 

    

 

LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE UNDERWRITERS, THE INITIAL PURCHASERS,
THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH
BELOW.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B AND C): THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

[FOR CLASS F-1, F-2, F, EF, G-1, G-2,
G, EFG, H-1, H-2 AND H CERTIFICATES: THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR

 

 

 

3
     Book-Entry Certificate legend.

 

    	A-1-2

    	 

    

 

OTHERWISE TRANSFERRED TO ANY
PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA)
OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE
MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION
CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION
OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO
SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION
OF SIMILAR LAW.]

 

[FOR REGULAR CERTIFICATES OTHER THAN
CLASS E, E-1, E-2, F, F-1, F-2, EF, G, G-1, G-2, EFG, H, H-1 AND H-2)] THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE CODE. [FOR EXCHANGEABLE CERTIFICATES (CLASS E-1, E-2, F-1, F-2, G-1, G-2, H-1 AND H-2 ) AND EXCHANGEABLE COMBINED CERTIFICATES
(CLASS E, F, EF, G, EFG AND H): THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF ONE OR MORE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE CODE.]

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE [FOR THE EXCHANGEABLE COMBINED
CERTIFICATES (CLASS E, F, EF, G, EFG AND H): THE RELATED EXCHANGEABLE COMPONENTS (AND CORRESPONDINGLY TO THIS CERTIFICATE)] AND
WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY
REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT.
ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE
MAY ASCERTAIN

 

    	A-1-3

    	 

    

 

ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.] 

 

[FOR CLASS X CERTIFICATES: THIS CLASS
[X-A][X-B][X-D] CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS OF PRINCIPAL.]

 

[FOR CLASS X-A CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A-1, CLASS
A-2, CLASS A-SB, CLASS A-3 AND CLASS A-4 CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-B CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A-S AND CLASS
B CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.]

 

[FOR CLASS X-D CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS D CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X CERTIFICATES: THE NOTIONAL
AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS [X-A][X-B][X-D] CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE LESS
THAN THAT SET FORTH BELOW.]

 

[FOR SUBORDINATE CERTIFICATES (CLASS
A-S, B, C, D, E-1, E-2, E, F-1, F-2, F, EF, G-1, G-2, G, EFG, H-1, H-2 AND H): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES
OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

[FOR EXCHANGEABLE
CERTIFICATES AND EXCHANGEABLE COMBINED CERTIFICATES: SUBJECT TO THE CONDITIONS AND PROCEDURES SET FORTH IN THE POOLING AND SERVICING
AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR EXCHANGEABLE [COMBINED] CERTIFICATES IN THE AMOUNTS SET FORTH IN THE POOLING AND
SERVICING AGREEMENT.]

 

    	A-1-4

    	 

    

 

	
        PASS-THROUGH RATE: [____% per annum] [FOR CLASS X-A,
        X-B OR X-D: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)] [FOR THE EXCHANGEABLE COMBINED
        CERTIFICATES (CLASS E, F, EF, G, EFG AND H): THE CLASS [__] CERTIFICATES WILL NOT HAVE A PASS-THROUGH RATE, BUT WILL BE ENTITLED
        TO RECEIVE THE SUM OF THE INTEREST DISTRIBUTABLE ON THE RELATED EXCHANGEABLE COMPONENTS.]

         

        INITIAL [CERTIFICATE BALANCE] [NOTIONAL AMOUNT] OF THIS CERTIFICATE
        AS OF THE CLOSING DATE: $[_______]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF FEBRUARY 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: FEBRUARY 25, 2016

         

        FIRST DISTRIBUTION DATE:

        MARCH 17, 2016

         

        APPROXIMATE AGGREGATE

        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES

        AS OF THE CLOSING DATE: $[_________] [FOR THE EXCHANGEABLE COMBINED CERTIFICATES (CLASS E, F, EF, G, EFG AND H): (REPRESENTS THE
        MAXIMUM PRINCIPAL BALANCE OF THE CLASS [E][F][EF][G][EFG][H] CERTIFICATES THAT COULD BE ISSUED IN AN EXCHANGE)]

         
	 	
        MASTER SERVICER:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        C-III ASSET MANAGEMENT LLC

         

        TRUSTEE: U.S. BANK NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [__________]

         

        ISIN NO.: [__________]

         

        COMMON CODE NO.: [__________]

         

        CERTIFICATE NO.: [_] - ______

         

 

    	A-1-5

    	 

    

 

CLASS [__] CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

BANC OF AMERICA MERRILL LYNCH COMMERCIAL
MORTGAGE INC.

 

THIS CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES:
CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of the interest evidenced by this Certificate in
the Class [__] Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of February 1,
2016 (the “Pooling and Servicing Agreement”), among Banc of America Merrill Lynch Commercial Mortgage Inc. (hereinafter
called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement),
the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset Representations Reviewer and the
Operating Advisor. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and
Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial [Certificate Balance][Notional Amount] of the Class [__] Certificates [(as increased or decreased, as
the case may be, to reflect any exchanges of Exchangeable [Combined] Certificates)]. The Certificates are designated as the Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

    	A-1-6

    	 

    

 

[FOR REGULAR CERTIFICATES
(OTHER THAN CLASS E-1, E-2, E, F-1, F-2, F, EF, G-1, G-2, G, EFG, H-1 AND H-2:] This Certificate represents a “regular interest”
in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and
860D of the Internal Revenue Code of 1986, as amended.] [FOR EXCHANGEABLE CERTIFICATES (CLASS E-1, E-2, F-1, F-2, G-1, G-2, H-1
AND H-2) AND EXCHANGEABLE COMBINED CERTIFICATES (CLASS E, F, EF, G, EFG AND H):] This Certificate represents beneficial ownership
of one or more “regular interests” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.] Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of [FOR PRINCIPAL BALANCE CERTIFICATES (CLASS
A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-1, E-2, E, F-1, F-2, F, EF, G-1, G-2, G, EFG, H-1, H-2 AND H: principal and] interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. [FOR CLASS A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B,
C, X-D and D CERTIFICATES: Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.] All sums distributable on this Certificate are payable in the coin or currency
of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

[Interest on this Certificate
will accrue (computed as if each year consisted of 360 days and each month consisted of thirty (30) days) during the Interest Accrual
Period relating to such Distribution Date at the Class [__] Pass-Through Rate specified above on the Certificate Balance of this
Certificate immediately prior to each Distribution Date.] [FOR EXCHANGEABLE COMBINED CERTIFICATES (CLASS E, F, EF, G, EFG AND H):
This Certificate will be entitled to interest that accrues (computed as if each year consisted of 360 days and each month consisted
of thirty (30) days) during the Interest Accrual Period relating to such Distribution Date on the related Exchangeable Components
at the Pass-Through Rates specified in the Pooling and Servicing Agreement on the Certificate Balance of this Certificate immediately
prior to each Distribution Date.]

 

[FOR CLASS X CERTIFICATES:
Interest] [FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-1, E-2, E, F-1, F-2, F, EF, G-1,
G-2, G, EFG, H-1, H-2 AND H : Principal and interest] allocated to this Certificate on any Distribution Date will be in an amount
equal to this Certificate’s pro rata share of the Available Funds to be distributed on the Certificates of this Class
as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling
and Servicing Agreement.

 

    	A-1-7

    	 

    

 

Realized Losses and certain
other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner
set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any

 

    	A-1-8

    	 

    

 

Certificateholder
on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $[FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-1, E-2, E,
F-1, F-2, F, EF, G-1, G-2, G, EFG, H-1, H-2 and H: 10,000] [FOR CLASS X CERTIFICATES: 1,000,000 initial Notional Amount], and in
integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the
remainder of the initial Certificate Balance of such Class.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

[FOR EXCHANGEABLE CERTIFICATES
AND EXCHANGEABLE COMBINED CERTIFICATES: As provided in the Pooling and Servicing Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No fee or service charge shall be required with respect to any exchange of Exchangeable Certificates
or Exchangeable Combined Certificates, other than such administrative fees charged by the Depository.]

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

    	A-1-9

    	 

    

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b)
such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to
maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely
affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)          to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or

 

    	A-1-10

    	 

    

 

supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the
Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c)
of the Pooling and Servicing Agreement

 

    	A-1-11

    	 

    

 

and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)          to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)         amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related

 

    	A-1-12

    	 

    

 

to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon

 

    	A-1-13

    	 

    

 

reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no
event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one
(21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the Court of St. James, living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-1-14

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK,
        NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing
        Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

Dated: February
___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-1-15

    	 

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	
        TEN COM    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        Act _________________________

                      (State)

 

 Additional abbreviations may
also be used though not in the above list.

 

FORM OF TRANSFER

 

 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto_______________________________

 

	(Please insert Social Security or other identifying number of Assignee)
	 
	(Please print or typewrite name and address of assignee)
	 
	

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	Dated:	 	 	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.	 
	 	 	 	 	 
	 	 	 	 	 

 

	SIGNATURE GUARANTEED	 

 

The signature must be guaranteed by a commercial
bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized
or witnessed signatures are not acceptable.

 

    	A-1-16

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions shall be made, by wire transfer
or otherwise, in immediately available funds to_____________ for the account of _____________________________ account number ______________
or, if mailed by check, to ______________________________________. Statements should be mailed to ____________________.  This
information is provided by assignee named above, or _______________________, as its agent.

 

    	A-1-17

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

MORGAN STANLEY BANK OF AMERICA MERRILL
LYNCH TRUST 2016-C28

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2016-C28, CLASS R

 

[THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR THE LAWS OF
ANY OTHER JURISDICTION. NEITHER THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.]

 

[THE HOLDER OF THIS CERTIFICATE BY ITS
ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE
SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (B)
FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A.]

 

[THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE INITIAL PURCHASERS, THE MORTGAGE
LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY

 

    	A-2-1

    	 

    

 

ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

[THIS CERTIFICATE REPRESENTS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF
EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED
ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN)
FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE
COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH

 

    	A-2-2

    	 

    

 

RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS
CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT
ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND
(F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER
TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS
SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE
“NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS
OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH
SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY
REGULATIONS.]

 

    	A-2-3

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF FEBRUARY 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: FEBRUARY 25, 2016

         

        FIRST DISTRIBUTION DATE:

        MARCH 17, 2016

         

        CLASS R PERCENTAGE INTEREST: [100%]

         
	 	
        MASTER SERVICER:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        C-III ASSET MANAGEMENT LLC

         

        TRUSTEE: U.S. BANK NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [________]

         

        ISIN NO.: [________]

         

        CERTIFICATE NO.: R-____

         

 

    	A-2-4

    	 

    

 

CLASS R CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

BANC OF AMERICA MERRILL LYNCH COMMERCIAL
MORTGAGE INC.

 

THIS CERTIFIES THAT [____________________]
is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
among Banc of America Merrill Lynch Commercial Mortgage Inc. (hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent
provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class R Certificates. The Certificates are designated as the Morgan Stanley
Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 and are issued in
the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100%
of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Class R Certificate
represents a “residual interest” in two “real estate mortgage investment conduits”, as those terms are
defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this

 

    	A-2-5

    	 

    

 

Certificate
in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and
other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall
be the “tax matters person” for each Trust REMIC pursuant to Treasury Regulations Section 1.860F-4(d) and the “partnership
representative” of each Trust REMIC within the meaning of Section 6223 of the Code (to the extent such provision is applicable
to the Trust REMICs), and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and
agent for any such Person that is the “tax matters person” or “partnership representative”.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate Administrator
in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution Date to
the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions in writing at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

    	A-2-6

    	 

    

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and
Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Each Person who has or
who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions. The rights of each Person acquiring any Ownership Interest in
a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership Interest
in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar person)
(an “Agent”), a Plan or a Person acting on behalf of or investing the assets of a Plan (such Plan or Person,
an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and shall promptly notify the Certificate
Registrar of any change or impending change to such status; (B) in connection with any proposed Transfer of any Ownership Interest
in a Class R Certificate, the Certificate Registrar shall require delivery to it, and no Transfer of any Class R Certificate shall
be registered until the Certificate Registrar receives, an affidavit substantially in the form attached to the Pooling and Servicing
Agreement as Exhibit D-1 (a “Transferee Affidavit”) from the proposed Transferee, in form and substance satisfactory
to the Certificate Registrar, representing and warranting, among other things, that such Transferee is not a Disqualified Organization
or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S. Tax Person, and that it has reviewed the provisions of
Section 5.03(n) of the Pooling and Servicing Agreement and agrees to be bound by them; (C) notwithstanding the delivery of a Transferee

 

    	A-2-7

    	 

    

 

Affidavit
by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual knowledge that the proposed Transferee
is a Disqualified Organization or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S. Tax Person, no Transfer
of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected; and (D) each Person holding or
acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transferee Affidavit from any prospective
Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate and (2) not to transfer
its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a letter substantially in the
form attached to the Pooling and Servicing Agreement as Exhibit D-2 (a “Transferor Letter”) certifying that,
among other things, it has no actual knowledge or reason to know that the proposed Transferee’s statements in such Transferee
Affidavit are false.

 

The Class R Certificates
will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date

 

    	A-2-8

    	 

    

 

shall in no event be later than the Business Day prior to the related Distribution Date and (b)
such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to
maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely
affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)          to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the
Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided

 

    	A-2-9

    	 

    

 

that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)          to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such

 

    	A-2-10

    	 

    

 

amendment
evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement
or of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however, that no
such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)        change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a

 

    	A-2-11

    	 

    

 

REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED

 

    	A-2-12

    	 

    

 

BY
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-2-13

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK,
        NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing
        Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

Dated: February ___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-2-14

    	 

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	
        TEN COM    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        Act _________________________

                      (State)

 

 Additional abbreviations may
also be used though not in the above list.

 

FORM OF TRANSFER

 

 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto_______________________________

 

	(Please insert Social Security or other identifying number of Assignee)
	 
	(Please print or typewrite name and address of assignee)
	 
	

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	Dated:	 	 	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.	 
	 	 	 	 	 
	 	 	 	 	 

 

	SIGNATURE GUARANTEED	 

 

The signature must be guaranteed by a commercial
bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized
or witnessed signatures are not acceptable.

 

    	A-2-15

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of _____________________________
account number ______________ or, if mailed by check, to ______________________________________. Statements should be mailed to
____________________.  This information is provided by assignee named above, or _______________________, as its agent.

 

    	A-2-16

    	 

    

 

EXHIBIT A-3

 

FORM OF CLASS V CERTIFICATE

 

CLASS V

 

MORGAN
STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 2016-C28

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

SERIES
2016-C28, CLASS V

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE UNDERWRITERS, THE INITIAL PURCHASERS,
THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975

 

    	A-3-1

    	 

    

 

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS AN UNDIVIDED
beneficial INTEREST IN A PORTION OF A GRANTOR TRUST THAT HOLDS THE excess interest and
RELATED AMOUNTS IN THE excess interest distribution account.

 

EACH PURCHASER OF THIS CERTIFICATE SHALL
BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING
AGREEMENT.

 

    	A-3-2

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF FEBRUARY 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: FEBRUARY 25, 2016

         

        FIRST DISTRIBUTION DATE:

        MARCH 17, 2016

         

        CLASS V PERCENTAGE INTEREST: [100%]

         
	 	
        MASTER SERVICER:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        C-III ASSET MANAGEMENT LLC

         

        TRUSTEE: U.S. BANK NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [________]

         

        ISIN NO.: [________]

         

        COMMON CODE NO.: [________]

         

        CERTIFICATE NO.: V-____

         

 

    	A-3-3

    	 

    

 

CLASS
V CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve, the Excess Interest Distribution Account and the REO Accounts,
formed and sold by

 

Banc
of America Merrill Lynch Commercial Mortgage Inc.

 

THIS CERTIFIES THAT [______________________]
is the registered owner of the interest evidenced by this Certificate in the Class V Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
among Banc of America Merrill Lynch Commercial Mortgage Inc. (hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent
provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class V Certificates. The Certificates are designated as the Morgan Stanley
Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 and are issued in
the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100%
of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Certificate represents
an undivided beneficial interest in a portion of a grantor trust that holds the Excess Interest and related amounts in the Excess
Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent
with the treatment of, this Certificate in accordance with the preceding

 

    	A-3-4

    	 

    

 

sentence
for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of the Excess Interest then distributable, if any, allocable to the Class of Certificates
of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts.

 

This Certificate is limited
in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions in writing at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of
the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,

 

    	A-3-5

    	 

    

 

directly
or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders
shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under
the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

The Class V Certificates
will be issued in full, registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an

 

    	A-3-6

    	 

    

 

offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b)
such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to
maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely
affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)          to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the
Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each

 

    	A-3-7

    	 

    

 

Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c)
of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)          to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of

 

    	A-3-8

    	 

    

 

any
Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)        change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing

 

    	A-3-9

    	 

    

 

Agreement
without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted
under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise
of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will
not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate

 

    	A-3-10

    	 

    

 

Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-3-11

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK,
        NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing
        Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

February ___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-3-12

    	 

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	
        TEN COM    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        Act _________________________

                      (State)

 

 Additional abbreviations may
also be used though not in the above list.

 

FORM OF TRANSFER

 

 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto_______________________________

 

	(Please insert Social Security or other identifying number of Assignee)
	 
	(Please print or typewrite name and address of assignee)
	 
	

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	Dated:	 	 	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.	 
	 	 	 	 	 
	 	 	 	 	 

 

	SIGNATURE GUARANTEED	 

 

The signature must be guaranteed by a commercial
bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized
or witnessed signatures are not acceptable.

 

    	A-3-13

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions shall be made, by wire transfer
or otherwise, in immediately available funds to_____________ for the account of _____________________________ account number ______________
or, if mailed by check, to ______________________________________. Statements should be mailed to ____________________.  This
information is provided by assignee named above, or _______________________, as its agent.

 

    	A-3-14

    	 

    

 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    	B-1

    	 

    

 

 

