Document:

Exhibit 4.13

A/B CO-LENDER AGREEMENT

Dated as of March 2, 2020

among

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC

as Initial Administrative Agent

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC

as Initial Note-A Holder

and

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC

as Initial Note-B Holder

Loan in the principal amount of $32,480,000.00

    	 	 	 

     

    

TABLE OF CONTENTS

PAGE

	Article 1 DEFINITIONS	2
	1.1   Terms Defined in this Agreement	2
	1.2   Definitions Incorporated from Other Agreements	15
	Article 2 ADMINISTRATIVE AGENT AND SERVICER	15
	2.1   Appointment and Authorization	15
	2.2   Actions Requiring Consent and Approval	20
	2.3   Liability of Administrative Agent	25
	2.4   Reliance by Administrative Agent	26
	2.5   Credit Decision; Representations and Warranties	26
	2.6   Noteholder Indemnification	28
	2.7   Administrative Agent, Servicer, Noteholders and Affiliates in Individual Capacity	29
	2.8   Successor Administrative Agent and Servicer	30
	2.9   Additional Administrative Agent Duties	31
	2.10   Bankruptcy of Borrower; Return of Funds	31
	Article 3 ASSIGNMENTS, ASSUMPTIONS, PARTICIPATIONS AND REPLACEMENT NOTES	32
	3.1   Initial Noteholders	32
	3.2   Transfer	33
	3.3   Participations	34
	3.4   Certain Pledges	35
	3.5   Replacement Notes	37
	3.6   Cooperation with Syndication	37
	Article 4 PRIORITY; DISTRIBUTIONS	37
	4.1   Priority	37
	4.2   Distributions	38
	4.3   Recovery of Unsatisfied Indemnification Payments	43
	4.4   Other Distributions	43
	Article 5 DISTRIBUTIONS AFTER WORKOUTS OR FORECLOSURES	44
	5.1   Distributions after Workouts	44
	5.2   Distributions after Foreclosure	44
	Article 6 PROTECTIVE ADVANCES; SUPER PRIORITY PROTECTIVE ADVANCES AND NOTEHOLDER DEFAULTS	44
	6.1   Protective Advances	44
	Article 7 Intentionally omitted	46
	Article 8 OWNERSHIP OF THE PROPERTIES	46
	8.1   Foreclosure.	46

    	 	 	 

     

    

 

TABLE OF CONTENTS

(CONT’D)

PAGE

	Article 9 CONTROL APPRAISAL PERIOD	49
	9.1   Determination of a Control Appraisal Period	49
	9.2   Threshold Event Collateral.	49
	Article 10 CURE RIGHTS, PURCHASE OPTION	51
	10.1   Cure Rights	51
	10.2   Purchase Option	52
	Article 11 MISCELLANEOUS	53
	11.1   Terms of Agreement	53
	11.2   Modifications	53
	11.3   Successors and Assigns	53
	11.4   Notices	53
	11.5   Prior Agreements	54
	11.6   Conflict; Construction of Documents	54
	11.7   Governing Law	54
	11.8   Submission to Jurisdiction	54
	11.9   WAIVER OF JURY TRIAL	55
	11.10   Counterparts	55
	11.11   Third-Party Beneficiaries	55
	11.12   Withholding	55
	11.13   EU Bail-In Rule Provisions	56

Exhibit AForm of Assignment Agreement

Exhibit BNotice Addresses

Exhibit CCommitments and Pro Rata Shares

Exhibit DLoan Documents

    	 	ii	 

     

    

A/B CO-LENDER AGREEMENT

THIS A/B CO-LENDER
AGREEMENT dated as of March 2, 2020 (as amended, restated, replaced, supplemented or otherwise modified from time to time,
this “Agreement”), is made among (i) GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC, a Delaware
limited liability company having a place of business at 2977 McFarlane Road, Suite 300, Coconut Grove, Florida 33133, Attention:
Legal Department, in its capacity as administrative agent (in such capacity, “Initial Administrative Agent”),
(ii) GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC, a Delaware limited liability company having a place of business at
2977 McFarlane Road, Suite 300, Coconut Grove, Florida 33133, Attention: Legal Department, as the initial Note-A Holder (in such
capacity, “Initial Note-A Holder”), and (iii) GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC,
a Delaware limited liability company having a place of business at 2977 McFarlane Road, Suite 300, Coconut Grove, Florida 33133,
Attention: Legal Department, as the initial Note-B Holder (in such capacity, “Initial Note-B Holder”;
together with Initial Note-A Holder, individually and collectively, the “Initial Noteholders”), and the
other Persons that become Noteholders and parties to this Agreement from time to time in accordance with the terms hereof.