	MSBAM 2016-C28: Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan ID	 	Mortgage Loan
Seller	 	Property Name 	 	Cut-off
Date Balance	 	Address 	 	City 	 	State 	 	Note Date
	1	 	MSMCH	 	Penn Square Mall 	 	$90,000,000	 	1901 Northwest Expressway	 	Oklahoma City	 	OK	 	12/22/2015
	2	 	BANA	 	Ellenton Premium Outlets	 	$71,200,000	 	5461 Factory Shops Boulevard	 	Ellenton	 	FL	 	11/3/2015
	3	 	MSMCH	 	GLP Industrial Portfolio A	 	$70,000,000	 	 	 	 	 	 	 	11/4/2015
	3.001	 	MSMCH	 	Inland Empire Indian Ave DC	 	$4,173,765	 	3700 Indian Avenue	 	Perris	 	CA	 	 
	3.002	 	MSMCH	 	Centerpointe 4	 	$3,616,094	 	23400 Cactus Avenue	 	Moreno Valley	 	CA	 	 
	3.003	 	MSMCH	 	Hofer Ranch IC Bldg 1	 	$2,055,316	 	2825 East Jurupa Street	 	Ontario	 	CA	 	 
	3.004	 	MSMCH	 	Denver DC	 	$1,806,293	 	17901 East 40th Avenue	 	Aurora	 	CO	 	 
	3.005	 	MSMCH	 	Freeport DC Bldg 4	 	$1,802,786	 	777 Freeport Parkway	 	Coppell	 	TX	 	 
	3.006	 	MSMCH	 	Ontario Mills DC	 	$1,701,072	 	5125 Ontario Mills Parkway	 	Ontario	 	CA	 	 
	3.007	 	MSMCH	 	Hagerstown Distribution Center	 	$1,613,388	 	16500 Hunters Green Parkway	 	Hagerstown	 	MD	 	 
	3.008	 	MSMCH	 	Beckwith Farms DC	 	$1,578,315	 	12008 Eastgate Boulevard	 	Mount Juliet	 	TN	 	 
	3.009	 	MSMCH	 	Crossroads DC I	 	$1,539,733	 	7481 Coca Cola Drive	 	Baltimore	 	MD	 	 
	3.010	 	MSMCH	 	Centerpointe 6	 	$1,518,689	 	23700 Cactus Avenue	 	Moreno Valley	 	CA	 	 
	3.011	 	MSMCH	 	I-95 DC	 	$1,416,976	 	1413 Tangier Drive	 	White Marsh	 	MD	 	 
	3.012	 	MSMCH	 	Chino Spec Forward	 	$1,388,917	 	13880 Monte Vista Avenue	 	Chino	 	CA	 	 
	3.013	 	MSMCH	 	Bedford Park II	 	$1,350,336	 	5445 West 73rd Street	 	Bedford Park	 	IL	 	 
	3.014	 	MSMCH	 	Landover DC	 	$1,174,967	 	6304 Sheriff Road	 	Landover	 	MD	 	 
	3.015	 	MSMCH	 	North Plainfield 8	 	$1,027,658	 	558 Airtech Parkway	 	Plainfield	 	IN	 	 
	3.016	 	MSMCH	 	Sterling DC	 	$1,010,121	 	1950 Sterling Avenue	 	Ontario	 	CA	 	 
	3.017	 	MSMCH	 	Clifton DC	 	$975,048	 	261 River Road	 	Clifton	 	NJ	 	 
	3.018	 	MSMCH	 	Beckwith Farms 3	 	$975,048	 	12014 Eastgate Boulevard	 	Mt. Juliet	 	TN	 	 
	3.019	 	MSMCH	 	Collington Commerce Center	 	$908,408	 	1049 Prince Georges Boulevard	 	Upper Marlboro	 	MD	 	 
	3.020	 	MSMCH	 	Bedford Park IB	 	$897,886	 	5151 West 73rd Street	 	Bedford Park	 	IL	 	 
	3.021	 	MSMCH	 	Elam Farms DC	 	$859,305	 	3209 Elam Farms Parkway	 	Murfreesboro	 	TN	 	 
	3.022	 	MSMCH	 	Champagne DC	 	$817,216	 	1670 Champagne Avenue	 	Ontario	 	CA	 	 
	3.023	 	MSMCH	 	Bridge Point 1	 	$789,157	 	1000 Davey Road	 	Woodridge	 	IL	 	 
	3.024	 	MSMCH	 	Center Square DC	 	$771,620	 	2359 Center Square Road	 	Logan Township	 	NJ	 	 
	3.025	 	MSMCH	 	Park 355	 	$768,113	 	2145 Internationale Parkway	 	Woodridge	 	IL	 	 
	3.026	 	MSMCH	 	Commerce Farms DC 3	 	$740,054	 	488 Bridgestone Parkway	 	Lebanon	 	TN	 	 
	3.027	 	MSMCH	 	Brandon Woods DC	 	$719,010	 	7603 Energy Parkway	 	Baltimore	 	MD	 	 
	3.028	 	MSMCH	 	Chantilly DC	 	$708,488	 	3920 Stonecroft Boulevard	 	Chantilly	 	VA	 	 
	3.029	 	MSMCH	 	Bolingbrook CC Bldg 3	 	$683,936	 	115 East Crossroads Parkway	 	Bolingbrook	 	IL	 	 
	3.030	 	MSMCH	 	Northpoint CC	 	$683,936	 	350 South Northpoint Drive	 	Coppell	 	TX	 	 
	3.031	 	MSMCH	 	Franklin Square IC I	 	$676,922	 	10001 Franklin Square Drive	 	Rossville	 	MD	 	 
	3.032	 	MSMCH	 	Rock Quarry Building #1	 	$669,907	 	4024 Rock Quarry	 	Dallas	 	TX	 	 
	3.033	 	MSMCH	 	Aurora DC III	 	$666,399	 	2380 Diehl Road	 	Aurora	 	IL	 	 
	3.034	 	MSMCH	 	Washington (DC) Corporate Center	 	$645,355	 	2850 New York Avenue North East	 	Washington	 	DC	 	 
	3.035	 	MSMCH	 	Aurora DC 1	 	$634,833	 	1203 Bilter Road	 	Aurora	 	IL	 	 
	3.036	 	MSMCH	 	Waterfront DC	 	$627,818	 	100 Burma Road	 	Jersey City	 	NJ	 	 
	3.037	 	MSMCH	 	Pureland DC I	 	$624,311	 	2239 High Hill Road	 	Logan Township	 	NJ	 	 
	3.038	 	MSMCH	 	Bedford Park IA	 	$624,311	 	5139 West 73rd Street	 	Bedford Park	 	IL	 	 
	3.039	 	MSMCH	 	Prairie Point Bldg 3	 	$599,759	 	2043 Corporate Drive	 	Naperville	 	IL	 	 
	3.040	 	MSMCH	 	Greenwood DC	 	$582,223	 	700 Commerce Parkway	 	Greenwood	 	IN	 	 
	3.041	 	MSMCH	 	Austin DC III	 	$543,642	 	2120 Grand Avenue Parkway	 	Austin	 	TX	 	 
	3.042	 	MSMCH	 	Franklin Square II	 	$543,642	 	9951 Franklin Square Drive	 	Rossville	 	MD	 	 
	3.043	 	MSMCH	 	Pureland DC II	 	$529,612	 	2255 High Hill Road	 	Logan Township	 	NJ	 	 
	3.044	 	MSMCH	 	Somerset IC	 	$526,105	 	1600 Cottontail Lane	 	Frankin Township	 	NJ	 	 
	3.045	 	MSMCH	 	Rock Quarry Building #2	 	$522,597	 	3737 Rock Quarry	 	Dallas	 	TX	 	 
	3.046	 	MSMCH	 	Brandon Woods DC II	 	$522,597	 	7621 Energy Parkway	 	Baltimore	 	MD	 	 
	3.047	 	MSMCH	 	Centerpointe 5	 	$522,597	 	14300 Graham Street	 	Moreno Valley	 	CA	 	 
	3.048	 	MSMCH	 	Industrial Parkway (CA) DC	 	$519,090	 	5404 Industrial Parkway	 	San Bernardino	 	CA	 	 
	3.049	 	MSMCH	 	Beckwith Farms 2	 	$515,583	 	12002 Eastgate Boulevard	 	Mt. Juliet	 	TN	 	 
	3.050	 	MSMCH	 	North Plainfield 2	 	$508,568	 	595 Perry Road	 	Plainfield	 	IN	 	 
	3.051	 	MSMCH	 	North Plainfield 4	 	$494,539	 	909 Whitaker Road	 	Plainfield	 	IN	 	 
	3.052	 	MSMCH	 	North Plainfield 5	 	$494,539	 	849 Whitaker Road	 	Plainfield	 	IN	 	 
	3.053	 	MSMCH	 	Somerset IC II Building I	 	$491,031	 	400 Pierce Street	 	Somerset	 	NJ	 	 
	3.054	 	MSMCH	 	BWI Commerce Center II	 	$487,524	 	7463 New Ridge Road	 	Hanover	 	MD	 	 
	3.055	 	MSMCH	 	Commerce Farms DC 4	 	$473,494	 	610 Bridgestone Parkway	 	Lebanon	 	TN	 	 
	3.056	 	MSMCH	 	Rock Run Bldg 6	 	$466,480	 	4001 Olympic Boulevard	 	Joliet	 	IL	 	 
	3.057	 	MSMCH	 	Bolingbrook CC Bldg 4	 	$438,421	 	365 Marquette Drive	 	Bolingbrook	 	IL	 	 
	3.058	 	MSMCH	 	Bridge Point 2	 	$427,899	 	1020 Davey Road	 	Woodridge	 	IL	 	 
	3.059	 	MSMCH	 	Burleson BP Bldg 3 (Austin DC I)	 	$424,391	 	4101 Smith School Road	 	Austin	 	TX	 	 
	3.060	 	MSMCH	 	10th Street Business Park 2	 	$413,869	 	1809 10th Street	 	Plano	 	TX	 	 
	3.061	 	MSMCH	 	Park 55	 	$410,362	 	575 West Crossroads Parkway	 	Bolingbrook	 	IL	 	 
	3.062	 	MSMCH	 	Valwood West Industrial A	 	$403,347	 	2025 West Beltline Road	 	Carrollton	 	TX	 	 
	3.063	 	MSMCH	 	Baltimore IC	 	$392,825	 	8801 Citation Road	 	Baltimore	 	MD	 	 
	3.064	 	MSMCH	 	Englewood DC	 	$364,766	 	330 South Van Brunt Street	 	Englewood	 	NJ	 	 
	3.065	 	MSMCH	 	Centerpointe 9	 	$364,766	 	23650 Brodiaea Avenue	 	Moreno Valley	 	CA	 	 
	3.066	 	MSMCH	 	Aurora DC 2	 	$361,259	 	1207 Bilter Road	 	Aurora	 	IL	 	 
	3.067	 	MSMCH	 	Redlands Industrial Center IB	 	$350,737	 	2456 Lugonia Avenue	 	Redlands	 	CA	 	 
	3.068	 	MSMCH	 	Somerset IC II Building II	 	$347,229	 	625 Pierce Street	 	Somerset	 	NJ	 	 
	3.069	 	MSMCH	 	Hofer Ranch TRS Building 3	 	$340,214	 	2880 East Jurupa Street	 	Ontario	 	CA	 	 
	3.070	 	MSMCH	 	BWI Commerce Center I	 	$333,200	 	7453 Candlewood Road	 	Hanover	 	MD	 	 
	3.071	 	MSMCH	 	Burleson BP Bldg 1 (Austin DC I)	 	$333,200	 	4101 Smith School Road	 	Austin	 	TX	 	 
	3.072	 	MSMCH	 	Raceway Crossings IC Bldg 3 (Austin DC II)	 	$333,200	 	16310 Bratton Lane	 	Austin	 	TX	 	 
	3.073	 	MSMCH	 	Freeport DC Bldg 2	 	$333,200	 	921 West Bethel Road Bldg 200	 	Coppell	 	TX	 	 
	3.074	 	MSMCH	 	Concours DC	 	$329,692	 	5505 Concours Street	 	Ontario	 	CA	 	 
	3.075	 	MSMCH	 	Raceway Crossings IC Bldg 2 (Austin DC II)	 	$326,185	 	16310 Bratton Lane	 	Austin	 	TX	 	 
	3.076	 	MSMCH	 	Hagerstown - Industrial Lane DC	 	$322,678	 	16604 Industrial Lane	 	Williamsport	 	MD	 	 
	3.077	 	MSMCH	 	Maple Point 1	 	$322,678	 	10335 Argonne Woods Drive	 	Woodridge	 	IL	 	 

 

    	 

    	 

    

 

	MSBAM 2016-C28: Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan ID	 	Mortgage Loan
Seller	 	Property Name 	 	Cut-off
Date Balance	 	Address 	 	City 	 	State 	 	Note Date
	3.078	 	MSMCH	 	Freeport DC Bldg 1	 	$319,170	 	921 West Bethel Road Bldg 100	 	Coppell	 	TX	 	 
	3.079	 	MSMCH	 	Capital Beltway CC	 	$315,663	 	4501 Auth Place	 	Suitland	 	MD	 	 
	3.080	 	MSMCH	 	Centerpointe Trailer Lot	 	$308,648	 	23400 Cactus Avenue	 	Moreno Valley	 	CA	 	 
	3.081	 	MSMCH	 	Randall Crossing DC	 	$305,141	 	2755 Alft Lane	 	Elgin	 	IL	 	 
	3.082	 	MSMCH	 	Burleson BP Bldg 2 (Austin DC I)	 	$298,126	 	4101 Smith School Road	 	Austin	 	TX	 	 
	3.083	 	MSMCH	 	Maple Point 2	 	$287,604	 	10330 Argonne Woods Drive	 	Woodridge	 	IL	 	 
	3.084	 	MSMCH	 	Hollins End 6	 	$287,604	 	4733 Trident Court	 	Halethorpe	 	MD	 	 
	3.085	 	MSMCH	 	Freeport DC Bldg 3	 	$280,589	 	921 West Bethel Road Bldg 300	 	Coppell	 	TX	 	 
	3.086	 	MSMCH	 	Redlands Industrial Center II	 	$277,082	 	2466 Lugonia Avenue	 	Redlands	 	CA	 	 
	3.087	 	MSMCH	 	Hollins End 1	 	$270,067	 	4734-4756 Trident Court	 	Halethorpe	 	MD	 	 
	3.088	 	MSMCH	 	Hollins End 2	 	$270,067	 	4710-4732 Trident Court	 	Halethorpe	 	MD	 	 
	3.089	 	MSMCH	 	Valwood West Industrial D	 	$266,560	 	2029 Westgate Drive	 	Carrollton	 	TX	 	 
	3.090	 	MSMCH	 	Redlands Industrial Center IA	 	$266,560	 	1450 Mountain View	 	Redlands	 	CA	 	 
	3.091	 	MSMCH	 	Valwood West Industrial C	 	$263,052	 	2045 Westgate Drive	 	Carrollton	 	TX	 	 
	3.092	 	MSMCH	 	10th Street Business Park 1	 	$263,052	 	1801 10th Street	 	Plano	 	TX	 	 
	3.093	 	MSMCH	 	Columbia Park IC	 	$234,994	 	2109 Columbia Park Drive	 	Edgewood	 	MD	 	 
	3.094	 	MSMCH	 	Valley View BC Bldg 2	 	$234,994	 	5375 FAA Boulevard	 	Irving	 	TX	 	 
	3.095	 	MSMCH	 	Valley View BC Bldg 1	 	$224,471	 	5325 FAA Boulevard	 	Irving	 	TX	 	 
	3.096	 	MSMCH	 	Crossroads DC III	 	$217,457	 	7451 Coca Cola Drive	 	Baltimore	 	MD	 	 
	3.097	 	MSMCH	 	Northpointe DC Bldg 1	 	$206,935	 	44901 Falcon Place	 	Dulles	 	VA	 	 
	3.098	 	MSMCH	 	Park 88	 	$196,412	 	2580 Diehl Road	 	Aurora	 	IL	 	 
	3.099	 	MSMCH	 	Ameriplex	 	$196,412	 	5252 Decatur Boulevard	 	Indianapolis	 	IN	 	 
	3.100	 	MSMCH	 	Vista Point South 5	 	$192,905	 	633 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.101	 	MSMCH	 	Hollins End 5	 	$182,383	 	4715 Trident Court	 	Halethorpe	 	MD	 	 
	3.102	 	MSMCH	 	Northpointe DC Bldg 2	 	$178,876	 	44931 Falcon Place	 	Dulles	 	VA	 	 
	3.103	 	MSMCH	 	Vista Point South 6	 	$168,354	 	645 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.104	 	MSMCH	 	Raceway Crossings IC Bldg 1 (Austin DC II)	 	$168,354	 	16310 Bratton Lane	 	Austin	 	TX	 	 
	3.105	 	MSMCH	 	Vista Point South 4	 	$157,831	 	621 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.106	 	MSMCH	 	Vista Point South 3	 	$154,324	 	615 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.107	 	MSMCH	 	North Plainfield 3	 	$140,295	 	923 Whitaker Road	 	Plainfield	 	IN	 	 
	3.108	 	MSMCH	 	Vista Point South 1	 	$129,773	 	609 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.109	 	MSMCH	 	Bolingbrook VMF	 	$122,758	 	273 Marquette Drive	 	Bolingbrook	 	IL	 	 
	3.110	 	MSMCH	 	Vista Point South 2	 	$108,728	 	611 East State Highway 121 Bypass	 	Coppell	 	TX	 	 
	3.111	 	MSMCH	 	Hollins End 3	 	$101,714	 	4700 Trident Court	 	Halethorpe	 	MD	 	 
	3.112	 	MSMCH	 	Hollins End 4	 	$77,162	 	4701 Trident Court	 	Halethorpe	 	MD	 	 
	3.113	 	MSMCH	 	Freeport DC Bldg 6	 	$35,074	 	777 Freeport Parkway	 	Coppell	 	TX	 	 
	3.114	 	MSMCH	 	Freeport DC Bldg 5	 	$31,566	 	777 Freeport Parkway	 	Coppell	 	TX	 	 
	4	 	BANA	 	Navy League Building	 	$60,000,000	 	2300 Wilson Boulevard	 	Arlington	 	VA	 	12/1/2015
	5	 	MSMCH	 	Princeton Pike Corporate Center	 	$50,000,000	 	100, 989, 993, 997, 1000, 1009, 1200, and 2000 Lenox Drive	 	Lawrence Township	 	NJ	 	12/23/2015
	6	 	MSMCH	 	Princeton South Corporate Center	 	$48,000,000	 	100 and 200 Charles Ewing Boulevard	 	Trenton 	 	NJ	 	3/26/2015
	7	 	BANA	 	Greenville Mall 	 	$45,329,539	 	726 Southeast Greenville Boulevard	 	Greenville	 	NC	 	10/8/2015
	8	 	BANA	 	Waterford Place Apartments	 	$40,000,000	 	One Waterford Way	 	Manchester	 	NH	 	11/23/2015
	9	 	CIBC	 	Marriott - Albuquerque, NM	 	$37,072,435	 	2101 Louisiana Boulevard Northeast	 	Albuquerque	 	NM	 	10/7/2015
	10	 	SMF III	 	Simply Self Storage OK & FL Portfolio	 	$33,105,000	 	 	 	 	 	 	 	12/17/2015
	10.01	 	SMF III	 	US 301	 	$11,360,000	 	2100 US 301 North	 	Palmetto	 	FL	 	 
	10.02	 	SMF III	 	Olive Road	 	$6,525,000	 	1835 East Olive Road	 	Pensacola	 	FL	 	 
	10.03	 	SMF III	 	Northwest Grand Boulevard	 	$4,820,000	 	2900 Northwest Grand Boulevard	 	Oklahoma City	 	OK	 	 
	10.04	 	SMF III	 	South Shields Boulevard	 	$3,625,000	 	8706 South Shields Boulevard	 	Oklahoma City	 	OK	 	 
	10.05	 	SMF III	 	South Commerce Street	 	$3,625,000	 	1324, 1812, & 1914 South Commerce Street	 	Ardmore	 	OK	 	 
	10.06	 	SMF III	 	North Western Avenue	 	$3,150,000	 	8200 North Western Avenue	 	Oklahoma City	 	OK	 	 
	11	 	MSMCH	 	Landmark Gardens & Lofts Apartments	 	$30,487,500	 	144 & 176 Landa Street	 	New Braunfels	 	TX	 	11/16/2015
	12	 	BANA	 	Le Meridien Cambridge MIT	 	$30,000,000	 	20 Sidney Street	 	Cambridge	 	MA	 	11/25/2015
	13	 	MSMCH	 	DoubleTree by Hilton - Cleveland, OH	 	$29,000,000	 	1111 Lakeside Avenue	 	Cleveland	 	OH	 	1/26/2016
	14	 	MSMCH	 	40 West Plaza	 	$28,500,000	 	6447-6505 Baltimore National Pike	 	Catonsville	 	MD	 	1/26/2016
	15	 	MSMCH	 	Solar Plaza & Sunbelt Professional Centre	 	$27,950,000	 	 	 	 	 	 	 	12/10/2015
	15.01	 	MSMCH	 	Sunbelt Professional Centre	 	$15,550,000	 	1901 North Rice Avenue & 2401 East Gonzales Road	 	Oxnard	 	CA	 	 
	15.02	 	MSMCH	 	Solar Plaza	 	$12,400,000	 	1701 & 1801 Solar Drive	 	Oxnard	 	CA	 	 
	16	 	BANA	 	Fountaingrove Center	 	$25,777,500	 	3550, 3554 & 3558 Round Barn Boulevard	 	Santa Rosa	 	CA	 	10/23/2015
	17	 	MSMCH	 	H-Mart Town Center	 	$18,400,000	 	3200 K Avenue	 	Plano	 	TX	 	12/16/2015
	18	 	BANA	 	University West Apartments 	 	$18,000,000	 	800-1106 Pinon Drive; 1300 & 1400 Coconino Road; 4305-4345 Maricopa Drive; 1405, 1415, 1425 Coconino Road; 4501, 4502, 4509, 4510, 4518, 4533, 4541 Steinbeck Street	Ames	 	IA	 	10/28/2015
	19	 	MSMCH	 	16055 Space Center	 	$17,081,250	 	16055 Space Center Boulevard	 	Houston	 	TX	 	12/3/2015
	20	 	MSMCH	 	Stoneleigh on the Lake Apartments	 	$16,000,000	 	7303 Spring Cypress Road	 	Spring	 	TX	 	12/2/2015
	21	 	CIBC	 	Oak Creek Marketplace	 	$14,100,000	 	1020-1050 Miamisburg Centerville Road	 	Washington Township	 	OH	 	12/31/2015
	22	 	CIBC	 	Grant at One	 	$12,880,000	 	9475 Roosevelt Boulevard	 	Philadelphia	 	PA	 	11/6/2015
	23	 	BANA	 	Holiday Inn - La Mesa, CA	 	$12,431,371	 	8000 Parkway Drive	 	La Mesa	 	CA	 	1/30/2015
	24	 	BANA	 	Canyon Lakes Plaza	 	$11,625,000	 	9002 & 9232 West Sahara Avenue	 	Las Vegas	 	NV	 	9/17/2015
	25	 	CIBC	 	Ivy Bridge Townhomes	 	$11,200,000	 	10 Westview Commons Boulevard	 	Gates	 	NY	 	1/26/2016
	26	 	SMF III	 	Castle Creek I & II	 	$8,250,000	 	8604 and 8606 Allisonville Road	 	Indianapolis	 	IN	 	12/3/2015
	27	 	BANA	 	Asian Village	 	$8,181,577	 	9191 Bolsa Avenue	 	Westminster	 	CA	 	11/3/2015
	28	 	SMF III	 	Courtyard - Conyers, GA	 	$8,100,000	 	1337 Old Covington Highway Southeast	 	Conyers	 	GA	 	1/11/2016
	29	 	SMF III	 	Park Lee Shopping Center	 	$8,000,000	 	1615 West Camelback Road	 	Phoenix	 	AZ	 	12/23/2015
	30	 	SMF III	 	Holiday Inn Express - Orlando, FL	 	$7,991,578	 	7900 South Conway Road	 	Orlando	 	FL	 	12/11/2015
	31	 	BANA	 	Devon Self Storage - Ann Arbor, MI	 	$7,893,750	 	4750 South State Road	 	Pittsfield Township	 	MI	 	9/18/2015
	32	 	CIBC	 	Holiday Inn Express & Suites - Pensacola, FL	 	$7,008,278	 	307 North New Warrington Road	 	Pensacola	 	FL	 	11/10/2015
	33	 	MSMCH	 	Macy’s Furniture - San Mateo, CA	 	$7,000,000	 	2838 South El Camino Real	 	San Mateo	 	CA	 	11/25/2015
	34	 	MSMCH	 	Mendelsohn Staples Center	 	$6,800,000	 	905, 925 & 945 East Hospitality Lane	 	San Bernardino	 	CA	 	12/21/2015
	35	 	MSMCH	 	24 Hour Fitness - Mesquite, TX	 	$6,670,000	 	3600 West Emporium Circle	 	Mesquite	 	TX	 	1/7/2016
	36	 	MSMCH	 	Regency Plaza	 	$6,600,000	 	9756 Atlantic Boulevard	 	Jacksonville	 	FL	 	1/22/2016
	37	 	CIBC	 	Lindale Crossing	 	$6,060,000	 	4824 First Avenue Northeast	 	Cedar Rapids	 	IA	 	1/5/2016
	38	 	MSMCH	 	La Quinta - Norfolk, VA	 	$5,390,000	 	1387 North Military Highway	 	Norfolk	 	VA	 	1/28/2016
	39	 	MSMCH	 	Walgreens - Sedro Woolley, WA	 	$4,250,000	 	320 Harrison Avenue	 	Sedro Woolley	 	WA	 	11/24/2015
	40	 	MSMCH	 	Walgreens - Southbury, CT	 	$3,920,000	 	370 Main Street South	 	Southbury	 	CT	 	12/1/2015
	41	 	CIBC	 	Best Western Blue Angel Inn - Pensacola, FL	 	$3,185,678	 	2390 West Detroit Boulevard	 	Pensacola	 	FL	 	11/10/2015
	42	 	BANA	 	Fish Haven Lodge MHC	 	$2,207,898	 	201 Fish Haven Road	 	Auburndale	 	FL	 	10/29/2015

 

    	 

    	 

    

 

	MSBAM 2016-C28: Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan ID	 	Mortgage Loan
Seller	 	Property Name 	 	Maturity
    Date	 	Mortgage
    Rate 	 	Original
Term to Maturity (mos.) 	 	Remaining
Term to Maturity (mos.)	 	Original
Amortization Term (mos.) 	 	ARD
    (Yes/No) 	 	Primary
Servicing Fee Rate	 	Pari
Passu Loan Primary Servicing

Fee Rate
	1	 	MSMCH	 	Penn Square Mall 	 	1/1/2026	 	3.842%	 	120	 	119	 	0	 	No	 	0.00000%	 	0.00250%
	2	 	BANA	 	Ellenton Premium Outlets	 	12/1/2025	 	4.299%	 	120	 	118	 	0	 	No	 	0.00000%	 	0.00250%
	3	 	MSMCH	 	GLP Industrial Portfolio A	 	11/6/2025	 	4.144%	 	120	 	117	 	0	 	No	 	0.00000%	 	0.00125%
	3.001	 	MSMCH	 	Inland Empire Indian Ave DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.002	 	MSMCH	 	Centerpointe 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.003	 	MSMCH	 	Hofer Ranch IC Bldg 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.004	 	MSMCH	 	Denver DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.005	 	MSMCH	 	Freeport DC Bldg 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.006	 	MSMCH	 	Ontario Mills DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.007	 	MSMCH	 	Hagerstown Distribution Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.008	 	MSMCH	 	Beckwith Farms DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.009	 	MSMCH	 	Crossroads DC I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.010	 	MSMCH	 	Centerpointe 6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.011	 	MSMCH	 	I-95 DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.012	 	MSMCH	 	Chino Spec Forward	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.013	 	MSMCH	 	Bedford Park II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.014	 	MSMCH	 	Landover DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.015	 	MSMCH	 	North Plainfield 8	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.016	 	MSMCH	 	Sterling DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.017	 	MSMCH	 	Clifton DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.018	 	MSMCH	 	Beckwith Farms 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.019	 	MSMCH	 	Collington Commerce Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.020	 	MSMCH	 	Bedford Park IB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.021	 	MSMCH	 	Elam Farms DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.022	 	MSMCH	 	Champagne DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.023	 	MSMCH	 	Bridge Point 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.024	 	MSMCH	 	Center Square DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.025	 	MSMCH	 	Park 355	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.026	 	MSMCH	 	Commerce Farms DC 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.027	 	MSMCH	 	Brandon Woods DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.028	 	MSMCH	 	Chantilly DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.029	 	MSMCH	 	Bolingbrook CC Bldg 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.030	 	MSMCH	 	Northpoint CC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.031	 	MSMCH	 	Franklin Square IC I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.032	 	MSMCH	 	Rock Quarry Building #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.033	 	MSMCH	 	Aurora DC III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.034	 	MSMCH	 	Washington (DC) Corporate Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.035	 	MSMCH	 	Aurora DC 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.036	 	MSMCH	 	Waterfront DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.037	 	MSMCH	 	Pureland DC I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.038	 	MSMCH	 	Bedford Park IA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.039	 	MSMCH	 	Prairie Point Bldg 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.040	 	MSMCH	 	Greenwood DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.041	 	MSMCH	 	Austin DC III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.042	 	MSMCH	 	Franklin Square II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.043	 	MSMCH	 	Pureland DC II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.044	 	MSMCH	 	Somerset IC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.045	 	MSMCH	 	Rock Quarry Building #2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.046	 	MSMCH	 	Brandon Woods DC II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.047	 	MSMCH	 	Centerpointe 5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.048	 	MSMCH	 	Industrial Parkway (CA) DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.049	 	MSMCH	 	Beckwith Farms 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.050	 	MSMCH	 	North Plainfield 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.051	 	MSMCH	 	North Plainfield 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.052	 	MSMCH	 	North Plainfield 5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.053	 	MSMCH	 	Somerset IC II Building I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.054	 	MSMCH	 	BWI Commerce Center II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.055	 	MSMCH	 	Commerce Farms DC 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.056	 	MSMCH	 	Rock Run Bldg 6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.057	 	MSMCH	 	Bolingbrook CC Bldg 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.058	 	MSMCH	 	Bridge Point 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.059	 	MSMCH	 	Burleson BP Bldg 3 (Austin DC I)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.060	 	MSMCH	 	10th Street Business Park 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.061	 	MSMCH	 	Park 55	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.062	 	MSMCH	 	Valwood West Industrial A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.063	 	MSMCH	 	Baltimore IC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.064	 	MSMCH	 	Englewood DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.065	 	MSMCH	 	Centerpointe 9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.066	 	MSMCH	 	Aurora DC 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.067	 	MSMCH	 	Redlands Industrial Center IB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.068	 	MSMCH	 	Somerset IC II Building II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.069	 	MSMCH	 	Hofer Ranch TRS Building 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.070	 	MSMCH	 	BWI Commerce Center I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.071	 	MSMCH	 	Burleson BP Bldg 1 (Austin DC I)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.072	 	MSMCH	 	Raceway Crossings IC Bldg 3 (Austin DC II)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.073	 	MSMCH	 	Freeport DC Bldg 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.074	 	MSMCH	 	Concours DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.075	 	MSMCH	 	Raceway Crossings IC Bldg 2 (Austin DC II)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.076	 	MSMCH	 	Hagerstown - Industrial Lane DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.077	 	MSMCH	 	Maple Point 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	MSBAM 2016-C28: Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan ID	 	Mortgage Loan
    Seller	 	Property Name 	 	Maturity
    Date	 	Mortgage
    Rate 	 	Original
Term to Maturity (mos.) 	 	Remaining
Term to Maturity (mos.)	 	Original
Amortization Term (mos.) 	 	ARD
(Yes/No) 	 	Primary
Servicing Fee Rate	 	Pari
Passu Loan Primary Servicing

Fee Rate
	3.078	 	MSMCH	 	Freeport DC Bldg 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.079	 	MSMCH	 	Capital Beltway CC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.080	 	MSMCH	 	Centerpointe Trailer Lot	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.081	 	MSMCH	 	Randall Crossing DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.082	 	MSMCH	 	Burleson BP Bldg 2 (Austin DC I)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.083	 	MSMCH	 	Maple Point 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.084	 	MSMCH	 	Hollins End 6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.085	 	MSMCH	 	Freeport DC Bldg 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.086	 	MSMCH	 	Redlands Industrial Center II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.087	 	MSMCH	 	Hollins End 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.088	 	MSMCH	 	Hollins End 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.089	 	MSMCH	 	Valwood West Industrial D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.090	 	MSMCH	 	Redlands Industrial Center IA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.091	 	MSMCH	 	Valwood West Industrial C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.092	 	MSMCH	 	10th Street Business Park 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.093	 	MSMCH	 	Columbia Park IC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.094	 	MSMCH	 	Valley View BC Bldg 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.095	 	MSMCH	 	Valley View BC Bldg 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.096	 	MSMCH	 	Crossroads DC III	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.097	 	MSMCH	 	Northpointe DC Bldg 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.098	 	MSMCH	 	Park 88	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.099	 	MSMCH	 	Ameriplex	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.100	 	MSMCH	 	Vista Point South 5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.101	 	MSMCH	 	Hollins End 5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.102	 	MSMCH	 	Northpointe DC Bldg 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.103	 	MSMCH	 	Vista Point South 6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.104	 	MSMCH	 	Raceway Crossings IC Bldg 1 (Austin DC II)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.105	 	MSMCH	 	Vista Point South 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.106	 	MSMCH	 	Vista Point South 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.107	 	MSMCH	 	North Plainfield 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.108	 	MSMCH	 	Vista Point South 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.109	 	MSMCH	 	Bolingbrook VMF	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.110	 	MSMCH	 	Vista Point South 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.111	 	MSMCH	 	Hollins End 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.112	 	MSMCH	 	Hollins End 4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.113	 	MSMCH	 	Freeport DC Bldg 6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.114	 	MSMCH	 	Freeport DC Bldg 5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	BANA	 	Navy League Building	 	12/1/2025	 	4.938%	 	120	 	118	 	360	 	No	 	0.00500%	 	0.00000%
	5	 	MSMCH	 	Princeton Pike Corporate Center	 	1/1/2026	 	4.673%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	6	 	MSMCH	 	Princeton South Corporate Center	 	4/1/2025	 	4.050%	 	120	 	110	 	360	 	No	 	0.00500%	 	0.00000%
	7	 	BANA	 	Greenville Mall 	 	11/6/2025	 	4.460%	 	120	 	117	 	360	 	No	 	0.00500%	 	0.00000%
	8	 	BANA	 	Waterford Place Apartments	 	12/1/2025	 	4.793%	 	120	 	118	 	360	 	No	 	0.00500%	 	0.00000%
	9	 	CIBC	 	Marriott - Albuquerque, NM	 	11/1/2025	 	4.880%	 	120	 	117	 	360	 	No	 	0.00500%	 	0.00000%
	10	 	SMF III	 	Simply Self Storage OK & FL Portfolio	 	1/6/2026	 	4.823%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	10.01	 	SMF III	 	US 301	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	SMF III	 	Olive Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.03	 	SMF III	 	Northwest Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.04	 	SMF III	 	South Shields Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.05	 	SMF III	 	South Commerce Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10.06	 	SMF III	 	North Western Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	MSMCH	 	Landmark Gardens & Lofts Apartments	 	12/1/2025	 	4.690%	 	120	 	118	 	360	 	No	 	0.02000%	 	0.00000%
	12	 	BANA	 	Le Meridien Cambridge MIT	 	12/1/2020	 	4.933%	 	60	 	58	 	360	 	No	 	0.00500%	 	0.00000%
	13	 	MSMCH	 	DoubleTree by Hilton - Cleveland, OH	 	2/1/2026	 	5.280%	 	120	 	120	 	360	 	No	 	0.01500%	 	0.00000%
	14	 	MSMCH	 	40 West Plaza	 	2/1/2028	 	5.280%	 	144	 	144	 	360	 	No	 	0.00500%	 	0.00000%
	15	 	MSMCH	 	Solar Plaza & Sunbelt Professional Centre	 	1/1/2026	 	4.625%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	15.01	 	MSMCH	 	Sunbelt Professional Centre	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	MSMCH	 	Solar Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	BANA	 	Fountaingrove Center	 	11/1/2025	 	4.558%	 	120	 	117	 	360	 	No	 	0.02500%	 	0.00000%
	17	 	MSMCH	 	H-Mart Town Center	 	1/1/2026	 	4.815%	 	120	 	119	 	360	 	No	 	0.03000%	 	0.00000%
	18	 	BANA	 	University West Apartments 	 	11/1/2025	 	4.553%	 	120	 	117	 	360	 	No	 	0.00000%	 	0.00500%
	19	 	MSMCH	 	16055 Space Center	 	1/1/2026	 	4.650%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	20	 	MSMCH	 	Stoneleigh on the Lake Apartments	 	1/1/2026	 	4.750%	 	120	 	119	 	0	 	No	 	0.03500%	 	0.00000%
	21	 	CIBC	 	Oak Creek Marketplace	 	1/1/2026	 	5.080%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	22	 	CIBC	 	Grant at One	 	12/1/2025	 	4.930%	 	120	 	118	 	360	 	No	 	0.00500%	 	0.00000%
	23	 	BANA	 	Holiday Inn - La Mesa, CA	 	2/1/2022	 	4.825%	 	84	 	72	 	360	 	No	 	0.00500%	 	0.00000%
	24	 	BANA	 	Canyon Lakes Plaza	 	10/1/2025	 	4.767%	 	120	 	116	 	360	 	No	 	0.00500%	 	0.00000%
	25	 	CIBC	 	Ivy Bridge Townhomes	 	2/1/2026	 	5.400%	 	120	 	120	 	360	 	No	 	0.06000%	 	0.00000%
	26	 	SMF III	 	Castle Creek I & II	 	12/6/2025	 	5.068%	 	120	 	118	 	360	 	No	 	0.04500%	 	0.00000%
	27	 	BANA	 	Asian Village	 	12/1/2025	 	4.770%	 	120	 	118	 	360	 	No	 	0.00500%	 	0.00000%
	28	 	SMF III	 	Courtyard - Conyers, GA	 	2/6/2026	 	5.240%	 	120	 	120	 	360	 	No	 	0.00500%	 	0.00000%
	29	 	SMF III	 	Park Lee Shopping Center	 	1/6/2021	 	5.316%	 	60	 	59	 	360	 	No	 	0.00500%	 	0.00000%
	30	 	SMF III	 	Holiday Inn Express - Orlando, FL	 	1/6/2026	 	5.040%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	31	 	BANA	 	Devon Self Storage - Ann Arbor, MI	 	10/1/2025	 	4.901%	 	120	 	116	 	360	 	No	 	0.00500%	 	0.00000%
	32	 	CIBC	 	Holiday Inn Express & Suites - Pensacola, FL	 	12/1/2025	 	5.150%	 	120	 	118	 	240	 	No	 	0.05500%	 	0.00000%
	33	 	MSMCH	 	Macy’s Furniture - San Mateo, CA	 	12/1/2025	 	4.550%	 	120	 	118	 	0	 	No	 	0.00500%	 	0.00000%
	34	 	MSMCH	 	Mendelsohn Staples Center	 	1/1/2026	 	4.715%	 	120	 	119	 	360	 	No	 	0.00500%	 	0.00000%
	35	 	MSMCH	 	24 Hour Fitness - Mesquite, TX	 	2/1/2026	 	5.000%	 	120	 	120	 	300	 	No	 	0.00500%	 	0.00000%
	36	 	MSMCH	 	Regency Plaza	 	2/1/2021	 	4.440%	 	60	 	60	 	360	 	No	 	0.00500%	 	0.00000%
	37	 	CIBC	 	Lindale Crossing	 	2/1/2026	 	5.110%	 	120	 	120	 	360	 	No	 	0.00500%	 	0.00000%
	38	 	MSMCH	 	La Quinta - Norfolk, VA	 	2/1/2026	 	5.250%	 	120	 	120	 	360	 	No	 	0.06000%	 	0.00000%
	39	 	MSMCH	 	Walgreens - Sedro Woolley, WA	 	12/1/2025	 	4.845%	 	120	 	118	 	0	 	No	 	0.04000%	 	0.00000%
	40	 	MSMCH	 	Walgreens - Southbury, CT	 	12/1/2025	 	4.805%	 	120	 	118	 	300	 	No	 	0.04000%	 	0.00000%
	41	 	CIBC	 	Best Western Blue Angel Inn - Pensacola, FL	 	12/1/2025	 	5.200%	 	120	 	118	 	240	 	No	 	0.05500%	 	0.00000%
	42	 	BANA	 	Fish Haven Lodge MHC	 	11/1/2025	 	5.190%	 	120	 	117	 	360	 	No	 	0.00500%	 	0.00000%

 

    	 

    	 

    

 

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

  

Wells Fargo Bank, National
Association

as Certificate Registrar

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services – Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

			[OR OTHER CERTIFICATE REGISTRAR]

 

Banc of America Merrill Lynch
Commercial Mortgage Inc.

One Bryant Park

New York, New York 10036

Attention:  Leland F.
Bunch, III

 

		Re:	Transfer of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial
Mortgage Pass-Through Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, U.S. Bank National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset
Representations Reviewer, on behalf of the holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28 (the “Certificates”) in connection with the transfer by _________________
(the “Seller”) to the undersigned (the “Purchaser”) of $_______________ aggregate Certificate
Balance of Class ___ Certificates (the “Certificate”). Capitalized terms used and not otherwise defined
herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.      Check one of the
following:*

 

☐           The
Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor”
within the meaning of Rule 501(a)(1),

 

 

*
Purchaser must include one of the following two certifications.

 

    	Exhibit C-1

    	 

    

 

               (2), (3) or (7) of Regulation D (“Regulation D”) under the Securities
Act of 1933, as amended (the “Securities Act”) or any entity in which all of the equity owners are “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D (each, an “Institutional Accredited
Investor”) and has such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment in the Certificates, and the Purchaser and any accounts for which it is acting are each able
to bear the economic risk of the Purchaser’s or such account’s investment. The Purchaser is acquiring the Certificates
purchased by it for its own account or for one or more accounts, each of which is an Institutional Accredited Investor, as to each
of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs
incurred by it in connection with this transfer.

 

☐           The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of
Rule 144A.

 

2.     The Purchaser’s
intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer,
resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the view to, or for
resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate) to Institutional
Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel acceptable
to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act,
(y) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer,
resale, pledge or transfer is in compliance with the Securities Act and other applicable laws and (z) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. The Purchaser understands that the
Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason of a specified exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s
investment intent (or intent to reoffer, resell, pledge or transfer the Certificate only to certain investors in certain exempted
transactions) as expressed herein.

 

3.     The Purchaser has
reviewed the Preliminary Prospectus and the Final Prospectus relating to the Offered Certificates (collectively, the “Prospectus”)
(and, with respect to Offered Private Certificates, the Preliminary Private Placement Memorandum and the Final Private Placement
Memorandum related to such Offered Private Certificates) and the agreements and other materials referred to therein and has had
the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the
Prospectus.

 

4.     The Purchaser acknowledges
that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the
Securities

 

    	Exhibit C-2

    	 

    

 

Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be reoffered, resold,
pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from such registration
or qualification is available.

 

5.     The Purchaser hereby
undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an owner of a Certificate
or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory
thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders present and
future.

 

6.     The Purchaser will
not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03 of the
Pooling and Servicing Agreement.

 

7.     Check one of the
following:**

 

☐           The
Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

☐           The
Purchaser is not a U.S. Tax Person and under applicable law in effect on the date hereof, no taxes will be required to be withheld
by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate. The Purchaser has attached
hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form, as applicable), which identifies such
Purchaser as the beneficial owner of the Certificate and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY
(with all appropriate attachments) or (iii)]*** two duly executed copies of IRS Form W-8ECI (or successor form),
which identify such Purchaser as the beneficial owner of the Certificate and state that interest and original issue discount on
the Certificate and Permitted Investments is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI,
[as the case may be,]*** any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 7, “U.S.
Tax Person” means a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to

 

 

 

**
Each Purchaser must include one of the two alternative certifications.

 

***
Does not apply to a transfer of Class R Certificates.

 

    	Exhibit C-3

    	 

    

 

exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

	 	 	8.	Please make all payments due on the Certificates:****
	 	 	 	 
	 	☐	(a)	by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

	 	 	 	 	 	 	 
	 	Bank:	 	 	 	 	 
	 	ABA #:	 	 	 	 
	 	Account #:	 	 
	 	Attention:	 	 	 

  

	 	☐	(b)	by mailing a check or draft to the following address:

 

	 	 	 
	 	 	 
	 	 	 

   

9.              If the Purchaser
is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a partnership for
U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more partnerships, trusts
or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

	 	Very truly yours,
	 	 
	 	 	 
	 	 	
        
[The Purchaser]

	 	 	 
	 	By:	 
			Name:

Title:
	 	 	 
	Dated:	 	 

 

 

 

****
Only to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates,
wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance
or Notional Amount, as applicable, of at least U.S. $5,000,000.

 

    	Exhibit C-4

    	 

    

 

EXHIBIT D-1

 

Form
of Transferee Affidavit FOR TRANSFERS 

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

			[OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling
and Servicing Agreement”), dated as of February 1, 2016, by and among Banc of America Merrill Lynch Commercial
Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, U.S. Bank National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

 

1.     I am a [______]
of [______] (the “Purchaser”), on behalf of
which I have the authority to make this affidavit.

 

2.     The Purchaser is
acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits
(each, a “REMIC”) designated as the (i) 
“Lower-Tier REMIC” and (ii) “Upper-Tier
REMIC”, respectively, relating to the Certificates for which an election is to be made under Section 860D
of the Internal Revenue Code of 1986 (the “Code”).