W
I T N E S S E T H:

WHEREAS, pursuant
to (i) that certain Loan Agreement, dated as of February 19, 2020 (as the same may be amended, modified, supplemented, restated
or replaced from time to time, the “Loan Agreement”), Grass River Real Estate Credit Partners Loan Funding,
LLC as originating lender (in such capacity, the “Originating Lender”) has made to Hammond Aire, LLC
(“Azad Borrower”) and Mont Belvieu Properties V, LLC (“Harmeyer Borrower”),
each a Delaware limited liability company (Azad Borrower and Harmeyer Borrower, jointly and severally, as tenants-in-common and
co-borrowers, “Borrower”), a mortgage loan (as the same may be split, severed, reduced, increased, supplemented
or otherwise modified from time to time, the “Loan”) in the principal amount of $32,480,000.00;

WHEREAS, to
evidence the Loan, Borrower executed and delivered in favor of the Originating Lender (i) a Promissory Note A in the principal
amount of $29,800,000.00 (as the same may be amended, restated, replaced, supplemented, severed into one or more separate notes
or otherwise modified from time to time, the “A Note”) and (ii) a Promissory Note B in the principal
amount of $2,680,000.00 (as the same may be amended, restated, replaced, supplemented, severed into one or more notes or otherwise
modified from time to time “B Note”; A Note and B Note, individually and collectively, the “Notes”),
each dated as of February 19, 2020;

WHEREAS, to
secure the Notes Borrower granted for the benefit of the Originating Lender, inter alia, (i) that certain Mortgage, Pledge
of Leases and Rents, and Security Agreement, dated as of February 19, 2020 (as amended, modified, supplemented, restated or replaced
from time to time, the “Mortgage”), encumbering Borrower’s fee simple interest in certain real
property more particularly described in the Mortgage located in the Parish of East Baton Rouge, Louisiana (the “Property”);

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WHEREAS, to
further evidence and secure the Loan, the Borrower additionally executed or caused to be executed and delivered in favor of the
Originating Lender the documents listed on Exhibit D attached hereto and made a part hereof, each dated as of February
19, 2020 (such documents listed on Exhibit D, as each of the same may be amended, modified, supplemented, restated
or replaced from time to time, and together with the Loan Agreement, the Notes and the Mortgage, individually and collectively,
the “Original Loan Documents”);

WHEREAS, the
Original Loan Documents have been assigned from Originating Lender to Initial Note-A Holder.

WHEREAS, as
of the date hereof, A Note will be retained by the Initial Note-A Holder;

WHEREAS, as
of the date hereof, B Note will be retained by the Initial Note-B Holder; and

WHEREAS, the
Initial Noteholders desire, by this Agreement, to appoint Initial Administrative Agent as the administrative agent to provide the
services described herein, and to establish the relative rights, benefits, obligations and priorities of the Noteholders with respect
to the Loan.

NOW THEREFORE,
for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

Article
1

DEFINITIONS

1.1             
Terms Defined in this Agreement. As used herein, the following capitalized terms shall have the
following meanings:

“Accepted
Servicing Practices” means to service, manage and administer the Loan using good faith business judgment and the
same degree of care and diligence with which Administrative Agent would service and administer a loan similar to the Loan that
Administrative Agent owns for its own account, acting in accordance with applicable law, the terms of this Agreement and the Loan
Documents, but without regard to:

(i)                
any relationship that Administrative Agent or any Affiliate of Administrative Agent may have with Borrower or any
Affiliate of Borrower;

(ii)              
the ownership by any Noteholder who is acting under this Agreement in its separate capacity as Administrative Agent,
or any Affiliates of Administrative Agent, of any interest in the Loan or any other debt owed by, or secured by ownership interests
in, Borrower or any Affiliate of Borrower or by the Property;

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(iii)            
the ownership, servicing and/or management by Administrative Agent (or any of its Affiliates) of any other loans,
participation interests or real property; or

(iv)            
Administrative Agent’s right to receive compensation for its services hereunder or with respect to any particular
transaction.

Provided that such
Accepted Servicing Practices shall take into account (i) that Administrative Agent has or may have obligations under the Senior
Co-Lender Agreement governing the A-Note, including to adhere to the “Accepted Servicing Practices” thereunder, and
(ii) the relative value remaining in the B-Note at the time an action is being take hereunder which is subject to Accepted Servicing
Practices. In addition, from and after the Securitization of the A Notes, “Accepted Servicing Practices” shall have
the meaning given to the term “Servicing Standard” in the servicing agreement executed in connection with the Securitization
Vehicle holding the A-Note.

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

“Administrative
Agent” means Initial Administrative Agent and any Person appointed pursuant to the terms of this Agreement and any
Senior Co-Lender Agreement to act as successor administrative agent.

“Affiliate”
means, as to any particular Person, any other Person directly or indirectly, through one or more intermediaries, Controlling, Controlled
by or under common Control with the Person in question.

“Anti-Corruption
Laws” means: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010,
as amended; and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which a Person
or any Related Name is located or doing business.

“Anti-Money
Laundering Laws” means applicable laws or regulations in any jurisdiction in which a Person or any Related Name is
located or doing business that relates to money laundering, any predicate crime to money laundering, or any financial record-keeping
and reporting requirements related thereto.