 

3.     The Purchaser is
not a “Disqualified Organization” (as defined
below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with
a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes
hereof, a Disqualified Organization is

 

    	Exhibit D-1-1

    	 

    

 

any of the following: of (i) the United States, any State or political subdivision
thereof, any possession of the United States or any agency or instrumentality of any of the foregoing (other than an instrumentality
which is a corporation if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors
is not selected by such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality
of any of the foregoing, (iii) any organization which is exempt from the tax imposed by Chapter 1 of the Code (including
the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1)
of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521
of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an
“electing large partnership,” as defined in Section 775 of the Code and (vi) any other Person so designated
by the Certificate Administrator based upon an Opinion of Counsel as provided to the Certificate Administrator (at no expense to
the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate by such Person may cause
either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding or any Person having an Ownership
Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms “United States,” “State” and “international organization” shall have the meanings
set forth in Section 7701 of the Code or successor provisions.

 

4.     The Purchaser acknowledges
that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances, on an agent
for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.     The Purchaser is
a Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number is [__________].

 

6.     No purpose of the
acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.     The Purchaser will
not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.     Check the applicable
paragraph:

 

☐    The present
value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum
of:

 

(i)     the present value
of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)    the present value
of the expected future distributions on such Class R Certificate; and

 

    	Exhibit D-1-2

    	 

    

 

(iii)  
 the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC
generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)
of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present
values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for
the month of the transfer and the compounding period used by the Purchaser.

 

☐   
  The transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6)
and, accordingly,

 

(i)   
  the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations
Section 1.860E-1(c)(6)(i), as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)  
  at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the
transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a person related to
the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and
net assets in excess of $10 million;

 

(iii)    the Purchaser
will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations Section 1.860E-1(c)(6)(i),
in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Treasury Regulations
Section 1.860E-1(c)(5); and

 

(iv)    the Purchaser
determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but
not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates
and other factors specific to the Purchaser) that it has determined in good faith.

 

☐     
None of the above.

 

9.     
The Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the
future and the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.     The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash
flows generated by such Certificate.

 

11.     The Purchaser
is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser,
or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially
the same form as this affidavit and agreement. The Purchaser expressly agrees that

 

    	Exhibit D-1-3

    	 

    

 

it will not consummate any such transfer if
it knows or believes that any representation contained in such affidavit and agreement is false.

 

12. 
   The Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent
for any person that is not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate,
it will endeavor to remain a Permitted Transferee.

 

13.     The Purchaser
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.     The Purchaser
has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions is set
forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.     The Purchaser
consents to the designation of the Certificate Administrator as the agent of the “tax matters person” and “partnership
representative” of each Trust REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

    	Exhibit D-1-4

    	 

    

  

On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

     

	 	 	
	 	 	NOTARY PUBLIC in and for the
	 	 	  State of _______________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	___________________	 	 
	 	 	 

    	Exhibit D-1-5

    	 

    

 

EXHIBIT D-2

 

FORM OF TRANSFEROR LETTER FOR TRANSFERS

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Wells Fargo
Center

Sixth Street
and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

			Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

			[OR OTHER CERTIFICATE REGISTRAR]

 

	 	Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial
    Mortgage Pass-Through Certificates, Series 2016-C28 (the “Certificates”) 

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates
evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, U.S. Bank National Association, as Trustee, and Park Bridge Lender Services
LLC, as Asset Representations Reviewer and as Operating Advisor. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

 

(1)     No purpose of
the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will be to impede
the assessment or collection of any tax.

 

(2)     The Transferor
understands that the Transferee has delivered to you a Transferee Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)     The Transferor
has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated
by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that

 

    	Exhibit D-2-1

    	 

    

 

the Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the
Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of
the Residual Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable
for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

  

	 	Very truly yours,
	 	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit D-2-2

    	 

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information
	 
	 	Name of Mortgagor:	

	 	 	 
	 	[Master Servicer] 	 
	 	[Special Servicer] 

Loan No.:	

	 	 	 
	Custodian
	 
	 	Name:	Wells Fargo Bank, National Association
	 	 

        Address:
	
         

        9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

        Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

         

	 	Custodian/Trustee 

Mortgage File No.:	

	 
	Depositor
	 	Name:	Banc of America Merrill Lynch Commercial Mortgage Inc.
	 	 

        Address:
	
         

        

        Banc of America Merrill Lynch Commercial Mortgage Inc.

        

        One Bryant Park

        

        New York, New York 10036

        

        Attention:  Leland F.
        Bunch, III

         

	 	Certificates:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

The undersigned [Master
Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the “Custodian”)
on behalf of U.S. Bank National Association, as trustee (the “Trustee”), for the Holders of Morgan Stanley Bank
of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, the documents referred
to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Pooling

 

    	Exhibit E-1

    	 

    

 

and Servicing Agreement dated as of February 1, 2016, by and among Banc of America Merrill
Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management
LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator,
and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating Advisor (the “Pooling and Servicing
Agreement”).

 

( )              ___________________________

 

( )              ___________________________

 

( )              ___________________________

 

( )              ___________________________

 

The undersigned [Master
Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)     The [Master Servicer]
[Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for the purposes
provided in the Pooling and Servicing Agreement.

 

(2)     The [Master Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Pooling and Servicing Agreement.

 

(3)     The [Master Servicer]
[Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loans
have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)     The Documents
and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer] [Special
Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer] shall keep
the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s] possession,
custody or control.

 

	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	  

         
	  

         
	 

 

 

Date: _____________

 

    	Exhibit E-2

    	 

    

  

EXHIBIT F-1

 

FORM OF ERISA REPRESENTATION

LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

			[OR OTHER CERTIFICATE REGISTRAR]

 

Banc of America Merrill Lynch
Commercial Mortgage Inc.

One Bryant Park

New York, New York 10036

Attention:  Leland F.
Bunch, III

 

		Re:	Transfer of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through
Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase US$[___] aggregate initial Certificate Balance in the Morgan Stanley Bank
of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [F-1][F-2][F][EF][G-1][G-2][G][EFG][H-1][H-2][H]
Certificates issued pursuant to that certain Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, U.S. Bank National Association, as Trustee, and Park Bridge Lender Services LLC, as Asset Representations
Reviewer and as Operating Advisor. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed
to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

1.     
The Purchaser is not and will not become (a) an employee benefit plan subject to the fiduciary responsibility provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in
Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA) for which no election has been made under
Section 410(d) of the Code, or any other plan subject to any federal, state or local law (“Similar Law”)
which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each a

 

    	Exhibit F-1-1

    	 

    

 

“Plan”) or (b) a person acting on behalf of or using the assets
of any such Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity by such
a Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA),
other than an insurance company using the assets of its “insurance company general account” (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) under circumstances whereby the purchase
and holding of Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the
Code under Sections I and III of PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that would not constitute
or result in a non-exempt violation of applicable Similar Law).

 

2.   
  The Purchaser understands that if the Purchaser is or becomes a Person referred to in 1(a) or (b) above, such
Purchaser is required to provide to the Trustee and Certificate Administrator an Opinion of Counsel in form and substance
satisfactory to the Trustee and Certificate Administrator and the Depositor to the effect that the acquisition and holding of
such Certificate by such purchaser or transferee will not constitute or result in a “prohibited transaction”
within the meaning of ERISA, Section 4975 of the Code or any Similar Law, and will not subject the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers, the Asset Representations Reviewer, the
Operating Advisor or the Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section
4975 of the Code or any such Similar Law) in addition to those set forth in the Pooling and Servicing Agreement, which
Opinion of Counsel shall not be at the expense of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers or the
Trust.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Date: ______________	 	 

 

    	Exhibit F-1-2

    	 

    

 

 

EXHIBIT F-2

 

Form
of ERISA Representation Letter

regarding CLASS R and class V CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

            [OR
OTHER CERTIFICATE REGISTRAR]

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase [__]% Percentage Interest in the Morgan Stanley Bank of America Merrill Lynch
Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, [Class R][Class V] Certificates (the “[Class
R][Class V] Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, U.S. Bank National Association, as Trustee, and Park Bridge Lender
Services LLC, as Asset Representations Reviewer and as Operating Advisor. Capitalized terms used and not otherwise defined herein
have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you that, with respect to the [Class R][Class V] Certificate, the Purchaser
is not an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to
any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar
Law”) (each,

 

    		Exhibit F-2-1	

    	 

    

 

a “Plan”), or any person acting on behalf of any such Plan or using the assets of a Plan
to purchase such [Class R][Class V] Certificate.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

	 	
        Very truly yours,

        
	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Date: _______	 	 

 

    		Exhibit F-2-2	

    	 

    

 

EXHIBIT G

 

FORM OF DISTRIBUTION DATE STATEMENT

See Annex B to the Prospectus

 

    		Exhibit G-1	

    	 

    

 

EXHIBIT H

 

FORM OF OMNIBUS ASSIGNMENT

 

[NAME OF CURRENT ASSIGNOR]
having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”)
for good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers,
sets over and conveys, without recourse, representation or warranty, express or implied, unto “U.S. Bank National Association,
as Trustee for the registered holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through
Certificates, Series 2016-C28” (the “Assignee”),
having an office at 190 S. LaSalle Street, 7th Floor, Mail Code MK-IL-SL7C, Chicago, Illinois 60603, Attention: MSBAM 2016-C28,
its successors and assigns, all right, title and interest of the Assignor in and to:

 

That certain mortgage
and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or similar security instrument
(the “Security Instrument”), and that certain
Promissory Note (the “Mortgage Note”), for each
of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and that certain assignment of leases
and rents given in connection therewith and all of the Assignor’s right, title and interest in any claims, collateral, insurance
policies, certificates of deposit, letters of credit, escrow accounts, performance bonds, demands, causes of action and any other
collateral arising out of and/or executed and/or delivered in or to or with respect to the Security Instrument and the Mortgage
Note, together with any other documents or instruments executed and/or delivered in connection with or otherwise related to the
Security Instrument and the Mortgage Note.

 

IN WITNESS WHEREOF, the
Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

 

	 	[NAME OF CURRENT ASSIGNOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    		Exhibit H-1	

    	 

    

 

EXHIBIT I

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Temporary Regulation S Book-Entry Certificate

during Restricted Period

 

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

	Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Book-Entry Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

 

 

*     Select
appropriate depository.

 

    		Exhibit I-1	

    	 

    

 

(1)          the
offer of the Certificates was not made to a person in the United States;

 

[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)        the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	
        [Insert Name of Transferor]

        
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 

  

cc: Banc of America
Merrill Lynch Commercial Mortgage Inc.

 

 

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    		Exhibit I-2	

    	 

    

 

EXHIBIT J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Book-Entry Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

 

(1)          the
offer of the Certificates was not made to a person in the United States,

 

    		Exhibit J-1	

    	 

    

 

[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)        the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	
        [Insert Name of Transferor]

        
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 

  

cc: Banc of America Merrill Lynch Commercial Mortgage
Inc.

 

 

 

*     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    		Exhibit J-2	

    	 

    

 

EXHIBIT K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during Restricted Period

 

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class
(CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of

 

 

 

*     Select
appropriate depository.

 

    		Exhibit K-1	

    	 

    

 

Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

 

	 	
        [Insert Name of Transferor]

        
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 

  

cc: Banc of America Merrill Lynch Commercial Mortgage
Inc.

 

    		Exhibit K-2	

    	 

    

 

EXHIBIT L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

[For purposes of acquiring
a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate of the Class specified above
issued under the Pooling and Servicing Agreement certifies that it is not a U.S. Person as defined by Regulation S under the Securities
Act of 1933, as amended.

 

We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

 

 

*     Select,
as applicable.

 

    		Exhibit L-1	

    	 

    

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	Dated:	 	 

 

	 	By: 	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    		Exhibit L-2	

    	 

    

 

EXHIBIT M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation S Book-Entry
Certificate

 

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)          the
offer of the Certificates was not made to a person in the United States;

 

 

 

*     Select
appropriate depository.

 

    		Exhibit M-1	

    	 

    

 

[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)        the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	
        [Insert Name of Transferor]

        
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 

 

cc: Banc of America Merrill Lynch Commercial Mortgage
Inc.

 

 

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    		Exhibit M-2	

    	 

    

 

 

EXHIBIT N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

Re:         Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Book-Entry Certificate (CINS No. [______], ISIN No. [______], and Common Code No.
[______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

 

(1)          the
offer of the Certificates was not made to a person in the United States,

 

    	Exhibit N-1

    	 

    

 

[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)        the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 
	 	 By:	 
	 	 	Name:
	 	 	Title:

Dated: _______

 

cc: Banc of America Merrill Lynch Commercial Mortgage
Inc.

 

 

 

*    Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit N-2

    	 

    

 

EXHIBIT O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28

 

Re:         Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are

 

    	Exhibit O-1

    	 

    

 

commenced or threatened in connection
with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested
party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Initial Purchasers. 

 

	 	[Insert Name of Transferor]
	 	 
	 	 By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

 

cc: Banc of America Merrill Lynch Commercial Mortgage
Inc.

 

    	Exhibit O-2

    	 

    

 

EXHIBIT P-1A

 

FORM OF INVESTOR CERTIFICATION for
Non-Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or 

a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National
Association 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attention: Corporate Trust
Services (CMBS) 

Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28 

trustadministrationgroup@wellsfargo.com 

cts.cmbs.bond.admin@wellsfargo.com

 

Re:      Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by
and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.           The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion Holder
(or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior

 

    	Exhibit P-1A-1

    	 

    

 

written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate
Administrator’s Website.

 

7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-1A-2

    	 

    

 

EXHIBIT P-1B

 

FORM OF INVESTOR CERTIFICATION for
Non-Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class 

Certificateholder)

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street,

14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager	Wells Fargo Bank, National
Association
 9062 Old Annapolis Road
 Columbia, Maryland 21045-1951
 Attention: Corporate Trust Services (CMBS)
 Morgan
Stanley Bank of America Merrill Lynch Trust Series 2016-C28
 trustadministrationgroup@wellsfargo.com
 cts.cmbs.bond.admin@wellsfargo.com

                                                                

	
        Park Bridge Lender
Services LLC 

        41 Watchung Plaza,
Suite 250 

        Montclair, New Jersey
07042 

        Attention: MSBAM 2016-C28 Surveillance Manager (with a copy
        sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

        

        

         

        U.S. Bank National
Association 

        190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

Chicago, Illinois 60603 

        Attention: MSBAM 2016-C28

         
	
        Wells Fargo Bank,
National Association, 

        Sixth Street and Marquette
Avenue 

        Minneapolis, Minnesota
55479 0113 

        Attention: Corporate
Trust Services (CMBS) 

        Morgan Stanley Bank of America Merrill 

Lynch Trust Series 2016-C28

         

        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey
Wright 

        MSBAM 2016-C28

         

 

Re:     Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by
and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The
undersigned is [the Directing Certificateholder][a Controlling Class Certificateholder].

 

2.          The
undersigned has received a copy of the Prospectus.

 

3.          The
undersigned is not a Borrower Party.

 

    	Exhibit P-1B-1

    	 

    

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate
Administrator’s Website.

 

8.          [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the
Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by
registered mail, postage prepaid].

 

9.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	Exhibit P-1B-2

    	 

    

 

            BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1B-3

    	 

    

 

EXHIBIT P-1C

 

FORM OF INVESTOR CERTIFICATION for
Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or 

a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

 

Re:     Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by
and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion Holder
(or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.          The
undersigned is a Borrower Party.

 

5.          The
undersigned is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of

 

    	Exhibit P-1C-1

    	 

    

 

the Distribution Date Statement, or the access thereto, the undersigned will keep the Distribution
Date Statement confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing
the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Distribution Date Statement will not, without the prior written consent of the Depositor,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such Distribution Date Statement confidential shall expire one year following the
date that the undersigned receives such Distribution Date Statement (with respect to a prospective purchaser only) or is no longer
a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The undersigned
will not use or disclose the Distribution Date Statement in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statement
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1C-2

    	 

    

 

 

EXHIBIT P-1D

 

FORM OF INVESTOR CERTIFICATION for
Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class 

Certificateholder)

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street,

14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender Services
        LLC

        

        41 Watchung Plaza, Suite 250

        

        Montclair, New Jersey 07042

        

        Attention: MSBAM 2016-C28 Surveillance Manager (with a copy
        sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        Wells Fargo Bank, National
        Association,

        

        Sixth Street and Marquette Avenue

        

        Minneapolis, Minnesota 55479-0113

        Attention: Corporate Trust Services (CMBS)

        Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

         

        

	
        U.S. Bank National Association

190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

        Chicago, Illinois 60603

        Attention: MSBAM 2016-C28

         
	
        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey
Wright 

        MSBAM 2016-C28

         

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by
and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1. The undersigned
is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder].

 

2.          The
undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

    	Exhibit P-1D-1

    	 

    

 

[IDENTIFY [EXCLUDED
LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The undersigned
is not a Borrower Party with respect to any other Mortgage Loan.

 

3.          The
undersigned has received a copy of the Prospectus.

 

4.          Except
with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling
and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined
in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C)
any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related
Borrower Party or the

 

    	Exhibit P-1D-2

    	 

    

 

related
Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.

 

8.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate
Administrator’s Website.

 

9.          The
undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered
in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed above
[(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.        Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

  

    	Exhibit P-1D-3

    	 

    

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender
Services LLC 

        41 Watchung Plaza,
Suite 250 

        Montclair, New Jersey
07042 

        Attention: MSBAM 2016-C28 Surveillance Manager (with a copy
        sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

        
	
        Wells Fargo Bank,
National Association, 

        Sixth Street and Marquette Avenue 

        Minneapolis, Minnesota 55479-0113

        Attention: Corporate Trust Services (CMBS)

        Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

        

	 	 
	
        U.S. Bank National Association

190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

        Chicago, Illinois 60603

        Attention: MSBAM 2016-C28

         
	
        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey Wright

        

        MSBAM 2016-C28

         

Re:      Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class Certificates

 

THIS NOTICE IDENTIFIES
AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-C28, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT
TO SECTION 3.13(b) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with
Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

    	Exhibit P-1E-1

    	 

    

 

1.          The
undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

2.          The
undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded
Loan][Excluded Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

[[If applicable] For the avoidance of doubt, [each] of the foregoing
loans is both an Excluded Loan and an Excluded Controlling Class Loan.]

 

3.          As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with respect to
the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The undersigned is not a Borrower
Party with respect to any other Mortgage Loan.

 

4.          Except
with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling
and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in

 

    	Exhibit P-1E-2

    	 

    

 

part;
provided, however, that the obligations of the undersigned to keep any such Information confidential shall expire
one year following the date that the undersigned receives such Information (with respect to a prospective purchaser only) or is
no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined
in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C)
any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related
Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect
ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies
and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate
Administrator’s Website.

 

9.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

10.        The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not

 

    	Exhibit P-1E-3

    	 

    

 

permitted
to access and shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s) on
the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded
Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 3.13(b) of the Pooling
and Servicing Agreement.

 

11.        The
undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial
Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s)
listed in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing
Certificateholder][Holder of the majority

	 	 	of the Controlling Class][Controlling Class 
	 	 	 Certificateholder]
	 	 	 
	 	By: 	 
	 	 	 Name:
 Title:
	Dated: _______	 	 
	cc: Banc of America Merrill Lynch Commercial Mortgage Inc.	 	 

 

    	Exhibit P-1E-4

    	 

    

 

EXHIBIT P-1F

 

FORM OF NOTICE OF [EXCLUDED LOAN] [EXCLUDED
CONTROLLING CLASS 

HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

cts.cmbs.bond.admin@wellsfargo.com 

        trustadministrationgroup@wellsfargo.com

         

	
        with a copy to:

         

        Wells Fargo Bank, National
        Association,

        

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        

        Attention: Morgan Stanley Bank of America Merrill Lynch Trust
        Series 2016-C28

         

Re:          Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

In accordance with Section 3.13(b) of the
Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the
undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The
undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

2.          The
undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded
Loan][Excluded Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Morgan

 

    	Exhibit P-1F-1

    	 

    

 

Stanley
Bank of America Merrill Lynch Trust 2016-C28 securitization should be revoked as to such users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          The
undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to such
[Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it (i) is
no longer an Excluded Controlling Class Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s), (ii) has
delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an investor
certification in the form of Exhibit P-1B to the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

	 	[Directing
Certificateholder][Holder of the majority

	 	 	of the Controlling Class][Controlling Class 
	 	 	 Certificateholder]
	 	 	 
	 	By: 	
	 	 	 Name:
 Title:
	Dated: _______	 	 
	 	 	 
	cc: Banc of America Merrill Lynch Commercial Mortgage Inc.	 	 

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

	 	 
	Name:
	Title:

 

    	Exhibit P-1F-2

    	 

    

 

EXHIBIT P-1G

 

Form
of Certification of the Directing Certificateholder

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street,

14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender
Services LLC 

        41 Watchung Plaza,
Suite 250 

        Montclair, New Jersey
07042 

        Attention: MSBAM 2016-C28 Surveillance Manager (with a copy
        sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        Wells Fargo Bank,
National Association, 

        Sixth Street and Marquette Avenue 

        Minneapolis, Minnesota 55479-0113

        Attention: Corporate Trust Services (CMBS)

        Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28

         

	
        U.S. Bank National Association

190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

        Chicago, Illinois 60603

        Attention: MSBAM 2016-C28

         
	
        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey
Wright 

        MSBAM 2016-C28

         

Re:      Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28, Class [__]
Certificates

 

In accordance with
Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned has been appointed to act as the Directing Certificateholder.