“Appraisal
Reduction Amount” shall mean for any date of determination by Administrative Agent following the occurrence of an
Appraisal Reduction Event, an amount equal to the excess of (a) the sum of the following (without duplication): (1) the then outstanding
principal balance of the Loan, (2) all accrued and unpaid interest on the Loan at the Interest Rate, and, if applicable, the Default
Rate, (3) all unreimbursed Protective Advances (including Super-Priority Protective Advances) by Administrative Agent and the Note-A
Holders, together with Protective Advance Interest thereon (to the extent provided hereunder) and (4) all then due and owing real
estate taxes, assessments and insurance premiums (less any amounts held in escrow for such items) and all other amounts due and
unpaid with respect to the Loan, over (b) (y)

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ninety percent (90%) of the as-is appraised
value of the Property as determined by an appraisal prepared by an Appraiser, minus (z) the dollar amount secured by any
liens on the Property that are prior to the lien of the Mortgage; provided that notwithstanding the foregoing, from and after the
Securitization of the A Notes, “Appraisal Reduction Amount” shall have the meaning given to such term in the servicing
agreement executed in connection with the Securitization Vehicle holding the A-Note.

“Appraisal
Reduction Event” shall mean the earliest to occur of (A) the 60th day following the occurrence of any delinquency
in payment (other than due to sums due on the Maturity Date), if such delinquency remains uncured (excluding cures through cure
payments and Protective Advances made hereunder), (B) the date of any modification of the Loan that results in a reduction in payment
or any other change in the monetary terms or the material non-monetary terms of the Loan, (C) the earlier of (1) the appointment
of a receiver with respect to the Property and (2) the commencement of a foreclosure proceeding with respect to the Property, (D)
the date on which title to the Property is obtained pursuant to a deed-in-lieu of foreclosure, (E) the date on which any of the
defaults described in Sections 10.1(a), (b), (g), (j) or (p) of the Loan Agreement occurs and (F) an Event of Default occurs due
to Borrower’s failure to pay any or all amounts due and owing with respect to the Loan on the Maturity Date; provided that
notwithstanding the foregoing, from and after the Securitization of the A Notes, “Appraisal Reduction Event” shall
have the meaning given to such term in the servicing agreement executed in connection with the Securitization Vehicle holding the
A-Note.

“Appraiser”
shall mean an independent appraiser, selected by Administrative Agent that is a member in good standing of the Appraisal Institute
with an “MAI” designation therefrom and, if the state in which the Property is located certifies or licenses appraisers,
that is certified or licensed in the state in which the Property is located, and that has a minimum of five (5) years’ experience
in the appraisal of comparable properties in the area in which the Property is located.

“Assignee”
shall have the meaning assigned to such term in Section 3.2(a).

“Assignment
Agreement” shall have the meaning assigned to such term in Section 3.2.

“Bad Act”
means, in relation to any Person, the occurrence of any of the following within the applicable Look-Back Period for such
Person:

(i)                
the filing by such Person or any Related Name of a petition for relief under the Bankruptcy Code or any similar federal,
state or foreign law;

(ii)              
the filing against such Person or any Related Name of an involuntary proceeding under the Bankruptcy Code if such Person
or any Related Name shall have consented to, aided, solicited, supported, or otherwise cooperated or
colluded with any other Person to cause, the commencement of such proceeding;

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(iii)            
the making by such Person or any Related Name of a general assignment for the benefit of creditors, other than with respect
to a deed-in-lieu or assignment-in-lieu of foreclosure;

(iv)            
the application by such Person or any Related Name for appointment of a receiver, trustee, custodian or liquidator of such
Person or any Related Name or its property (other than at the request of any credit provider or any of its Affiliates);

(v)              
in connection with any extension of credit made to such Person or any Related Name, by Administrative Agent or any of its
Affiliates, (A) any fraud or willful misconduct on the part of such Person or any Related Name; (B) any material misrepresentation
on the part of such Person or any Related Name, or (C) any intentional physical waste of any material portion of the collateral
security for any extension of credit made to such Person or any Related Name;

(vi)            
in connection with any extension of credit made to such Person or any Related Name by Administrative Agent or any of its
Affiliates that is (or was) secured by real property, (A) the misappropriation of (1) any insurance or condemnation proceeds or
awards or rents received by it in accordance with the terms of the applicable credit documents or (2) any funds from any account
pledged to or for the benefit of the credit provider; (B) a voluntary transfer of the collateral for such extension of credit or
a change in control of such Person or any Related Name that was in material violation of the applicable credit documents; or (C)
the commission of any acts by such Person or any Related Name which were frivolous or raised in bad faith to hinder, contest or
interfere with the exercise of rights or remedies by the credit provider unless it is determined by a court of competent jurisdiction
in a final non-appealable judgement that no event of default under such credit then existed;

(vii)          
such Person or any Related Name has commenced or participated in any legal or other adversarial proceeding (including pursuant
to a counterclaim or a cross claim) actually brought by such Person or any Related Name against Administrative Agent or any of
its Affiliates; or

(viii)        
such Person or any Related Name has committed any act subjecting it to liability under any non-recourse carveout guaranty,
“bad-boy” guaranty or similar instrument.

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution.

“Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of the Bank Recovery and Resolution
Directive, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In

    	 	5	 

     

    

Legislation Schedule and (b) the then
applicable Commission Delegated Regulation (if any) supplementing the Bank Recovery and Resolution Directive in relation to Article
55 thereof.

“Bank
Recovery and Resolution Directive” means Directive 2014/59/EU of the European Parliament and of the Council of the
European Union.

“Bankruptcy
Code” means 11 U.S.C. § 101 et seq., and the regulations promulgated thereunder, as the same may be amended
and supplemented from time to time.

“Bankruptcy
Proceeding” means any case, proceeding or other action against the applicable Person under any existing or future
law of any applicable jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, including, without
limitation, the Bankruptcy Code.

“B-Note”
and “B-Notes” has the meaning provided in the recitals hereto.

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

“Borrower
Party” means any Person that, directly or indirectly, (1) owns more than ten percent (10%) of Borrower, Guarantor
or any Key Principal, (2) is more than ten percent (10%) owned by Borrower, Guarantor and/or any Key Principal, and/or (3) is in
control of, is controlled by, or is under common ownership or control with, Borrower, Guarantor or any Key Principal, where “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise (including, without limitation, the ability
to exercise any “major decision” rights or veto rights).

“Certificates”
means any securities (including all classes thereof) representing beneficial ownership interests in a Securitization Vehicle.

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

“Commitment”
or “Commitments” means, with respect to a given Noteholder, such Noteholder’s undivided legal and
beneficial interest in the principal balance of the Loan held by such Noteholder as evidenced, inter alia, by such Noteholder’s
Notes. The initial Commitment of each Noteholder shall be equal to the sum of such Noteholders funded balances specified in Exhibit C
to this Agreement with respect to such Noteholder, subject to any Transfers of the Loan or portions thereof made in accordance
with the terms of this Agreement. For the avoidance of doubt, the funding of any Protective Advance or Super-Priority Protective
Advance by any Noteholder pursuant to Section 6.1 shall not increase the Commitment of such funding Noteholder and
no failure to make any Protective Advance pursuant to Section 6.1 shall decrease the Commitment of a Noteholder.

“Control”
with respect to any Person, means (except where the word “control” is otherwise defined in this Agreement) either (i) the
ownership, directly or indirectly, of more than twenty-five percent (25%) of the beneficial interests in such Person or (ii) the
possession,

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directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, through
the ability to exercise voting power, by contract or otherwise. “Controlled by,” “controlling” and “under
common control with” shall (except where the word “control” is otherwise defined in this Agreement) have the
respective correlative meanings thereto.

“Control
Appraisal Period” shall be deemed to exist during any period during which (x) (A) the then-outstanding principal
balance of the B-Note minus all Appraisal Reduction Amounts, is less than (B) twenty-five percent (25%) of the then-outstanding
principal balance of the B-Note or (y) any Note-B Holder is a Delinquent Noteholder.

“Controlling
Class Representative” shall have the meaning assigned to such term in Section 2.2(h) hereof.

“Customer
in Good Standing” means a Person (i)(A) which is directly (or indirectly through an Affiliate) a customer of Administrative
Agent, either currently or within the last seven (7) years, in connection with a loan in the amount of $5,000,000 or more secured
by one or more office buildings, retail centers, hotels, apartment buildings or other commercial real estate projects; or (B) which
is not directly (or indirectly through an Affiliate) a customer of Administrative Agent, but which otherwise meets Administrative
Agent’s or such Affiliate’s underwriting criteria to be a borrower/customer of Administrative Agent or such Affiliate
or is otherwise reasonably acceptable to Administrative Agent and (ii) as to which Administrative Agent has received all information
it shall reasonably request to perform its customary “know your customer” procedures, the results of which shall be
satisfactory to Administrative Agent.

“Cure
Period” has the meaning assigned to such term in Section 10.1.

“Defaulted
Loan Purchase Price” shall mean the sum (without duplication) of (a) the outstanding principal balance of the A-Note
(as of the date of purchase), (b) accrued and unpaid interest and other amounts due thereon (including, without limitation, default
interest), up to (but excluding, provided payment is made in good funds by 2:00 p.m. New York local time) the date of purchase,
or if such date of purchase is not a Payment Date, up to (but excluding) the Payment Date next succeeding the date of purchase,
(c) any exit fees payable to the Note-A Holders, (d) any unreimbursed Protective Advances (including Super-Priority Protective
Advances) made by Administrative Agent and any A-Note Holder, (e) reserved, (f) any out-of-pocket fees or expenses incurred by
or on behalf of Administrative Agent and any Note-A Holder in administering and servicing the Loan and enforcing the Loan Documents,
including, without limitation, reasonable attorneys’ fees and any master servicing fee, special servicing fee, liquidation
fee, workout fee or other servicing fee, and (g) any accrued and unpaid Protective Advance Interest payable to the Note-A Holders;
but specifically excluding (i) any prepayment fees or premiums, yield or spread maintenance premiums or fees, and/or liquidated
damages amounts, and (ii) notwithstanding clause (b) above, in the event that the B-Note Holders purchase the A-Notes within ninety
(90) days of the date it receives the Note-B Holder Purchase Notice, any default interest which does not constitute Protective
Advance Interest.