 

2.          The
undersigned is not a Borrower Party.

 

3.          If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

    	Exhibit P-1G-1

    	 

    

 

4.          [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement
to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

5.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

	 	 	 
	 	[Directing
                                         Certificateholder]

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	Dated: _______	 	 
	cc: Banc of America Merrill Lynch Commercial Mortgage Inc.	 	 

 

    	Exhibit P-1G-2

    	 

    

 

EXHIBIT P-2

 

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services MSBAM 2016-C28

 

		Attention:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S.
Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge Lender
Services LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates; or

 

2.          The
undersigned, a Nationally Recognized Statistical Rating Organization (“NRSRO”);

 

a.          has
provided the Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

b.          has
access to the Depositor’s 17g-5 website; and

 

c.          agrees that the confidentiality agreement attached as Annex A hereto shall be applicable to the undersigned with respect
to information obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained from the 17g-5
Information Provider’s Website.

 

The undersigned shall
be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-2-1

    	 

    

 

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Bank of America, National Association (together with its affiliates, the “Furnishing
Entities” and each a “Furnishing Entity”) furnishing certain financial, operational, structural and
other information relating to the issuance of the Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28 (the “Certificates”) pursuant to the Pooling and Servicing Agreement,
dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by and among Banc of America Merrill Lynch
Commercial Mortgage Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer, Wells Fargo Bank, National Association, as Certificate Administrator and as Custodian, and U.S. Bank National Association,
as Trustee and the assets underlying or referenced by the Certificates, including the identity of, and financial information with
respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other
information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or other facts
with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof; provided,
however, that the term Confidential Information shall not include information which:

 

was or becomes generally
available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document)
other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation
of this Confidentiality Agreement;

 

was or is lawfully
obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you to be
under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain
the information as confidential; or

 

is independently developed
by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that
you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the
Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable
Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was
furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

    	Exhibit P-2-2

    	 

    

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely to
the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information to
the NRSRO’s password protected website; and

 

use information
derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any
Confidential Information.

 

Disclosures Required by Law. If
you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

Obligation to Return Evaluation Material.
Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof,
that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material to
the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may
be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to
this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

    	Exhibit P-2-3

    	 

    

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly
to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of
the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and
agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any
of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

Term. Notwithstanding the termination
or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security,
your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or
the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry into
this website.

 

Contact Information. Notices for
each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Bank of America, National Association

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

 

    	Exhibit P-2-4

    	 

    

 

EXHIBIT P-3

 

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services MSBAM 2016-C28

 

Attention:              Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S.
Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge Lender
Services LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the above-referenced certificates (the
“Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of Bloomberg,
L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Interactive Data Corp., CMBS.com, Inc., Markit
Group Limited or Thomson Reuters Corporation, a market data provider that has been given access to the Statements to Certificateholders,
CREFC® Reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses CTSLink,
the undersigned is deemed to have recertified that the representation above remains true and correct.

 

		3.	The undersigned acknowledges and agrees that the provision
to it of information and/or reports on CTSLink is for its own use only, and agrees that it will not disseminate or otherwise make
such information available to any other person without the written consent of the Depositor.

 

		4.	The undersigned shall be fully liable for any breach of
the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify the Depositor, the Trustee, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Trust Fund for any loss,

 

    	Exhibit P-3-1

    	 

    

 

liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

		5.	Capitalized terms used but not defined herein shall have
the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-3-2

    	 

    

 

EXHIBIT Q

 

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
U.S. Bank National Association, as Trustee, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, the undersigned, as Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation Event
has occurred) the Custodian has, subject to Section 2.02(c) of the Pooling and Servicing Agreement, reviewed the documents delivered
to it pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined that (i) all documents specified in clauses
(i), (ii), (iv), (v), (vi), (vii), (viii), (x) and (xii), if any, of the definition of “Mortgage File,” as applicable,
with respect to the Mortgage Loans are in its possession, (ii) the foregoing documents delivered or caused to be delivered by the
Mortgage Loan Seller have been reviewed by it or by a Custodian on its behalf and appear regular on their face and appear to be
executed and to relate to such Mortgage Loan and (iii) based on such examination and only as to the foregoing documents, the information
set forth in the Mortgage Loan Schedule with respect to the Mortgage Rate, Cut-off Date Balance and Maturity Date is correct.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Q-1

    	 

    

 

SCHEDULE A

 

[APPLICABLE MORTGAGE LOAN SELLER’S
NOTICE ADDRESS]

 

Banc of America Merrill Lynch
Commercial Mortgage Inc. 

One Bryant Park 

New York, New York 10036 

Attention:
Leland F. Bunch, III

 

Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Fax number: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

DBRS, Inc.

333 West Wacker Drive

Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Fax number: (312) 332-3492

E-mail: cmbs.surveillance@dbrs.com

 

Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services MSBAM 2016-C28

 

    	Exhibit Q-2

    	 

    

 

U.S. Bank National Association

190 S. LaSalle Street, 7th Floor

Mail Code MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSBAM 2016-C28

 

C-III High Yield Real Estate Debt
Fund IV TIER Holdings Inc.

c/o C-III HY Directives IV LLC

717 Fifth Avenue

New York, NY 10022

Fax number: 212 705 5001

Attention: George Carleton; gcarleton@islecap.com;

Ed Tai; etai@c3cp.com;

Katherine Furman; kfurman@c3cp.com;
and

Jignesh Patel; jpatel@c3cp.com

 

    	Exhibit Q-3

    	 

    

 

EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

MAC D1086-120, 550 South Tryon Street, 14th Floor 

Charlotte, North Carolina 28202 

Attention: MSBAM 2016-C28 Asset Manager 

Telecopy Number: (704) 715-0036 

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association,
a national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as trustee (the “Trustee”), hereby
constitutes and appoints Wells Fargo Bank, National Association as master servicer (the “Master Servicer”), and in
its name, aforesaid Attorney-In-Fact, by and through any authorized representative appointed by the Board of Directors of the Master
Servicer, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
for the tasks described in the items (1) through (11) below; provided however, that the documents described below may only be executed
and delivered by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing
Agreement dated as of February 1, 2016 (the “Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage
Inc., as depositor, the Master Servicer, C-III Asset Management LLC, as special servicer, Wells Fargo Bank, National Association,
as certificate administrator, the Trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer on behalf of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28 (the “Trust”), and no power is granted hereunder to take any action that would be adverse to the interests
of U.S. Bank National Association.

 

This Limited Power of Attorney is being
issued in connection with Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other
forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal property
delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit R-1-1

    	 

    

 

1.             Demand,
sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall
become due and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process
or otherwise, including but not limited to the substitution of the trustee serving under a deed of trust, the preparation and issuance
of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent
allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial
foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and
all other tort, contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications
in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

 

2.             Execute
and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve
any litigation where the Master Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination,
cancellation, rescission and settlement.

 

3.             Transact
business of any kind regarding the Loans.

 

4.             Obtain
an interest therein and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession
and evidence of title in and to the property and/or to secure payment of a promissory note or performance of any obligation or
agreement.

 

5.             Execute,
complete, indorse or file bonds, notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the
Mortgagors and/or the Property, including but not limited to the execution of estoppel certificates, financing statements, continuation
statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance
agreements, loan assumption agreements, subordination agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.             Endorse
on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon,
replace, substitute, release or amend letters of credit as Property securing the Loans.

 

7.             Execute
any document or perform any act described in items (3), (4), and (5) in connection with the termination of the Trust as necessary
to transfer ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership
of the Loans.

 

8.             Such
other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Master
Servicer’s duties and responsibilities under the Agreement.

 

    	Exhibit R-1-2

    	 

    

 

9.             Subordinate
the lien of a mortgage, deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii)
to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including but
not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.

 

10.           Convey
the Property to the mortgage insurer, or close the title to the Property to be acquired as real estate owned, or convey title to
real estate owned property (“REO Property”).

 

11.           Execute
and deliver the following documentation with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu
of foreclosure, including, without limitation: listing agreements; purchase and sale agreements; grant / limited or special warranty
/ quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the property to a party
contracted to purchase same; escrow instructions; and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of this _____ day of ___________, 2016.

 

This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Master Servicer and the Indemnified Party or
between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or result
of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Master Servicer. The foregoing indemnity
shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of U.S.
Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Master Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Master Servicer as master servicer of the Trust.

 

    	Exhibit R-1-3

    	 

    

 

Witness my hand and seal this             day of          , 2016.

 

	NO CORPORATE SEAL	U.S. Bank National Association, as Trustee for Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

 

	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Attest: 	 , Trust Officer	 	 	 

 

    	Exhibit R-1-4

    	 

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Illinois

 

County of Cook

 

On this          day of               , 2016, before me, the undersigned,
a Notary Public in and for said County and State, personally appeared      ,      and      , personally known to me (or proved to me on the basis
of satisfactory evidence) to be the persons who executed the within instrument as Vice President, Vice President and Trust Officer,
respectively of U.S. Bank National Association, a national banking association, and acknowledged to me that such national banking
association executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

Signature: __________________________

 

	My commission expires:	Document drafted by

U.S.
Bank National Association, as Trustee

 

    	Exhibit R-1-5

    	 

    

 

EXHIBIT R-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

C-III Asset Management LLC 

5221 N. O’Connor Blvd., Suite 600 

Irving, Texas 75039 

Fax number: (972) 868 5490 

Attention: Robin Kyle 

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association,
a national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (the “Trustee”), hereby
constitutes and appoints C-III Asset Management, LLC as special servicer (the “Special Servicer”), and in its name,
aforesaid Attorney-In-Fact, by and through any officer appointed by the Board of Directors of the Special Servicer, to execute
and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks
described in the items (1) through (11) below; provided however, that the documents described below may only be executed and delivered
by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated
as of February 1, 2016 (the “Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor,
the Wells Fargo Bank, National Association, as master servicer, the Special Servicer, Wells Fargo Bank, National Association, as
certificate administrator, the Trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer on behalf of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 (the “Trust”), and no power is granted
hereunder to take any action that would be adverse to the interests of U.S. Bank National Association.

 

This Limited Power of Attorney is being
issued in connection with Special Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of Mortgages, Deeds of Trust, Deeds to Secure Debt and other
forms of Security instruments (collectively the “Security Instruments”) encumbering any and all real and personal property
delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Agreement.

 

1.             Demand,
sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall
become due and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process
or otherwise, including but not limited to the substitution of trustee serving under a Deed of Trust,

 

    	Exhibit R-2-1

    	 

    

 

the preparation and issuance
of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent
allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial
foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and
all other tort, contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications
in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

 

2.             Execute
and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve
any litigation where the Special Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination,
cancellation, rescission and settlement.

 

3.             Transact
business of any kind regarding the Loans.

 

4.             Obtain
an interest therein and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession
and evidence of title in and to the property and/or to secure payment of a promissory note or performance of any obligation or
agreement.

 

5.             Execute,
complete, indorse or file bonds, notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the
Borrowers and/or the Property, including but not limited to the execution of estoppel certificates, financing statements, continuation
statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance
agreements, loan assumption agreements, subordination agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.             Endorse
on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon,
replace, substitute, release or amend letters of credit as Property securing the Loans.

 

7.             Execute
any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary
to transfer ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership
of the Loans.

 

8.             Such
other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Special
Servicer’s duties and responsibilities under the Agreement.

 

9.             Subordinate
the lien of a mortgage, deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii)
to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including but
not

 

    	Exhibit R-2-2

    	 

    

 

limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.

 

10.           Convey
the Property to the mortgage insurer, or close the title to the Property to be acquired as real estate owned, or convey title to
real estate owned property (“REO Property”).

 

11.           Execute
and deliver the following documentation with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu
of foreclosure, including, without limitation: listing agreements; purchase and sale agreements; grant / limited or special warranty
/ quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the property to a party
contracted to purchase same; escrow instructions; and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of this _____ day of ___________, 2016.

 

This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The Special Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Special Servicer and the Indemnified Party
or between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or
result of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Special Servicer. The foregoing
indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal
of U.S. Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Special Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Special Servicer as special servicer of the trust.

 

    	Exhibit R-2-3

    	 

    

 

Witness my hand and seal this          day of      , 2016.

 

	NO CORPORATE SEAL	U.S. Bank National Association, as Trustee for Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

 

	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Attest: 	 , Trust Officer	 	 	 

 

    	Exhibit R-2-4

    	 

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Illinois

 

County of Cook

 

On this             day of             , 2016, before me, the undersigned,
a Notary Public in and for said County and State, personally appeared             ,             and             , personally known to me (or proved to me on the basis
of satisfactory evidence) to be the persons who executed the within instrument as Vice President, Vice President and Trust Officer,
respectively of U.S. Bank National Association, a national banking association, and acknowledged to me that such national banking
association executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

Signature: __________________________

 

	My commission expires:	Document drafted by

U.S.
Bank National Association, as Trustee

 

    	Exhibit R-2-5

    	 

    

 

EXHIBIT S

 

INITIAL COMPANION HOLDERS 

 

	Loan	Companion Holder
	Penn Square Mall	
         

        Note A-1A and Note A-2

         

        Wilmington Trust, National Association

         

        NOTICE ADDRESS:

        

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee MSCI 2016-PSQ

(with a copy to be sent contemporaneously via email to cmbstrustee@wilmingtontrust.com)

         

        Note A-1C

         

        Morgan Stanley Bank, N.A.

         

        NOTICE ADDRESS:

         

        Morgan Stanley Bank, N.A.

        1585 Broadway

        New York, New York 10036

        Attention: Stephen Holmes

         

        with a copy to:

         

        Morgan Stanley Bank, N.A.

        1221 Avenue of the Americas

        New York, New York 10020

        Attention: Legal Compliance Division

         

	Ellenton Premium Outlets	
         

        Note A-1 and Note A-3

         

        Wells Fargo Bank, National Association

         

        NOTICE ADDRESS:

         

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        

 

    	Exhibit S-1

    	 

    

 

		        

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – MSCI

2015-UBS8 (with a copy to trustadministrationgroup@wellsfargo.com, 

cts.cmbs.bond.admin@wellsfargo.com)

         

        Note A-2

         

        UBS Real Estate Securities Inc.

         

        NOTICE ADDRESS:

         

        UBS Real Estate Securities Inc.

        1285 Avenue of the Americas

        New York, New York 10019

        Attention: David Schell

        Email: david.schell@ubs.com

         

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP

        One World Financial Center

        New York, New York 10281

        Attention: Frank Polverino, Esq.

        Facsimile No.: (212) 504-6666 

        Email: frank.polverino@cwt.com

	GLP Industrial Portfolio A	
         

        Note A-1, Note A-2, Note B-1 and Note B-2

         

        Wells Fargo Bank, National Association

         

        NOTICE ADDRESS:

         

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS)

        CSMC 2015-GLPA

        Fax Number: (410) 715-2380

        E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to

        trustadministrationgroup@wellsfargo.com

         

        Note A-3-1

         

 

    	Exhibit S-2

    	 

    

 

	 	

        Wells Fargo Bank, National Association

         

        NOTICE ADDRESS:

         

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CSAIL 2016-C5

        Email: cts.cmbs.bond.admin@wellsfargo.com and

        trustadministrationgroup@wellsfargo.com

         

        Note A-3-2

         

        Column Financial, Inc.

        

        NOTICE ADDRESS:

        

Column Financial, Inc.

11 Madison Avenue, 4th Floor

New York, New York 10010

Attention: N. Dante La Rocca

Facsimile number: (646) 935-8520

         

        with a copy to:

        

        Column Financial, Inc.

        1 Madison Avenue, 9th Floor

        New York, New York 10010

        Attention: Sarah Nelson

         

	Princeton Pike Corporate Center	
         

        Note A-2 and Note A-3

         

        Morgan Stanley Bank, N.A.

         

        NOTICE ADDRESS:

         

        Morgan Stanley Bank, N.A.

        1585 Broadway

        New York, New York 10036

        Attention: Stephen Holmes

         

        with a copy to:

         

        Morgan Stanley Bank, N.A.

        

 

    	Exhibit S-3

    	 

    

 

	 	
        

        1221 Avenue of the Americas

        New York, New York 10020

        Attention: Legal Compliance Division

         

	Le Meridien Cambridge MIT	
         

        Note A-2 and Note A-3

         

        Bank of America, N.A.

         

        NOTICE ADDRESS:

         

        Bank of America, N.A.

        NC1-027-15-01

        214 North Tryon Street

        Charlotte, North Carolina 28255

        Attention: Steven L. Wasser

        

        Email: steve.l.wasser@baml.com

         

        with a copy to:

         

        W. Todd Stillerman, Esq.

        Bank of America Corporation 

        NC1-027-20-05 

        214 North Tryon Street, 20th Floor

        Charlotte, North Carolina 28255

        Email: william.stillerman@bankofamerica.com

         

	University West Apartments	
         

        Note A-1

         

        Wilmington Trust, National Association

         

        NOTICE ADDRESS:

         

        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: Account Name MSBAM 2015-C27 (with a copy to be sent
        contemporaneously via email to cmbstrustee@wilmingtontrust.com)

         

 

    	Exhibit S-4

    	 

    

 

EXHIBIT T

 

FORM OF NOTICE RELATING TO THE NON-SERVICED
MORTGAGE LOANS

 

[Date]

 

[Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: [MSBAM 2015-C27 Asset Manager] [MSCI 2016-PSQ Asset Manager]

Telecopy Number: (704) 715-0036]

 

[Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy Number: (913) 253-9001]

 

[KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip

Telecopy Number: (877) 379-1625]

 

VIA FACSIMILE

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

Dear [__________]:

 

[Wells Fargo Bank, National
Association][Midland Loan Services, a Division of PNC Bank, National Association][KeyBank National Association]], is the master
servicer (the “Non-Serviced Master Servicer”)
for the [University West Apartments][Ellenton Premium Outlets] [GLP Industrial Portfolio A][Penn
Square Mall] Whole Loan, as such term is defined under the Pooling and Servicing Agreement, dated February 1, 2016 (the “2016-C28
Pooling Agreement”) by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells Fargo
Bank, National Association, as master servicer, C-III Asset Management LLC, as special servicer, Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate
Administrator”), U.S. Bank National Association, as trustee, and Park Bridge Lender Services LLC, as asset representations
reviewer and as operating advisor. The Certificate Administrator hereby directs the Non-Serviced Master Servicer, as follows:

 

The Non-Serviced Master
Servicer shall remit to Wells Fargo Bank, National Association, as the master servicer with respect to the Morgan Stanley Bank
of America Merrill

 

    	Exhibit T-1

    	 

    

 

Lynch
Trust 2016-C28 (the “Master Servicer”) all amounts payable to, and forward, deliver or otherwise make available,
as the case may be, to the Master Servicer all reports, statements, documents, communications, and other information that are
to be forwarded, delivered or otherwise made available to, the holder of the [University West Apartments][Ellenton Premium Outlets][GLP
Industrial Portfolio A][Penn Square Mall] Whole Loan (as such term is defined in the 2016-C28 Pooling Agreement) under the [University
West Apartments][Ellenton Premium Outlets][GLP Industrial Portfolio A][Penn Square Mall] Intercreditor Agreement (as defined in
the 2016-C28 Pooling Agreement).

 

The [University West
Apartments][Ellenton Premium Outlets][GLP Industrial Portfolio A][Penn Square Mall] Mortgage Loan [is][is not] a Significant Obligor
(as such term is defined in the 2016-C28 Pooling Agreement) under the 2016-C28 Pooling Agreement.

 

Thank you for your attention
to this matter.

 

    	Exhibit T-2

    	 

    

 

Date:       _________________________

 

	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    	Exhibit T-3

    	 

    

 

EXHIBIT U

 

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	DBRS, Inc.

333 West Wacker Drive

Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Fax number: (312) 332-3492 

E-mail: cmbs.surveillance@dbrs.com

 

Fitch Ratings, Inc.
 One State Street Plaza
 New York, New York 10004
 Attention: Commercial Mortgage Backed Securities Surveillance
 Facsimile No.: (212) 635-0295
 E-mail: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

		From:	Wells Fargo Bank, National Association, in its capacity
as Master Servicer under the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations
Reviewer and as Operating Advisor.

 

Date:       _________,
20___

 

    	Exhibit U-1

    	 

    

 

Re:          Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

Mortgage Loan (the “Mortgage Loan”) identified by loan number _____ [and loan number [_______]] on the Mortgage
Loan Schedule attached to the Pooling and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on
the Mortgage Loan Schedule by the following names:____________________

____________________

 

Reference is made to
the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

 

As Servicer under the
Pooling and Servicing Agreement, we hereby:

 

(a) Notify
you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

 

____        a
full defeasance of the entire principal balance of the Mortgage Loan; or

 

____        a
partial defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of
$____________ or _______% of the entire principal balance of the Mortgage Loan;

 

(b) Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto, which
exceptions the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect on
the Mortgage Loan or the defeasance transaction:

 

(i)           The
Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied in
all material respects in completing the defeasance.

 

(ii)          The
defeasance was consummated on __________, 20__.