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

“Disapproved
Transferee” means any Person with respect to which Administrative Agent has exercised any rights to disapprove
of such Person pursuant to Article 3 hereof together with any Related Name thereof.

“Disqualified
Person” means, as of the time this Agreement requires the determination whether a Person is a Disqualified
Person, any Person or any Related Name thereof which:

(i)        
has committed any Bad Act;

(ii)      
is a Prohibited Person;

(iii)    
has the benefit of sovereign immunity; or

(iv)    
is a Disapproved Transferee.

“Distribution
Pro Rata Share” means, as of any date, the ratio (expressed as a percentage) of the Note Principal Balance of a Noteholder
to the aggregate of the Note Principal Balances of all of the Noteholders.

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“Eligibility
Requirements” means, with respect to any Person, that such Person (i) has total assets equal to or in excess
of $550,000,000.00 and (except with respect to a pension advisory firm, asset manager or similar fiduciary) capital/statutory surplus
or shareholder’s equity equal to or in excess of $225,000,000.00 and (ii) is regularly engaged in the business of making
or acquiring (or, in the case of a pension or other fund advisory firm, asset manager or similar fiduciary, regularly engaged in
managing or advising other Persons with respect to investments in) commercial real estate loans (including mortgage loans and mezzanine
loans), originating preferred equity investments or owning or operating commercial properties.

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“Environmental
Assessment” shall have the meaning assigned to such term in Section 8.1(c).

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor), as in effect from time to time.

“Foreclosure”
shall have the meaning assigned to such term in Section 8.1(a).

“Indemnified
Costs” shall have the meaning assigned to such term in Section 4.4 hereof.

“Initial
Administrative Agent” shall have the meaning assigned to such term in the Preamble hereto.

“Initial
Note-A Holder” shall have the meaning assigned to such term in the Preamble hereto.

“Initial
Note-B Holder” shall have the meaning assigned to such term in the Preamble hereto.

“Loan”
shall have the meaning assigned to such term in the Recitals hereto.

“Loan
Documents” shall have the meaning assigned to such term in the Recitals hereto.

“Loan
Pledgee” shall have the meaning assigned to such term in Section 3.4(b).

“Loan
Pledgor” shall have the meaning assigned to such term in Section 3.4(b).

“Look-Back
Period” means, in connection with any determination made under this Agreement, the period of seven (7) years preceding
the date on which such determination is being made.

“Major
Decision” shall have the meaning assigned to such term in Section 2.2(a).

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

“Newco”
shall have the meaning assigned to such term in Section 8.1(a).

“Newco
Organizational Documents” shall have the meaning assigned to such term in Section 8.1.

“Non-Exempt
Person” means any Person other than a Person who is either (i) a U.S. Person or (ii) has delivered to (or
has on file with) Administrative Agent or the Servicer for the relevant year such duly-executed form(s) or statement(s) which
may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (A) any income tax treaty between
the United States and the country of residence of such Person, (B) the Code or (C) any

    	 	9	 

     

    

applicable rules or regulations in effect
under clauses (A) or (B) above, permit Administrative Agent or the Servicer to make such payments
free of any obligation or liability for withholding.

“Note”
and “Notes” shall have the meaning assigned to such terms in the Recitals and shall also refer to any
Replacement Note(s) given in replacement or substitution therefor.

“Note-A
Holder” or “Note-A Holders” means the Initial Note-A Holder and any subsequent holder of
any of the A-Notes.

“Note-B
Holder” or “Note-B Holders” means the Initial Note-B Holder and any subsequent holder of
any of the B-Notes.

“Noteholder”
means each of (i) the Note-A Holders, (ii) the Note-B Holders and (iii) the holders of any Replacement Note(s).

“Note
Principal Balance” means, with respect to a Note, at any time of determination, the outstanding amount of Loan proceeds
actually advanced under such Note, less any payments of principal thereon received or made on or before the applicable time of
determination; provided that, for purposes of clarity, as between the Noteholders (x) the “Note Principal Balance”
shall not include any amounts funded by a Noteholder as a Protective Advance or a Super-Priority Protective Advance, and (y) nor
shall “Note Principal Balance” include any Protective Advance or Delinquency Amounts not funded by a Delinquent Noteholder.

“Original
Loan Documents” shall have the meaning assigned to such term in the Recitals.