 

(iii)         The
defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section 2(a)(16)
of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for ‘AAA’
Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s Public Finance
Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal due at maturity
cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)         The
Master Servicer received an opinion of counsel (from counsel approved by the Servicer in accordance with the Servicing Standard)
that the defeasance will not result in an Adverse REMIC Event.

 

    	Exhibit U-2

    	 

    

 

(v)          The
Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance Criteria,
as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions in its organizational
documents substantially similar to those contained in the organization documents of the original Borrower with respect to bankruptcy
remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance
collateral and real property securing Mortgage Loans included in the pool.

 

(vi)         The
defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P Criteria)
in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities intermediary
and has been pledged to the Trustee on behalf of the Trust.

 

(vii)        The
agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on behalf
of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the proceeds of
the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the dates specified
in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed to the allocated
loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan documents (the “Scheduled
Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only in Permitted Investments (as defined
in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance), (iv) permit release of surplus
defeasance collateral and earnings on reinvestment from the pledged securities account only after the Mortgage Loan has been paid
in full, if any such release is permitted, (v) prohibit transfers by the Defeasance Obligor of the defeasance collateral and subordinate
liens against the defeasance collateral, and (vi) provide for payment from sources other than the defeasance collateral or other
assets of the Defeasance Obligor of all fees and expenses of the securities intermediary for administering the defeasance and the
securities account and all fees and expenses of maintaining the existence of the Defeasance Obligor.

 

(viii)       The
Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved by the
Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the defeasance collateral (without taking
into account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the Scheduled Payments after
the defeasance including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection with a partial
defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date), (ii) the revenues received
in any month from the defeasance collateral will be applied to make Scheduled Payments within four (4) months after the date of
receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor in any calendar or fiscal year will
not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the allocated portion thereof in a partial
defeasance) for such year.

 

    	Exhibit U-3

    	 

    

 

(ix)          The
Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below). The
entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of pool
balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent Distribution
Date Statement received by us (the “Current Report”).

 

(x)           The
Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid, perfected first
priority security interest in the defeasance collateral and that the documents executed in connection with the defeasance are enforceable
in accordance with their respective terms.

 

(c)          Certify
that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)          Certify
that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

 

(e)          Agree
to provide copies of all items listed in Exhibit B to you upon request.

 

    	Exhibit U-4

    	 

    

 

IN WITNESS WHEREOF, the
Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

 

	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit U-5

    	 

    

 

 

EXHIBIT V

FORM OF OPERATING ADVISOR ANNUAL REPORT

 

Report Date: Report will be delivered annually no later
than [INSERT DATE].

Transaction: Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates,
Series 2016-C28

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: C-III Asset Management LLC

Directing Certificateholder: [                       ]

 

I. Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), executed in connection with the above-referenced transaction, as well as the items listed below, the Operating
Advisor has undertaken a limited review of the Special Servicer’s operational practices in light of the Servicing Standard
and the requirements of the Pooling and Servicing Agreement and has discussed with the Special Servicer its stated policies and
procedures, operational controls and protocols, risk management systems, intellectual resources, the Special Servicer’s reasoning
for believing it is in compliance with the Pooling and Servicing Agreement and other pertinent information the Operating Advisor
considers relevant, in each case, insofar as such information relates to the resolution or liquidation of the Specially Serviced
Mortgage Loans and REO Properties and provides this Operating Advisor Annual Report.

 

No information or any
other content included in this Operating Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement.
This Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance
of its duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to
the resolution or liquidation of Specially Serviced Mortgage Loans and REO Properties during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material deviations, if any (i)
from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with
respect to the resolution or liquidation of Specially Serviced Mortgage Loans and REO Properties and (B) complies with all of the
confidentiality requirements described in the Pooling and Servicing Agreement.

 

In connection with
the assessment set forth in this report, the Operating Advisor:

 

1.           Reviewed
any annual compliance statement delivered to the Operating Advisor by the Special Servicer pursuant to Section 11.09 the
Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

    	 	 Exhibit V-1	

     

    

 

Operating Advisor Actions:

 

2.           Reviewed
any annual independent public accountants’ servicing report delivered to the Operating Advisor by the Special Servicer pursuant
to Section 11.11 of the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

3.           Reviewed
any Final Asset Status Report and other information or communications delivered to the Operating Advisor and the following issues
were noted therein: [ ]

 

Operating Advisor Actions:

 

Based on such review,
or other information provided by the Special Servicer, and on the Operating Advisor’s performance of its obligations under
the Pooling and Servicing Agreement, the Operating Advisor [does] [does not] believe there are material violations of the Special
Servicer’s compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related
to the work product undertaken and opinions related to this report:

 

1.          The
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s
discussion(s) regarding any Specially Serviced Mortgage Loan.

 

2.           The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Mortgage Loans pursuant to the Pooling
and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.           Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not
reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such information
is considered in preparing this report.

 

4.           There
are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Mortgage Loans. These include,
but are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

    	 	 Exhibit V-2	

     

    

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein.

 

	 	PARK BRIDGE LENDER SERVICES LLC,

                    as Operating Advisor

	 	 
	 	 By:	Park Bridge Advisors LLC, a New York
 limited liability company, its sole member
	 	 	
	 	 	By:	Park Bridge Financial LLC,
a New York

limited liability company, its sole member

 

	 	By:	
	 	 	Name:

Title:

   

    	 	 Exhibit V-3	

     

    

 

EXHIBIT W

 

Form
of Notice from Operating Advisor Recommending Replacement of Special Servicer

 

U.S. Bank National Association

      as Trustee

190 S. LaSalle Street, 7th Floor

Mail Code MK-IL-SL7C

Chicago, Illinois 60603

Attention: MSBAM 2016-C28

Telecopy number: (302) 630-4140

 

Wells Fargo Bank, National Association

     as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

Telecopy Number: (410) 715-2380

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

Re:         Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28,
Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells
Fargo Bank, National Association, as Certificate Administrator, Park Bridge Lender Services LLC, as Asset Representations Reviewer
and as Operating Advisor, on behalf of the holders of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage
Pass-Through Certificates, Series 2016-C28 (the “Certificates”) regarding the replacement of the Special Servicer.

 

    	 	 Exhibit W-1	

     

    

 

Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling
and Servicing Agreement.

 

Based upon our review
of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.23 of the Pooling
and Servicing Agreement, it is our assessment that C-III Asset Management LLC, in its current capacity as Special Servicer, is
not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing Standard]. The following
factors support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that C-III Asset Management LLC be removed as Special Servicer and that [________] be appointed its
successor in such capacity.

 

	 	Very truly yours,
	 	 	 
	 	 	[The Operating Advisor]
	 	 	 
		By:	 	 
	 	 	Name:

Title:

 

Dated:

 

    	 	 Exhibit W-2	

     

    

 

EXHIBIT X

 

Form
of CONFIDENTIALITY Agreement

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

Telecopy Number: (704) 715-0036

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

Re:         Access
to Certain Information Regarding Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through
Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), among the Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset
Representations Reviewer and as Operating Advisor. Defined terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing Agreement.

 

[Wells Fargo Bank, National Association
(“Wells Fargo”)/C-III Asset Management LLC (“C-III”)] understands that [____] (the “Company”)
is requesting certain confidential or non-public information relating to the Mortgage Loans to which the Company has continuing
rights as a Certificateholder. The Company is requesting such information for the purpose of analyzing asset performance and evaluating
any continuing rights the Company may have under the Trust (the “Permitted
Purpose”). The Company agrees that the Permitted Purpose shall not include the use or disclosure of the Confidential
Information (as defined below) in any manner that violates any applicable law, the Pooling and Servicing Agreement or the related
mortgage loan documents.

 

[Wells Fargo/C-III] will provide the Company
with certain confidential, non-public servicing information (the “Confidential
Information”) pertaining to the Mortgage Loans and the related Mortgaged Properties and borrowers. The Company
acknowledges that the Confidential Information (a) includes or may be based upon information provided to [Wells Fargo/C-III] by

 

    	 	 Exhibit X-1	

     

    

 

[_____] [__], 20[__]

Page 2

 

third parties, (b) may not have been verified by [Wells Fargo/C-III], and (c) may be incomplete or contain inaccuracies. The Company
agrees that [Wells Fargo/C-III], the [“Master Servicer”/”Special Servicer”] (as defined in
the Pooling and Servicing Agreement) and its respective Representatives (as defined below) shall not have any liability to the
Company or its Representatives resulting from (x) any inaccuracies or omissions in the Confidential Information, (y) any use of
the Confidential Information, or (z) [Wells Fargo/C-III]’s failure or inability to provide the Confidential Information to
the Company for any reason. Notwithstanding the foregoing, the following will not constitute “Confidential
Information” for purposes of this letter agreement: (a) information that was already in Company’s possession
prior to its receipt from [Wells Fargo/C-III]; (b) information that is obtained by Company from a third person who, insofar as
is known to Company, is not prohibited from transmitting the information to Company by a contractual, legal or fiduciary obligation
to [Wells Fargo/C-III]; (c) information that is or becomes publicly available through no fault of Company; and (d) information
that is independently developed by Company. The term “Representatives” with respect to any entity shall mean the officers,
directors, general partners, employees, agents, affiliates, auditors and legal counsel (which may be internal counsel) of that
entity.

 

The Company may have access to the Confidential
Information through (at [Wells Fargo/C III]’s election): (i) responses to reasonable written inquiries received from the
Company, (ii) conference calls conducted on a reasonably scheduled basis with [Wells Fargo/C III]’s surveillance group, or
(iii) direct on-line access (read-only capacity) to the information available on the applicable [____] system or any successor
or replacement system (“System”). [Wells Fargo/C
III] may cease or defer providing the Company with Confidential Information in the event that (a) the Company or its Representatives
violate any provision hereof, or (b) [Wells Fargo/C III] determines (in its sole discretion) that such termination is necessary
for any reason, including its determination that such action is required pursuant to the terms of the Pooling and Servicing Agreement,
the related Mortgage Loan documents, or any applicable law. [Wells Fargo/C III] shall cease to provide the Company with Confidential
Information if [Wells Fargo/C III] has actual knowledge that the Company or its Representatives are affiliates of any borrower
under the Mortgage Loan documents and [Wells Fargo/C III] determines that the provision, notice or access to such Confidential
Information would violate the accepted servicing practices or servicing standards as defined in the Pooling and Servicing Agreement.
The Company’s obligations and the restrictions applicable to the protection of the Confidential Information hereunder shall
survive the termination of the Company’s access to the Confidential Information. [Wells Fargo/C III]’s remedies hereunder,
at law or at equity, are cumulative and may be combined.

 

The Company agrees that it will not, and
it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any other person
or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who have a need
to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator. The Company
acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure of the Confidential Information
by it or its Representatives for any purpose other than a Permitted Purpose, in addition to being a breach of this letter agreement,
may constitute a violation of federal and state securities laws. The Company will take reasonable measures to ensure that each
Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential. The Company

 

    	 	 Exhibit X-2	

     

    

 

[_____] [__], 20[__]

Page 3

 

shall
be liable for any breach of this letter agreement by its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York without the application of conflict of laws principles. Anything
herein to the contrary notwithstanding, [Wells Fargo/C-III] intends at all times to comply with the terms and provisions of the
Pooling and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify any of [Wells Fargo/C-III]’s
rights or obligations under the Pooling and Servicing Agreement. This letter agreement may be executed in counterparts and by facsimile/Portable
Document Format (PDF); each such counterpart shall be deemed to be an original instrument, and all such counterparts together shall
constitute one agreement.

 

This agreement shall terminate with respect
to the information received by the Company one year after the Company receives such information or ceases to be a Certificateholder.
Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement regarding confidentiality
of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing the System before
or after signing this letter agreement.

 

    	 	 Exhibit X-3	

     

    

 

Please have an authorized signatory countersign
in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters set forth herein.

 

		Very truly yours,
	 	 	 
	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
		By:	
	 	 	Name:

Title: ]

 

	 	[C-III ASSET MANAGEMENT LLC
	 	 	 
		By:	
	 	 	Name:

Title: ]

 

CONFIRMED AND AGREED TO:

 

[COMPANY NAME]

 

	By:		 
	 	Name:

Title:	 

 

    	 	 Exhibit X-4	

     

    

 

 

EXHIBIT Y

 

FORM CERTIFICATION TO BE PROVIDED WITH
FORM 10-K

 

CERTIFICATION

 

I, [identifying the certifying
individual], the President and Chief Executive Officer of Banc of America Merrill Lynch Commercial Mortgage Inc., the depositor
into the above-referenced Trust, certify that:

 

1.    I
have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 (the “Exchange
Act periodic reports”);

 

2.    Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.    Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.    Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.    All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

(A) Wells Fargo Bank,
National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, U.S. Bank National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer;

 

(B) Wells Fargo Bank,
National Association, as Non-Serviced Master Servicer and Non-Serviced Special Servicer, Wilmington Trust, National Association,
as Non-Serviced

 

    	 	Exhibit Y-1	 

     

    

 

Trustee,
and Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator of the Penn Square Mall Mortgage Loan;

 

(C) Midland Loan Services,
a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, Rialto Capital Advisors, LLC, as Non-Serviced Special
Servicer, Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator, Wells Fargo Bank, National Association,
as Non-Serviced Trustee, and Situs Holdings, LLC, as Non-Serviced Operating Advisor of the Ellenton Premium Outlets Mortgage Loan;

 

(D) KeyBank National
Association, as Non-Serviced Master Servicer, AEGON USA Realty Advisors, LLC, as Non-Serviced Special Servicer, Wells Fargo Bank,
National Association, as Non-Serviced Certificate Administrator, Wells Fargo Bank, National Association, as Non-Serviced Trustee
of the GLP Industrial Portfolio A Mortgage Loan; and

 

(E) Wells Fargo Bank,
National Association, as Non-Serviced Master Servicer, CWCapital Asset Management LLC, as Non-Serviced Special Servicer, Wells
Fargo Bank, National Association, as Non-Serviced Certificate Administrator, Wilmington Trust, National Association, as Non-Serviced
Trustee, and Situs Holdings, LLC, as Non-Serviced Operating Advisor of the University West Apartments Mortgage Loan.

 

Date:       _________________________

 

	 	 
	President and Chief Executive Officer

Banc of America Merrill Lynch Commercial Mortgage Inc.

(Senior officer in charge of the securitization of the depositor)	 

 

    	 	Exhibit Y-2	 

     

    

 

EXHIBIT Z-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(in such capacity, the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated
as of February 1, 2016 (the “Pooling and Servicing Agreement”), entered into by Banc of America Merrill Lynch
Commercial Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”), C-III Asset Management LLC, as special servicer (the “Special Servicer”), U.S. Bank National
Association, as trustee, the Certificate Administrator, and Park Bridge Lender Services LLC, as operating advisor and as asset
representations reviewer, certifies to [_______], Banc of America Merrill Lynch Commercial Mortgage Inc. and its officers, directors
and affiliates, to the extent that the following information is within our normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

1.                          I
have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual Report”), and all reports
on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by the Annual Report (collectively with
the Annual Report, the “Reports”), of the Trust;

 

2.                          To
my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Annual Report;

 

3.                          To
my knowledge, the distribution information required to be provided by the Certificate Administrator under the Pooling and Servicing
Agreement for inclusion in the Reports is included in the Reports;

 

4.                          I
am responsible for reviewing the activities performed by the Certificate Administrator under the Pooling and Servicing Agreement
and based on my knowledge and the compliance reviews conducted in preparing the Certificate Administrator compliance statements
required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed on any Reports, the Certificate
Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

    	 	Exhibit Z-1-1	 

     

    

 

5.                          The
report on assessment of compliance with servicing criteria applicable to the Certificate Administrator for asset-backed securities
with respect to the Certificate Administrator or any Servicing Function Participant retained by the Certificate Administrator and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance
described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
Title:

 

 

    	 	Exhibit Z-1-2	 

     

    

 

Exhibit
Z-2

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer under that certain Pooling and Servicing
Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), entered into by Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), C-III Asset Management
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee, Wells Fargo Bank,
National Association, as certificate administrator (the “Certificate Administrator”), and Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer, on behalf of the Master Servicer, certify to [Name of
Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with the
knowledge and intent that they will rely upon this certification, that:

 

1.           Based
on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer in the special
servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all
reports (the “Servicer Reports”) required to
be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.12(b) and (d) of the Pooling and Servicing
Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or
Form 8-K have been submitted by the Master Servicer to the Certificate Administrator for inclusion in these reports;

 

2.           Based
on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer
backup certificate delivered by the Special Servicer relating to the Relevant Period, the master servicing information contained
in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;

 

3.           I
am, or a Servicing Officer under my supervision is, responsible for reviewing the activities performed by the Master Servicer under
the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing the servicer
compliance statements required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion on Form 10-K
pursuant to Item 1123 of Regulation AB with respect to the Master Servicer, and except as disclosed in the compliance certificate
delivered by the Master Servicer under Section 11.09 of the

 

    	 	Exhibit Z-2-1	 

     

    

 

Pooling and Servicing Agreement, the Master Servicer has fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant Period;

 

4.           The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.           The
report on assessment of compliance with servicing criteria applicable to the Master Servicer for asset-backed securities with respect
to the Master Servicer or any Servicing Function Participant retained by the Master Servicer and related attestation report on
assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for
the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to
the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance
described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report
on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20 of the Pooling and Servicing
Agreement) and, notwithstanding the foregoing certifications, neither I nor the Master Servicer makes any certification under the
foregoing clauses (2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon information
provided by the Special Servicer under the Pooling and Servicing Agreement. Solely with respect to the completeness of information
and reports, I do not certify anything other than that all fields of information called for in written reports prepared by the
Master Servicer have been properly completed and that any fields that have been left blank on their face have been done so in accordance
with the CREFC procedures for such report.]

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

    	 	Exhibit Z-2-2	 

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
Title:

 

    	 	Exhibit Z-2-3	 

     

    

 

Exhibit
Z-3

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of C-III ASSET MANAGEMENT LLC (the “Special
Servicer”) as Special Servicer under that certain Pooling and Servicing Agreement dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), entered
into by Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”),
C-III Asset Management LLC, as special servicer (the “Special
Servicer”), U.S. Bank National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer,
on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and
its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.           Based
on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports (the “Special
Servicer Reports”) required to be submitted by the Special Servicer pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have
been submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as
applicable, for inclusion in these reports;

 

2.           Based
on my knowledge, the special servicing information contained in the Special Servicer Reports, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

3.           I
am, or a Servicing Officer under my supervision is, responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing
the servicer compliance statements required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion
in the Form 10-K under Item 1123 of Regulation AB with respect to the Special Servicer, and except as disclosed in the compliance
certificate delivered by the Special Servicer under Section 11.09 of the Pooling and Servicing Agreement, the Special Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant Period;

 

4.           The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Special Servicer with

 

    	 	Exhibit Z-3-1	 

     

    

 

respect to the Trust’s fiscal year _____ have been provided all information relating
to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review
in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.           The
report on assessment of compliance with servicing criteria applicable to the Special Servicer for asset-backed securities with
respect to the Special Servicer or any Servicing Function Participant retained by the Special Servicer and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:       

 

	 	Special Servicer
	 	 
	 	By:	 
	 	 	Name:
Title:

 

    	 	Exhibit Z-3-2	 

     

    

 

Exhibit
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. BANK NATIONAL ASSOCIATION, on behalf of U.S. BANK NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
entered into by Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as
master servicer (in such capacity, the “Master Servicer”), C-III Asset Management LLC, as special servicer (the
“Special Servicer”), the Trustee, Wells Fargo Bank, National Association, as certificate administrator (in such
capacity, the “Certificate Administrator”), and Park Bridge Lender Services LLC, as operating advisor and as
asset representations reviewer, certifies to [______], Banc of America Merrill Lynch Commercial Mortgage Inc. and its officers,
directors and affiliates, to the extent that the following information is within our normal area of responsibilities and duties
under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion
as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:       

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
Title:

 

    	 	Exhibit Z-4-1	 

     

    

 

Exhibit
Z-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PARK BRIDGE LENDER SERVICES LLC (the “Operating Advisor”) as Operating Advisor
under that certain Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
entered into by Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as
master servicer (in such capacity, the “Master Servicer”), C-III Asset Management LLC, as special servicer (the
“Special Servicer”), U.S. Bank National Association, as trustee, and Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”) and Park Bridge Lender Services
LLC, as the Operating Advisor and as the asset representations reviewer, on behalf of the Operating Advisor, certify to [Name of
Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with the
knowledge and intent that they will rely upon this certification, that:

 

1.                          Based
on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all information
required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee or Certificate Administrator,
as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant
Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such information provided by the
Operating Advisor, collectively, the “Operating Advisor Periodic Information”) have been submitted by the Operating
Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these
reports;

 

2.                          Based
on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by these reports;

 

3.                          The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have been provided all information relating
to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

    	 	Exhibit Z-5-1	 

     

    

 

4.                          The
report on assessment of compliance with servicing criteria applicable to the Operating Advisor for asset-backed securities with
respect to the Operating Advisor or any Servicing Function Participant retained by the Operating Advisor and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PARK BRIDGE LENDER SERVICES
LLC,

as Operating Advisor
	 	 
	 	By:	Park Bridge Advisors LLC, a New York

 limited liability company, its sole member

 

	 	 	By:	Park Bridge Financial LLC, a New York

 limited liability company, its sole member

	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
Title:

 

    	 	Exhibit Z-5-2	 

     

    

 

Exhibit
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), entered into by Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), C-III Asset
Management LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, certifies to [______], Banc of
America Merrill Lynch Commercial Mortgage Inc. and its officers, directors and affiliates, to the extent that the following information
is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and
intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-6-1

    	 

    

 

Exhibit
Z-7

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH
TRUST 2016-C28 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Park Bridge Lender Services LLC (the “Asset
Representations Reviewer”) as Asset Representations Reviewer under that certain Pooling and Servicing Agreement dated
as of February 1, 2016 (the “Pooling and Servicing Agreement”), entered into by Banc of America Merrill Lynch
Commercial Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”), C-III Asset Management LLC, as special servicer (the “Special Servicer”), U.S. Bank National
Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”) and Park Bridge Lender Services LLC, as the operating advisor and as the Asset Representations Reviewer,
on behalf of the Asset Representations Reviewer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the
Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending
[December 31, 20__] (the “Relevant Period”), all information required to be submitted by the Asset Representations
Reviewer to the Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and
Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form
10-D or Form 8-K (the “Reports”) (such information provided by the Asset Representations Reviewer, collectively,
the “Asset Representations Reviewer Periodic Information”) have been submitted by the Asset Representations
Reviewer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in
these reports; and

 

		2.	Based on my knowledge, the Asset Representations Reviewer
Periodic Information contained in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by these reports.