“Originating
Lender” shall have the meaning assigned to such term in the Recitals.

“Par Purchase
Price” means a price equal to the sum of (A) the Note Principal Balance of a Noteholder’s Note, (B) any
outstanding Protective Advances made by such Noteholder, (C) any outstanding Delinquency Amounts funded by such Noteholder,
plus (D) all accrued and unpaid interest at the applicable interest rate thereon through and including the date of acceleration
of the Loan (and specifically excluding any late charges, default interest, yield maintenance premiums and any similar fees, premiums,
exit fees and expenses).

“Participant”
shall have the meaning assigned to such term in Section 3.3.

“Permitted
Fund Manager” means any Person that on the date of determination is (i) a nationally-recognized manager of investment
funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed
capital of at least $225,000,000.00, and (iii) not subject to a Bankruptcy Proceeding.

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

    	 	10	 

     

    

“Person”
means 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.

“Pledge”
shall have the meaning assigned to such term in Section 3.4(b).

“Prohibited
Person” means, as of the time this Agreement requires the determination whether a Person is a Prohibited Person,
any Person or any Related Name thereof which:

(i)       
is a Sanctioned Person, is controlled by or is acting on behalf of a Sanctioned Person, or is under investigation for an
alleged breach of Sanctions by a governmental authority that enforces Sanctions; or

(ii)     
(a) has been indicted, arraigned, placed under custodial detention or convicted on any charge of violating any Anti-Money
Laundering Laws or Anti-Corruption Laws or any similar laws, or has been involved in any activity which could result in
an indictment, arraignment, custodial detention or conviction on any such charge; and/or (b) has been convicted of or is under
indictment or arraignment for any other felony or any other crime involving moral turpitude.

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

“Pro Rata
Share” means, as of any date, the ratio (expressed as a percentage) of the Commitment of a Noteholder to the aggregate
of all Commitments of all of the Noteholders, as the same may be adjusted by Administrative Agent from time to time in accordance
with the terms hereof; the Pro Rata Shares of the Noteholders as of the date hereof are as set forth on Exhibit C attached
hereto.

“Protective
Advance” means all sums to be expended in respect of any (or all) of the following: (i) to remove a lien on
the Property that is senior to the lien of the Mortgage, (ii) to pay real property taxes, insurance premiums or other Approved
Operating Expenses or Approved Capital Expenses not paid by Borrower, (iii) to protect and preserve the value or safety of
the security of any collateral given as security for the Loan, (iv) to pay for expenditures which are emergency in nature,
or which are necessary to prevent or minimize personal injury, the occurrence of life safety or health issues and/or material damage
or substantial economic harm to the Property, or which are required by applicable law, or (v) to the extent an Event of Default
exists, to pay Qualified Leasing Expenses under any Lease entered into by Borrower in accordance with the terms and conditions
of the Loan Agreement.

“Protective
Advance Interest” means interest at the Protective Advance Rate on a Protective Advance from and including the date
on which such Protective Advance was made to but excluding the date on which such Protective Advance is paid or reimbursed, less
the amount of interest previously paid thereon.

    	 	11	 

     

    

“Protective
Advance Rate” means, for any period, subject to the provisions of Section 6(b), a rate per annum payable by
the Borrower pursuant to the Loan Agreement with respect to the applicable Protective Advance.

“Qualified
Transferee” means any of the following: (i)(a) Grass River Warehouse Facility Entity Two, LLC, (b) Grass River
Real Estate Credit Partners Loan Funding, LLC and (c) Trawler CRE Opportunity REIT LLC and (ii) any one or more of the
following:

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

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

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

(D)            
any entity which Controls, is Controlled by, or is under common Control with any of the entities described in clauses (ii)(A),
(ii)(B) or (ii)(C) above or (ii)(E) below;

(E)             
an investment fund, limited liability company, limited partnership or general partnership (a “Permitted
Investment Fund”) where a Permitted Fund Manager or an entity that is otherwise a Qualified Transferee under clauses (ii)(A),
(B), (C) or (D) of this definition, investing through a fund with committed capital of at least
$225,000,000.00, acts as the general partner, managing member or fund manager and at least 50% of the equity interests in such
Permitted Investment Fund are owned, directly or indirectly, by one or more of the following: a Qualified Transferee under clause
(i)(a) of this definition, a Qualified Transferee under clauses (ii)(A), (B), (C) or (D) of
this definition, an institutional “accredited investor” within the meaning of Regulation D promulgated under the Securities
Act of 1933, as amended, and/or a “qualified institutional buyer” or both within the meaning of Rule 144A promulgated
under the Securities Exchange Act of 1934, as amended, provided such institutional “accredited investors” or “qualified
institutional buyers” that are used to satisfy the 50% test set forth in this clause (E) satisfy the financial
tests in clause (i) of the definition of Eligibility Requirements; or

(F)              
a Qualified Trustee (or, in the case of collateralized loan obligations (“CLO”), a single-purpose
bankruptcy-remote entity which

    	 	12	 

     

    

contemporaneously assigns or pledges
all or a portion of its interest in the Loan to a Qualified Trustee) in connection with (1) the issuance of pass-through certificates
or other securities secured by or evidencing ownership interests in all or any portion of the Loan, (2) the creation of a
CLO secured by all or a portion of the Loan, or (3) a financing through an “owner trust” of, all or a portion
of the Loan (any of the foregoing, a “Securitization Vehicle”); provided (x) the Securitization
Vehicle Conditions are satisfied, and (y) the Certificates are assigned CUSIP numbers and sold to “qualified institutional
buyers” or institutional “accredited investors” within the meaning of Regulation D or an institutional investor
under Regulation S of the Securities Act of 1933, as amended.

Notwithstanding the
foregoing, no Person shall be (or be deemed to be) a Qualified Transferee unless such Person, (i) is a Customer in Good Standing,
(ii) is not a Disqualified Person, and (iii) is not the Borrower, Guarantor, Key Principal or any Borrower Party.

“Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000.00 and subject to
supervision or examination by federal or state authority, or (ii) an institution insured by the Federal Deposit Insurance
Corporation.

“Rating
Agency Confirmation” shall have the meaning given to the term in the servicing agreement executed in connection with
the Securitization Vehicle holding the A-Note.

“REMIC
Trust” shall mean any “real estate mortgage investment conduit” within the meaning of Section 860D of
the IRS Code that holds any interest in all or any portion of the Loan.

“REO Property”
has the meaning set forth in Section 8.1.

“Related
Individual” means, (i) in relation to any Person that is an entity, any member of the entity’s board
of directors, board of managers or similar governing body, any senior officer of such entity, and any holder of fifty percent (50%)
or more of the ownership, beneficial, capital or profits or profits interests in such entity and (ii) in relation to any Person
described in clause (i) who is a natural person, members of such Person’s Family.  For these purposes, the
“Family” of an individual includes (A) the individual, (B) the individual’s
spouse, and (C) any other natural person who is related to the individual within the second degree.

“Related
Name” means, in relation to any Person, any Related Individual of such Person, or any Affiliate of such Person
or Related Individual, or any Related Individual of such Affiliate (where for purposes of this definition, the definition of “Control”
for determination of an Affiliate shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise (and
“Controlled by,” “Controlling” and “under Common

    	 	13	 

     

    

Control with” shall have the respective
correlative meaning thereto), or the ownership, directly or indirectly, of fifty percent (50%) or more of the equity interests
of the affiliated Person).

“Redirection
Notice” shall have the meaning assigned to such term in Section 3.4(b).

“Replacement
Note” or “Replacement Notes” shall have the meanings assigned to such terms in Section 3.5.

“Required
Note-A Equity Holders” means the “Required Note-A Equity Holders,” as such term is defined in any
Senior Co-Lender Agreement, provided that in the event no Senior Co-Lender Agreement is in effect at the time of any Foreclosure,
the “Required Note-A Equity Holders” shall mean the Note-A Holders which held unfunded Commitments of fifty percent
(50%) or more of the unfunded Commitments of the Note-A Holders immediately prior to such Foreclosure.

“Required
Note-A Holders” means with respect to any action, decision or consent, the requisite number of the Note-A Holders,
as determined under any Senior Co-Lender Agreement, required under such Senior Co-Lender Agreement to approve such action, decision
or consent; provided that in the event there is no Senior Co-Lender Agreement, the Required Note-A Holders shall mean the Note-A
Holders which hold Commitments equal to fifty percent (50%) or more of the Commitments of the Note-A Holders.

“Sanction”
or “Sanctions” means individually and collectively, respectively, any and all economic or financial sanctions,
sectoral sanctions, secondary sanctions, trade restrictions, trade embargoes and anti-terrorism laws, including but not limited
to those imposed, administered or enforced from time to time by:  (i) the United States of America, including those administered
by the OFAC, the U.S. State Department, the U.S. Department of Commerce, or through any existing or future Executive Order; (ii)
the United Nations Security Council; (iii) the European Union; (iv) the United Kingdom; or (v) any other governmental authorities
with jurisdiction over any Person or its Affiliate.

“Sanctioned
Person” means any Person that is a target of Sanctions, including without limitation, a Person that is: (i) listed
on the “Specially Designated Nationals and Blocked Persons List” maintained by the Office of Foreign Assets Control
(“OFAC”),; (ii) listed on OFAC’s “Consolidated Non-Specially Designated Nationals List”;
(iii) listed on the U.S. Department of the Treasury’s FINCEN list; (iv) listed on any other similar list maintained by OFAC
or FINCEN pursuant to any authorizing statute including, but not limited to, the International Emergency Economic Powers Act, 50
U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Order or regulation
promulgated thereunder; (v) Executive Order 13224 (September 23, 2001) issued by the President of the United States (“Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism”),
any related enabling legislation or any other similar Executive Orders, (vi) a legal entity that is deemed by OFAC or FINCEN to
be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s); or (iv) a Person that is a Sanctions
target pursuant to any territorial or country-based Sanctions program.