 

    	Exhibit Z-7-1

    	 

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC
	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-7-2

    	 

    

 

EXHIBIT AA

 

Servicing
Criteria

to be Addressed in Assessment of Compliance

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). In addition, this Exhibit AA shall not
be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the
Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment of a criterion that is
not encompassed by the servicing duties of the applicable party that are set forth in the main body of such Pooling and Servicing
Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect to Item 1122(d)(2)(iii),
references to Servicer below shall include any Sub-Servicer engaged by a Master Servicer or Special Servicer.

 

	Servicing Criteria 	applicable 

Servicing 

Criteria
	 

                                                                                Reference
	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
Servicer 

        Special
        Servicer

        Custodian (as applicable)

         

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Special Servicer

    Trustee (as applicable)1

 

    	Exhibit AA-1

    	 

    

 

	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate
                                         Administrator

        Master
Servicer

Special Servicer

         

	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
                                         Administrator

        Master
Servicer

Special Servicer

         

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
                                         Administrator

        Master
Servicer

Special Servicer

         

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and
    approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.
    These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days
    specified in the transaction agreements.	Certificate
                                         Administrator

                                                                                                                                 

        Master
Servicer

Special Servicer

         

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Master
    Servicer

 

 

 

1 Only to the extent that the
Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable calendar year.

 

    	Exhibit AA-2

    	 

    

 

	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the
Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Exhibit AA-3

    	 

    

 

EXHIBIT BB

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator (or the Master Servicer, to the extent specified in Section 11.04 of the Pooling and Servicing
Agreement) any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column
to the extent such party has actual knowledge (and in the case of net operating income information, financial statements, annual
operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Master Servicer or the
Special Servicer is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2016-C28 Pooling and Servicing
Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as
such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the
meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information:

         

        ·     Item
1121(a)(13) of Regulation AB

         
	  ·      Certificate Administrator
	
        Item 1B: Distribution and Pool Performance Information:

         

        ·      Item
1121(a)(14) of Regulation AB 

        ·      Item
1121(d) of Regulation AB 

        ·      Item
1121(e) of Regulation AB
	
        ·      Certificate
        Administrator

         

        ·      Depositor

         

        ·      Asset
Representations Reviewer (with respect to Item 1121(d) of Regulation AB only) 

	
        Item 2: Legal Proceedings:

         

        ·      Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 

	
        ·      Master
        Servicer (as to itself)

         

        ·      Special
        Servicer (as to itself)

 

    	Exhibit BB-1

    	 

    

 

	requires disclosure
            only of proceedings described therein that are material to security holders)

	
        ·      Certificate
        Administrator (as to itself)

         

        ·      Trustee
        (as to itself)

         

        ·      Depositor
        (as to itself)

         

        ·      Operating
        Advisor (as to itself)

         

        ·      Any
        other Reporting Servicer (as to itself)

         

        ·      Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ·      Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ·      Originators
        under Item 1110 of Regulation AB

         

        ·      Party
        under Item 1100(d)(1) of Regulation AB

    
	Item 3: Sale of Securities and Use of Proceeds

	·      Depositor
	Item 4: Defaults Upon Senior Securities

	·      Certificate Administrator
	Item 5: Submission of Matters to a Vote of Security Holders

	·      Certificate Administrator
	
        Item 6: Significant Obligors of Pool Assets:

         

        ·      Item
        1112(b) of Regulation AB provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO

	
        ·      Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·      Special
        Servicer (as to Specially Serviced Loans and REO Properties)

         

 

    	Exhibit BB-2

    	 

    

 

	
            Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income
        for the most recent fiscal year and interim period is required and, if such information for a prior period was required but not
        previously reported, such information for such prior period; and

         

        (c) the information shall be reportable in the Form 10-D that
        relates to the Distribution Date that immediately follows the Collection Period in which the information was received or prepared
        by the “Party Responsible” as described in clause (b) above.

         
	 
	
        Item 7: Change in Sponsor Interest in the Securities:

         

        ·      Item
        1124 of Regulation AB.

         
	·      Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	
        Item 8: Significant Enhancement Provider Information:

         

        ·      Item
        1114(b)(2) and Item 1115(b) of Regulation AB

         
	·      Depositor
	Item 9: Other Information, but only to the extent of any information that meets all the following conditions: (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
        ·      Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

         

        ·      Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
        as of the related Distribution Date and the preceding Distribution Date)

        ·      Master
        Servicer (with respect to the balance of the Collection Account as of the related

 

    	Exhibit BB-3

    	 

    

 

	 	
            Distribution Date and the preceding Distribution
        Date)

        ·      Special
        Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

        ·      Any
        other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
        AB to the extent material to Certificateholders)

	
        Item 10: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)

	·      Depositor
	
        Item 10: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ·      Certificate
        Administrator

        ·      Depositor

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

        provided further, in each case, that in the event
        any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be
        the responsible party.

	
        Item 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	·      Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 10: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the party that is the “Party

	·      The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

 

    	Exhibit BB-4

    	 

    

 

	
            Responsible” with
        respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects to
        report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published report.

        
	 
	
        Item 10: Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.

        
	·      Depositor
	
        Item 10: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
        S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
        party, is signed pursuant to a power of attorney.

        
	·      Certificate Administrator 
	
        Item 10: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)

        
	·      Not Applicable.
	
        Item 10: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).

        
	·      Not Applicable.
	Item 10: Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·      Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K); provided, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party for this Item 9.

 

    	Exhibit BB-5

    	 

    

 

 

EXHIBIT CC

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on
Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the
contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the Prospectus and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special
Servicer be required to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Master
Servicer or the Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For this Series
2016-C28 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB.

	 	 	 
	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	·	Depositor
	Item 9B: Other Information, but only to the extent of any information that meets all the following conditions:	·	Certificate Administrator,
    Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party Responsible”
    with respect to such information pursuant to Exhibit DD.
	(a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD,	 	 
	 	 	 
	(b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and	 	 
	 	 	 
	(c) such information was not previously reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”	 	 

 

    		Exhibit CC-1	

    	 

    

 

	 	 	 	 
	Item
    15: Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	Instruction J(2)(b) (Significant Obligors of Pool Assets) – Part 1 of 3 Parts:	·	The applicable
    Mortgage Loan Seller.
	 	 	 	 
	·  	Item
    1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the Prospectus,
    (ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
    as “Additional Form 10-D Information”.	 	 
	 	 	 	 
	Instruction J(2)(b) (Significant Obligors of Pool Assets) – Part 2 of 3 Parts:	·	The Depositor
	 	 	 	 
	·  	Item
    1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus and (ii) the applicable
    Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”.	 	 

 

    		Exhibit CC-2	

    	 

    

 

	 	 	 	 
	Instruction
    J(2)(b) (Significant Obligors of Pool Assets) – Part 3 of 3 Parts:	·	Master
    Servicer (excluding information for which the Special Servicer is the “Party Responsible”)
	·  	Item
    1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply:	 	 
	  	·	Special Servicer (as to Specially
    Serviced Loans and REO Properties)
	(a)
        information shall be required to be reported only with respect to a party or property (if any) identified as a “significant
        obligor” in the Prospectus;
	 	 
	 	 	 	 
	
        (b) the information to be reported shall consist of
such quarterly and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable),
and quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
provided, however, that for a significant obligor described under item 1101(k)(2) of Regulation AB, only net operating
income for the most recent fiscal year and interim period is required and, if such information for a prior period was required
but not previously reported, such information for such prior period; and
	 	 
	 	 	 	 
	
        (c) the information shall be reportable only to the
extent that is has not previously been reported as “Additional Form 10-D Information”.
	 	 
	
        Instruction J(2)(c) (Significant Enhancement Provider
Information):
	 	 
	 	 	 	 
	·  	Items 1114(b)(2) and 1115(b) of Regulation AB	·	Depositor

  

    		Exhibit CC-3	

    	 

    

 

	 	 	 	 
	Instruction J(2)(d) (Legal Proceedings):	·	Master Servicer (as to itself)
	 	 	 	 
	·  	Item 1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein that are material to security holders)	·	Special Servicer (as to itself)
	 	 	·	Certificate Administrator (as to itself)
	 	 	 	 
	 	 	·	Trustee (as to itself)
	 	 	 	 
	 	 	·	Depositor (as to itself)
	 	 	 	 
	 	 	·	Trustee/Certificate Administrator /Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)
	 	 	 	 
	 	 	·	Each Mortgage Loan Seller as sponsor (as defined in Regulation AB)
	 	 	 	 
	 	 	·	Originators under Item 1110 of Regulation AB
	 	 	 	 
	 	 	·	Party under Item 1100(d)(1) of Regulation AB
	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 1 of 2 Parts:

        
	·	Master Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate Administrator, each Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).
	1119(a) of Regulation AB,	·	Special Servicer
	 	 	·	Certificate Administrator
	
        but only the existence and (if existent) how there
is (that is, the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one
hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4)
any other party listed under this item as a “Party Responsible”; provided, however, that an affiliation
need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
as “Additional Form 10-K Disclosure”.

         
	·	Trustee (as to itself) (only as to affiliations under Item 1119(a) with the Master Servicer, Certificate Administrator, each Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).
	·	Each party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator” of one or more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the assets of the Trust at the date of the Prospectus (provided that such a party shall
	and	 	 	 
	 	 	 	 
	·  	1119(b) of Regulation AB,	 	 

 

    		Exhibit CC-4	

    	 

    

 

	 	 	 	 
	
        but only the existence and (if existent) the general
character of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the
ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated
third party (apart from the Series 2016-C28 transaction) between itself (that is, the particular “Party Responsible”)
or any of its affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage
Loan Seller, and (3) the Trust; provided, however, that a relationship, agreement, arrangement, transaction or understanding
(A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material
to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K
if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

and
	 	no longer constitute a “Party Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement to the effect that such party no longer constitutes an originator of 10% or more of the assets of the Trust).
	·	Each party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator of 10% or more of the assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K is due.
	·	Each party (if any) that is identified in the Prospectus as an “other material party to the securities or transaction” (or substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement to the effect that such party no longer constitutes a material party for purposes of Regulation AB.
	·	Each party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice delivered by the Depositor to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K is due.
	·  	1119(c) of Regulation AB, 
	 	 
	but only the existence and (if existent) a description (including the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2016-C28 transaction or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the Trust; provided, however, that a relationship (A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if

 

    		Exhibit CC-5	

    	 

    

  

	 	 	 	 
	it was previously reported as “Additional Form 10-K Disclosure”.	 	 
	Instruction J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part 2 of 2 Parts:	·	The Depositor
	·	Each Mortgage Loan Seller
	 

                                                                                1119(a) of Regulation AB,
	 	 
	 	 	 	 
	But only the existence and (if existent) how there is any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the other; provided, however, that an affiliation need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.	 	 
	 	 	 	 
	and	 	 	 
	 	 	 	 
	·  	1119(b) of Regulation AB,	 	 
	 	 	 	 
	but only the existence and (if existent) the general character of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart from the Series 2016-C28 transaction) between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the other; provided, however, that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was	 	 

 

    		Exhibit CC-6	

    	 

    

 

	 	 	 	 
	previously reported as “Additional Form 10-K Disclosure”.	 	 
	 	 	 	 
	and	 	 	 
	 	 	 	 
	·  	1119(c) of Regulation AB,	 	 
	 	 	 	 
	
        but only the existence and (if existent) a description
(including the terms and approximate dollar amount) of any specific relationship involving or related to the Series 201[_]-[_]
transaction or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates,
on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”,
on the other; provided, however, that a relationship (A) must be reported only if it then exists or existed within
the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and
(C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously
reported as “Additional Form 10-K Disclosure”.
	 	 
	Item 15: Exhibits (no. 2):	·	Depositor
	 	 	 
	Plan of acquisition, reorganization, arrangement, liquidation or succession (Exhibit No. 2 of Item 601 of Regulation S-K)		
	Item 15: Exhibits (no. 3):	·	Depositor
	 	 	 	 
	Articles of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)	 	 

 

    		Exhibit CC-7	

    	 

    

 

	 	 	 	 
	Item 15: Exhibits (no. 4):	·	Certificate Administrator
	 	 	·	Depositor
	With respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)		
	 	 	provided,
    in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Pooling
    and Servicing Agreement
	 	 	 	 
	 	 	provided
    further, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or
    Certificate Administrator, then the Depositor shall be the responsible party.
	Item 15: Exhibits (no. 10): 

Material contracts (Exhibit No. 10 of Item 601 of Regulation S-K)	·	Certificate
    Administrator,  Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies
    all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans,
    and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or
    that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	Item 15: Exhibits (no. 11):	·	Not Applicable
	 	 	 	 
	Statement regarding computation of per share earnings (Exhibit No. 11 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 12):	·	Not Applicable
	 	 	 	 
	Statement regarding computation of ratios (Exhibit No. 12 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 13):	·	Not Applicable
	 	 	 	 
	Annual report to security holders, Form 10-Q and Form 10-QSB, or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 14):	·	Not
    Applicable
	 	 	 	 
	Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)	 	 

 

    		Exhibit CC-8	

    	 

    

 

	 	 	 	 
	
        Item 15: Exhibits (no. 16): 
	·	Not Applicable
	 	 	 
	Letter re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 18):	·	Not Applicable
	 	 	 	 
	Letter re change in accounting principles (Exhibit No. 18 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 21):	·	Depositor.
	 	 	 	 
	Subsidiaries of registrant (Exhibit No. 18 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 22):	·	Not Applicable
	 	 	 	 
	Published Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K).	 	 
	Item 15: Exhibits (no. 23) – Part 1 of 2 Parts:	·	Depositor.
	 	 	 	 
	Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of a registered public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling and Servicing Agreement.		
	Item
    15: Exhibits (no. 23) – Part 2 of 2 Parts:	·	Master
    Servicer
	 	·	Special
    Servicer
	Consents
    of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), but the required shall consist of a consent of
    the registered public accounting firm for purposes of any attestation report rendered with respect to the particular “Party
    Responsible” pursuant to Section 11.13 of this Pooling and Servicing Agreement.	·	Depositor
	·	Any other
    Servicing Function Participant
	 

        provided,
        however, in each case, that such party shall have the duty to report or deliver, or cause the reporting or delivery,
        of such consent only to the extent that such party is required to deliver or cause the delivery of the related attestation
        report.

 

    		Exhibit CC-9	

    	 

    

 

	 	 	 	 
	Item 15: Exhibits (no. 24)	·	Certificate Administrator
	 	 	 	 
	Power of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.	 	 
	Item 15: Exhibits (no. 31(i))	·	Not Applicable
	 	 	 	 
	Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of Item 601 of Regulation S-K).	 	 
	Item 15: Exhibits (no. 31(ii))	·	Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling and Servicing Agreement.
	 	 
	Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii) of Item 601 of Regulation S-K).
	Item 15: Exhibits (no. 32)	·	Not Applicable.
	 	 	 	 
	Section 1350 Certifications (Exhibit No. 32 of Item 601 of Regulation S-K).	 	 
	Item 15: Exhibits (no. 33)	·	Delivery of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.
	 	 
	Report on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K).
	Item 15: Exhibits (no. 34)	·	Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling and Servicing Agreement.
	 	 
	Attestation report on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K).
	
        Item 15: Exhibits (no. 35)

        

Servicer compliance statement (Exhibit No. 35 of Item 601 of Regulation S-K).
	·	Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.
		 	 
	Item 15: Exhibit (no. 36)	·	Depositor
	 	 	 	 
	Certification For Shelf Offerings of Asset-Backed Securities (Exhibit No. 36 of Item 601 of Regulation S-K).	 	 

 

 

    		Exhibit CC-10	

    	 

    

 

	 	 	 	 
	Item
        15: Exhibits (no. 99) 
	·	Not Applicable.
	 	 	 
	Additional
    exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)	 	 
	Item
    15: Exhibits (no. 100)	·	Not Applicable.
	 	 	 	 
	XBRL-Related
    Documents (Exhibit No. 100 of Item 601 of Regulation S-K).	 	 
	Item
    15: Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions:
    (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD,
    (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the
    Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·	Certificate
    Administrator and Depositor, in each case only to the extent that such party is the “Party     Responsible”
    for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master     Servicer, the
    Trustee or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any
    exhibits to a Form 10-K).
	Item
    15: Exhibit (no. 101)	Not Applicable
	 	 
	Interactive
    Data File (Exhibit No. 101 of Item 601 of Regulation S-K).	 	 
	Item
    15: Exhibit (no. 102)

    

    Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).	
        [Certificate Administrator] 

        [Depositor]

		 	 
	

                                                                                Item
                                         15: Exhibit (no. 103)

                                                                                

Asset Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

        [Depositor]

       
		 	 

 

    		Exhibit CC-11	

    	 

    

 

EXHIBIT DD

 

FORM
8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement to report to the Depositor
and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in the “Item
on Form 8-K” column to the extent such party has actual knowledge of such information (other than information as to itself).
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted
from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller.
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to conclusively assume that there is no “significant obligor” other than a party or property identified
as such in the Prospectus and to assume that no other party or property will constitute a “significant obligor” after
the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required to provide any information for inclusion
in a Form 8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not the applicable Master
Servicer or Special Servicer, as the case may be. For this Series 2016-C28 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB.  

	 	 	 
	Item on Form 8-K	Party Responsible
	Item 1.01: Entry into a Material Definitive Agreement	·	Depositor, except as described in the next bullet (it being
    acknowledged that Item 601 of Regulation S-K requires filing of material contracts to which the registrant or a subsidiary
    thereof is a party). 
	 	 	 
	 	·	Certificate Administrator, Trustee,
    Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form 8-K requires disclosure
    regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed securities transaction,
    even if the registrant is not a party to such agreement), in each case to the extent of any amendment or definitive agreement

  

    		Exhibit DD-1	

    	 

    

 

	 	 	 	 
	 	 	that satisfies all the following
                                         conditions: (a) such amendment or definitive agreement relates to the Trust or one or
                                         more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement
                                         is an amendment or definitive agreement to which such party (or a subcontractor or vendor
                                         engaged by such party) is a party or that such party (or a subcontractor or vendor engaged
                                         by such party) has caused to have been executed on behalf of the Trust; provided,
                                         however, that the Certificate Administrator shall be the “Party Responsible”
                                         in connection with any amendment to this Pooling and Servicing Agreement. 

	 
	Item 1.02: Termination of a Material Definitive Agreement– Part 1 of 2 Parts	·	Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.	 
	Item 1.02: Termination of a Material Definitive Agreement– Part 2 of 2 Parts	·	Depositor, to the extent of any material agreement not covered in the prior item	 
	Item 1.03: Bankruptcy or Receivership	·	Depositor	 
	Item 2.04: Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	·

·	Depositor

Certificate
Administrator	 

 

    		Exhibit DD-2	

    	 

    

 

	 	 	 
	Item 3.03: Material Modification to Rights of Security Holders	·	Certificate Administrator
	Item 5.03: Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	·	Depositor
	Item 6.01: ABS Informational and Computational Material	·	Depositor
	Item 6.02 (Part 1 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in trustee	·

·	Trustee (as to itself) 

Depositor
	Item 6.02 (Part 2 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	·

·	Certificate Administrator 

Master Servicer or Special Servicer, as the case may be (in each case, as to itself)
	Item 6.02 (Part 3 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	·

·

·

·	Master Servicer (as to a party appointed by the Master Servicer) 

Special Servicer 

Certificate Administrator 

Depositor
	Item 6.03: Change in Credit Enhancement or External Support	·

·	Depositor 

Certificate Administrator
	Item 6.04: Failure to Make a Required Distribution	·	Certificate Administrator
	Item 6.05: Securities Act Updating Disclosure	·	Depositor
	Item 7.01: Regulation FD Disclosure	·	Depositor
	Item 8.01: Other Events	·	Depositor
	Item 9.01(d): Exhibits (no. 1):	·	Not applicable
	 	 	 
	Underwriting agreement (Exhibit No. 1 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 2):	·	Depositor
	 	 	 
	Plan of acquisition, reorganization, arrangement, liquidation or succession (Exhibit No. 2 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 3):	·	Depositor
	 	 	 
	Articles of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 4):	·	Certificate Administrator
	 	 	 
	With respect to instruments defining the 	provided,
    in each case, that this shall in no

  

    		Exhibit DD-3	

    	 

    

 

	 	 	 
	rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)	event be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement
	Item 9.01(d): Exhibits (no. 7):	·	Not Applicable
	 	 	 
	Correspondence from an independent accountant regarding non-reliance on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 14):	·	Not Applicable
	 	 	 
	Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 16):	·	Not Applicable
	 	 	 
	Letter re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 17):	·	Not Applicable
	 	 	 
	Correspondence on departure of director (Exhibit No. 17 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 20):	·	Not Applicable
	 	 	 
	Other documents or statements to security holders (Exhibit No. 20 of Item 601 of Regulation S-K)	 	 
	Item 9.01(d): Exhibits (no. 23):	·	Depositor
	 	 	 
	Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement.	 	 
	Item 9.01(d): Exhibits (no. 24)	·	Certificate Administrator
	 	 	 
	Power of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.	 	 
	Item 15: Exhibits (no. 99)	·	Not Applicable.

 

    		Exhibit DD-4	

    	 

    

 

	 	 	 
	Additional exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)	 	 
	Item 15: Exhibits (no. 100)	·	Not Applicable.
	 	 	 
	XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation S-K).	 	 

 

    		Exhibit DD-5	

    	 

    

 

 

EXHIBIT EE

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS
IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association,
as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) (CMBS)

Banc of America Merrill Lynch Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-C28—SEC
REPORT PROCESSING

 

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [11.04] [11.05]
[11.07] of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor (the “Depositor”), Wells Fargo
Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Park Bridge Lender Services LLC, as Asset Representations
Reviewer and as Operating Advisor, the undersigned, as [ ], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [         ], phone number: [         ]; email address: [         ].

 

	 	[NAME OF PARTY],
	 	as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc:  Depositor	 	 
	 	 	 

    	Exhibit EE-1

    	 

    

 

EXHIBIT FF

 

INITIAL
SUB-SERVICERS

 

1.     NRC
Group, Inc.

 

2.     Northmarq
Capital, LLC

 

3.     Berkadia
Commercial Mortgage LLC

 

4.     Grandbridge
Real Estate Capital LLC

 

5.     Barry
S. Slatt Mortgage Company

 

6.     Preferred
Capital Advisors, Inc.

 

7.     PFG
Servicing Corporation

 

8.     Phillips
Realty Capital Corporation

 

9.     GEMSA
Loan Services, L.P.

 

10.    Holliday
Fenoglio Fowler, L.P.

 

    	Exhibit FF-1

    	 

    

 

EXHIBIT GG

 

SERVICING
FUNCTION PARTICIPANTS

 

None.

 

    	Exhibit GG-1

    	 

    

 

EXHIBIT HH

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

 

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 (the
“Trust”)

 

I, [identifying the certifying
individual], on behalf of [Wells Fargo Bank, National Association, as Master Servicer] [C-III Asset Management LLC, as Special
Servicer] [Wells Fargo Bank, National Association, as Certificate Administrator] [U.S. Bank National Association, as Trustee] (the
“Certifying Servicer”), certify to Banc of America Merrill Lynch Commercial Mortgage Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I (or Servicing Officers under my supervision)
                                         have reviewed the Certifying Servicer’s activities [during the preceding calendar
                                         year] [between [__] and [__]] (the “Reporting Period”) and the Certifying Servicer’s performance under the Pooling
                                         and Servicing Agreement; and

 

		2.	To the best of my knowledge, based on such review,
                                         the Certifying Servicer has fulfilled all of its obligations under the Pooling and Servicing
                                         Agreement in all material respects during the Reporting Period.
                                         [To my knowledge, the Certifying Servicer has failed to fulfill the following obligations
                                         under the Pooling and Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE
                                         AND STATUS THEREOF]].

 

Date:_____________________________________________

 

[WELLS FARGO BANK, NATIONAL ASSOCIATION,
as master servicer]

[C-III ASSET MANAGEMENT LLC, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION as certificate administrator]

[U.S. BANK NATIONAL ASSOCIATION, as trustee; 

provided, however, that the Trustee shall not be required to deliver
an assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable to it]

 

 

	By: 	 	 
	 	Name:	 
		Title:	 

 

 

    	Exhibit HH-1

    	 

    

 

  

 

EXHIBIT II

 

FORM
OF REPORT ON ASSESSMENT OF

COMPLIANCE with SERVICING CRITERIA

 

[Name of Reporting Servicer] (the “Reporting
Servicer”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph
(d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December 31, 20[__] (the “Reporting
Period”), as set forth in Exhibit AA to the Pooling and Servicing Agreement. The transactions covered by this
report include asset-backed securities transactions for which the Reporting Servicer acted as [a master servicer, special servicer,
trustee, certificate administrator] involving commercial mortgage loans [other than __________________1] (the
“Platform”);

 

The Reporting Servicer has engaged certain
vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”)
to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance
with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule
A;

 

Except as set forth in paragraph 4 below,
the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with
the applicable servicing criteria;

 

The criteria listed in the column titled
“Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer based on the activities
it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has complied, in
all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect
to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December
31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria
as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on
Schedule B hereto]; and

 

 

1
Describe any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e., transactions
registered prior to compliance with Regulation AB, transactions involving an offer and sale of asset-backed securities that were
not required to be issued), if applicable.

 

    	Exhibit II-1

    	 

    

 

[____], a registered public accounting
firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable servicing
criteria for the Reporting Period.

 

[Date of Certification]

 

	 	[Name of Reporting Servicer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

          

    	Exhibit II-2

    	 

    

 

EXHIBIT
JJ

 

CREFC®
PAYMENT INFORMATION

 

Payments shall be made to “CRE Finance Council”
and sent to:

Commercial Real Estate Finance Council, Inc.

900 7th Street, NW, Suite 820

Washington, DC 20001 

Attn: Stephen M. Renna

 

or by wire transfer to:

 

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

Bank Name: Chase

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

    	Exhibit JJ-1

    	 

    

 

EXHIBIT KK

 

Form
of Notice of ADDITIONAL

INDEBTEDNESS NOTIFICATION

 

VIA E-MAIL: 

To: Wells Fargo Bank, National Association, as Certificate
Administrator; cts.cmbs.bond.admin@weilsfargo.com and trustadministratorgroup@wellsfargo.com

 

Ref: MSBAM 2016-C28, Additional Debt Notice for From 10-D

 

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing Agreement

 

	 	Portfolio
    Name	 	Mortgage
    

    Loan	 	Position
    in 

    Debt Stack	 	Additional

    Debt	 	OPB	 	OPB
    Date	 	Appraised
    Value	 	Appraised

    Value Date	 	Aggregate
    

    LTV	 	Aggregate
    

    NCF DSCR	 	Aggregate
    

    NCF DSCR 

    Date	 	Primary

    Servicer	 	Master

    Servicer	 	Lead

    Servicer	 	Prospectus
    

    ID
	1	MSBAM 2016-C28	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$
	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	MSBAM 2016-C28	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$

        	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	MSBAM 2016-C28	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Outside the Trust	 	 	 	 	 	$
	 	 	 	 	 	$	 	 	 	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit KK-1

    	 

    

 

EXHIBIT
LL

 

[RESERVED]

 

    	Exhibit LL-1

    	 

    

 

EXHIBIT
MM

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

            CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) MSBAM 2016-C28—SEC REPORT PROCESSING

Email: cts.sec.notifications@wellsfargo.com

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section 11.04 of the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), by and
among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor (the “Depositor”), Wells Fargo Bank,
National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations
Reviewer and as Operating Advisor, the undersigned, as [          ], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

[With respect to the Collection Account and REO Account balance
information:

 

	Account Name	Beginning
        Balance as of 

        

        MM/DD/YYYY 
	Ending
        Balance as of 

        MM/DD/YYYY 

	Collection Account	 	 
	REO Account	 	 

 

    	Exhibit MM-1

    	 

    

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [          ], phone number: [          ]; email address: [          ].

 

	 	[NAME OF PARTY],
	 	as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc: Depositor	 	 

 

    	Exhibit MM-2

    	 

    

 

EXHIBIT NN

 

Form
of notice of purchase of controlling class certificate

 

[Date]

 

Wells Fargo Bank, National Association

            as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

Attention: Corporate Trust Services MSBAM 2016-C28

 

Wells Fargo Bank, National Association

            as Master Servicer

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

Telecopy Number: (704) 715-0036

 

C-III Asset Management LLC

            as Special Servicer

5221 N. O’Connor Blvd., Suite 600

Irving, TX 75039

Fax Number: (972) 868-5490

Attention: Lindsey Wright

MSBAM 2016-C28

 

Park Bridge Lender Services LLC

            as Operating Advisor and Asset Representations Reviewer

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: MSBAM 2016-C28 Surveillance Manager

(with a copy sent contemporaneously

via email to cmbs.notices@parkbridgefinancial.com)

 

    	Exhibit NN-1

    	 

    

 

Re:          Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling
and Servicing Agreement”), dated as of February 1, 2016, by and among Banc of America Merrill Lynch Commercial Mortgage
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, U.S. Bank National Association, as Trustee, Park Bridge Lender
Services LLC, as Asset Representations Reviewer and as Operating Advisor

 

This letter is delivered
to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer by ____________ (the
“Transferor”) to us (the “Transferee”)
of $__________________ original principal balance in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates.
The Certificates were issued pursuant to the Pooling and Servicing Agreement.

 

1.          Our
name and address is as follows:

 

______________________________________

 

______________________________________

 

______________________________________

 

Contact Info:
[Tel/Email]

 

2.     [IF
APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator, that we are purchasing a majority interest
in the Class [__] Certificates, and that we are not affiliated with the Transferor. To the extent that any Control Termination
Event or Consultation Termination Event has occurred due to a waiver of a prior Class [__] Certificateholder of its rights under
the Pooling and Servicing Agreement, we hereby request that you reinstate such rights and post a “special notice” on
your website to the following effect:

 

“A Consultation
Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority
interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.

 

All capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

    	Exhibit NN-2

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit NN-3

    	 

    

 

 

EXHIBIT OO

 

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset
Review Report.

 

		1.	As described in the detailed scorecard attached hereto
as Exhibit A, we have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion
is that there is [no evidence of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer
of a Test pass or a Test failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence
or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage
Loan Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding
this report to the persons listed above, will not be required to take or participate in any other or further action with respect
to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have
the respective meanings assigned to them in the Pooling and Servicing Agreement.

 

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    	 	Exhibit OO-1 	 

     

    

 

	 	PARK BRIDGE LENDER SERVICES
LLC,
	 	 	as Asset Representations Reviewer

 

	 	By:	 Park Bridge Advisors LLC,
a New York

limited liability company, its sole member
			 
	 	 	By: Park Bridge Financial LLC,
a New York

limited liability company, its sole member

 

	 	By: 	
	 	 	Name:

Title:

 

    	 	Exhibit OO-2 	 

     

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	
        Test failures

	Loan #	Loan Name	R&W #	R&W Name	Test #	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	44	Lease Estoppels	44c	[Insert Test Description]	[Insert Test findings]
	32	Due on Sale or Encumbrance	32b	 	 

 

    	 	Exhibit OO-3 	 

     

    

 

EXHIBIT PP

 

FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

		Re:	Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

Ladies and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset
Review Report Summary.

 

		1.	As described in the summary scorecard attached hereto
as Exhibit A, we have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion
is that there is [no evidence of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer
of a Test pass or a Test failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence
or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage
Loan Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding
this Asset Review Report Summary to the parties listed above, will not be required to take or participate in any other or further
action with respect to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have
the respective meanings assigned to them in the Pooling and Servicing Agreement.

 

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    	 	
        Exhibit PP-1 
	 

     

    

  

	 	PARK BRIDGE LENDER SERVICES
LLC,
	 	 	as Asset Representations Reviewer

 

	 	By:	 Park Bridge Advisors LLC,
a New York

limited liability company, its sole member
			 
	 	 	By: Park Bridge Financial LLC, a New York

limited liability company, its sole member

 

	 	By: 	
	 	 	Name:

Title:

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

         
	 	 	 	 
	Loan #	Loan Name	Representations and Warranty #	Representation and Warranty Name	Test #
	[Insert Loan #]	[Insert Loan Name]	44	Lease Estoppels	44c
	32	Due on Sale or Encumbrance	32b

 

    	 	
        Exhibit PP-2 
	 

     

    

 

EXHIBIT QQ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Loan
based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit QQ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation Reviewer’s
responsibilities and duties with respect to Asset Reviews.

 

Call for Review and Collection and
Inventory of Review Materials

 

		Step 1	Asset
Representations Reviewer (“ARR”) receives the following items before beginning its review from the parties
specified in Section 12.01 of the Pooling and Servicing Agreement:

 

		§	Notice of Asset Review Trigger (with attachments)

 

		§	Asset Review Vote Election

 

		§	Notice of Affirmative Asset Review Vote

 

		§	List of all Delinquent Loans subject to the Asset Review

 

		§	Review Materials for each Delinquent Loan via Secure
Data Room access, including the Diligence File

 

		§	Any Unsolicited Information (if applicable)

 

	Step 2		For
each Delinquent Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine
what, if any, Review Materials for such Delinquent Loan are missing, using the list of documents in the definition of the Mortgage
File in this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist
from the origination of such Delinquent Loan, to guide its review and determination

 

	Step 3		If
ARR determines that the information made available to it in the Secure Data Room with respect to any Delinquent Loan is missing
any documents required to complete an Asset Review of such Delinquent Loan, ARR shall prepare a list of such missing documents
and notify Master Servicer (with respect to Non-Specially Serviced Loans) and Special Servicer (with respect to Specially Serviced
Loans) or applicable Mortgage Loan Seller of such missing documents. If the Master Servicer or Special Servicer, as applicable,
does not provide such document as provided in the Pooling and Servicing Agreement, the ARR shall notify the related Mortgage Loan
Seller of such missing information

 

    	 	
        Exhibit QQ-1 
	 

     

    

 

Analysis and Testing of Representations
and Warranties

 

	Step 4		For each Delinquent Loan for which ARR has received all Review Materials required
to complete an Asset Review of such Delinquent Loan, ARR tests such Delinquent Loan for compliance with each representation and
warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan as follows:

 

	 	§	ARR reviews each representation and warranty and each item included in the Review Materials applicable or related to such representation or warranty to determine whether there is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller
	 	 	 	 	 
	 	§	For each representation and warranty, ARR lists
	 	 	 	 	 
	 	 	·	all items from the Review Materials reviewed or used in its testing of such representation and warranty
	 	 	 	 	 
	 	 	·	whether ARR has determined that there is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller, and
	 	 	 	 	 
	 	 	 	○	if
so, stating the aspect of the applicable representation or warranty that does not appear to have been true when made by the related
Mortgage Loan Seller and ARR’s basis for its conclusion
	 	 	 	 	 
	 	 	 	○	completing
the Asset Review Report by setting forth, for each Delinquent Loan, the information contemplated herein with respect to each representation
and warranty

 

ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty
that it discovers evidence of during its review as contemplated herein.

 

    	 	
        Exhibit QQ-2 
	 

     

    

 

EXHIBIT RR

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services - MSBAM 2016-C28

Email:      trustadministrationgroup@wellsfargo.com

 

Attention:    Morgan
Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2016 (the “Pooling and Servicing Agreement”), by and among Banc of America Merrill Lynch Commercial Mortgage
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer,
U.S. Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Park Bridge Lender
Services LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an authorized representative of [________________________].

 

		2.	The undersigned acknowledges and agrees that (a) access
to the Secure Data Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling
and Servicing Agreement (b) it will not disseminate or otherwise make information contained on the Secure Data Room available
to any other person except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the
Depositor and (c) it will only access information relating to the Mortgage Loans to which the Asset Review relates.

 

		3.	The undersigned agrees that each time it accesses the
Secure Data Room, the undersigned is deemed to have recertified that the representations above remains true and correct.

 

    	 	
        Exhibit RR-1 
	 

     

    

 

		4.	[The undersigned is not a Certificateholder, a beneficial
owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

  

	 	 	[NAME OF PARTY],

	 	 	as [role]
	 	By: 	
	 	 	Name:

Title:

  

Dated: _______

 

[Banc of America Merrill Lynch
Commercial Mortgage Inc.,

as Depositor]* 

 

	By: 		 
	 	[Name]

[Title]	 

 

 

 

*
        Required to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing
access to the Secure Data Room.

 

    	 	
        Exhibit RR-2 
	 

     

    

 

 

EXHIBIT SS

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 

14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager	
        Park Bridge Lender
Services LLC 

        41 Watchung Plaza,
Suite 250 

        Montclair, New Jersey
07042 

        Attention: MSBAM 2016-C28 Surveillance
Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 
	
        C-III Asset Management LLC

        

        5221 N. O’Connor Blvd.,
        Suite 600

        

        Irving, Texas 75039

        

        Attention: Lindsey Wright

        

        MSBAM 2016-C28
	 
	 	 

		Attention:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Commercial Mortgage Pass-Through Certificates, Series 2016-C28

 

In accordance with
Section 12.01(a) of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and as Operating
Advisor, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

1.          _____
An additional Mortgage Loan has become a Delinquent Loan.

 

2.          _____
A Mortgage Loan has ceased to be a Delinquent Loan.

 

3.          _____
An Asset Review Trigger has ceased to exist.

 

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	Exhibit SS-1

    	 

    

	 	 	 
	 	 Wells Fargo Bank, National Association, as
	 	 	 Certificate Administrator for the Holders of
	 	 	 the Morgan Stanley Bank of America
	 	 	 Merrill Lynch Trust 2016-C28, Commercial
	 	 	 Mortgage Pass-Through Certificates, Series
	 	 	 2016-C28
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

  

    	Exhibit SS-2

    	 

    

 

EXHIBIT
TT-1

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Banc of America Merrill Lynch Commercial Mortgage Inc.

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

 

	 	Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”) and executed in connection with the issuance of the Certificates. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.           The Transferor is
the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”), with
the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.           Neither the Transferor nor anyone acting
on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer to buy or
accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any manner,
(d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security by means of general advertising or in any other manner, or (e) taken any other action, which (in
the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition
of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would require
registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities laws.

 

    	Exhibit TT-1-1

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit TT-2-2

    	 

    

 

EXHIBIT
TT-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Banc of America Merrill Lynch Commercial Mortgage Inc.

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

Facsimile: (704) 715-0036

 

	 	Re:	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”) and executed in connection with the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.           The Transferee is
acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its own account
for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part,
in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable
state securities laws.

 

2.           The Transferee understands that (a)
the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified under
any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate Registrar
is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not be resold
or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any applicable
state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification and
(A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit TT-1
to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate from
the prospective transferee substantially in the form attached as Exhibit TT-2 to the Pooling and Servicing Agreement.

 

    	Exhibit TT-2-1

    	 

    

 

3.           The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.11 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.           Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.           The Transferee has
been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the
Mortgage Loans, and (e) all related matters that it has requested.

 

6.           The Transferee is (a) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited investor”
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which all of the
equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee has sought
such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee
is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.           The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law, court order
or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such holder or
has become generally available to the public other than as a result of disclosure by such holder; provided, however, that such
holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing
Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such
information confidential, not to use or disclose such information in any manner which could result in a violation of any provision
of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates

 

    	Exhibit TT-2-2

    	 

    

 

pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’
auditors, legal counsel and regulators.

 

8.           The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing Agreement except as
set forth in Section 3.11 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the
extent provided in the Pooling and Servicing Agreement.

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 	 
	
        cc:

         
	
        Wells Fargo Bank, National Association

        Legal Department

        301 South College Street

        TW-30

        Charlotte, North Carolina 28288-0630

        Attention: Commercial Mortgage Servicing Legal Support

        Reference: MSBAM 2016-C28

        Facsimile: (704) 383-0353

	 	 	 	 

    	Exhibit TT-2-3

    	 

    

 

Schedule
1

 

Mortgage
Loans with Additional Debt

 

		1.	Penn Square Mall

 

		2.	Ellenton Premium Outlets

 

		3.	GLP Industrial Portfolio A

 

		4.	Princeton Pike Corporate Center

 

		5.	Le Meridien Cambridge MIT

 

		6.	University West Apartments

 

    	Schedule 1-1

    	 

    

 

Schedule
2

 

CLass
A-SB Planned Principal Balance Schedule

 

See Annex E to the Prospectus.

 

 

    	Schedule 2-1

    	 

    

 

Schedule
3

 

Mortgage
Loans With a “Performance”, “Earn-Out” or “Holdback” Escrow or a Reserve exceeding 10% of the
Initial Principal Balance

 

None.

 

 

    	Schedule 3-1

    	 

    

 

Schedule
4

 

Mortgage
Loans Subject to a Franchise Agreement

 

Marriott - Albuquerque, NM

Le Meridien Cambridge MIT

DoubleTree by Hilton - Cleveland, OH

Holiday Inn - La Mesa, CA

Courtyard - Conyers, GA

Holiday Inn Express - Orlando, FL

Holiday Inn Express & Suites - Pensacola,
FL

La Quinta - Norfolk, VA

Best Western Blue Angel Inn - Pensacola,
FL

 

    	Schedule 4-1

    	 

    

 

Schedule
5

 

Mortgage
Loans With a Letter of Credit

 

None.

 

    	Schedule 5-1

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