    	 	14	 

     

    

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

“Securitization
Vehicle Conditions” shall mean (i) the applicable trust is not the subject of any Bankruptcy Proceeding, and
(ii) the applicable trust is not an Prohibited Person.

“Senior
Co-Lender Agreement” means any co-lender agreement by and among Administrative Agent as the administrative agent
for the Note-A Holders pursuant to such co-lender agreement and the Note-A Holders.

“Servicer”
means any servicer, master servicer or special servicer engaged by Administrative Agent to perform servicing and/or special servicing
duties with respect to the Loan.

“Servicing
Fee” means the fees payable to any Servicer for servicing the Loan.

“Super-Priority
Protective Advance” shall have the meaning assigned to such term in Section 6.1(b).

“Threshold
Event Collateral” has the meaning set forth in Section 9.2.

“Threshold
Event Collateral Deficiency” has the meaning set forth in Section 9.2.

“Threshold
Event Cure” has the meaning set forth in Section 9.2.

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

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

1.2             
Definitions Incorporated from Other Agreements. Capitalized terms not otherwise defined in this
Article 1, in the Recitals to this Agreement, or elsewhere in this Agreement, shall have the meanings ascribed to such terms
in the Loan Agreement.

Article
2

ADMINISTRATIVE AGENT AND SERVICER

2.1             
Appointment and Authorization.

(a)               
Subject to the terms of this Agreement, including, without limitation, the provisions set forth in Section 2.2,
each Noteholder hereby irrevocably appoints, designates and

    	 	15	 

     

    

authorizes Administrative Agent as its
sole and exclusive collateral agent and administrative agent for the management and administration of the Loan, including, without
limitation, the reviewing, approving and processing of disbursement requests from any reserve accounts. Subject to the terms of
Section 2.2 and the other provisions of this Agreement, such appointment includes the sole and exclusive right and
obligation, for the benefit of and on behalf of the Noteholders, to service, manage and administer the Loan in a manner consistent
with the Loan Documents, and so long as no Control Appraisal Event is continuing, in accordance with Accepted Servicing Practices.
Without limiting the foregoing, the authority of Administrative Agent shall include the following sole and exclusive rights (subject
to the provisions of Section 2.2 and such other applicable provisions of this Agreement):

(i)                
The right to collect amounts due and payable with respect to the Loan.

(ii)              
The right to determine the order and priority of repayments and prepayments of the Loan, subject to the applicable
provisions of the Loan Agreement, and subject to the requirement to apply all repayments and prepayments pro rata and pari passu
among the Noteholders, subject to the terms and conditions of Section 4.2 hereof.

(iii)            
The right to exercise all consent rights granted to Lender under the Loan Documents.

(iv)            
The right, but not the obligation, to exercise the rights and remedies of Lender under the Loan Documents, including
providing Borrower and/or Guarantor with notice of any Defaults and Events of Default and the acceleration of the Loan.

(v)              
The right to communicate and have direct dealings with Borrower and Guarantor with respect to all matters relating
to the Loan.

(vi)            
The right, but not the obligation, to perform the obligations of Lender under the Loan Documents.

(vii)          
The right to release collateral in accordance with the terms of the Loan Documents.

(viii)        
The right to administer cash management, reserves, escrows, and budgets relating to the Loan and Borrower and to
invest (and earn and retain for its own account amounts, if any, earned on such investments) cash amounts under the Loan in accordance
with the terms of the Loan Documents.

(ix)            
The right to modify, amend, or waive terms and conditions in the Loan Documents, including the right to execute and
deliver any amendments, modifications and/or waivers of or with respect to the Loan Documents on behalf of, and binding upon, the
Noteholders, including, without limitation, any such Loan Documents which the Noteholders may have initially executed or in which
the Noteholders may have joined.

    	 	16	 

     

    

(x)              
The right to have a receiver appointed on behalf of the Noteholders.

(xi)            
The right to act (including the right to vote) on behalf of the Noteholders in any Bankruptcy Proceeding involving
Borrower (or any of its Affiliates), Guarantor or the Property.

(xii)          
The right to select counsel to act on behalf of the Noteholders with respect to the Loan, including with respect
to the exercising of remedies and with respect to any Bankruptcy Proceeding.

(xiii)        
The right to direct Borrower with respect to any Secondary Market Transaction pursuant to Article 11 of the Loan
Agreement.

(xiv)        
The right, but not the obligation, to incur or make (or require the Noteholders to make their Distribution Pro Rata
Share of) any Protective Advances.

(xv)          
The right to credit bid on behalf of all Noteholders at a foreclosure and/or UCC sale of the Property or any other
collateral securing the Loan.

(xvi)        
The right to take title to the Property or any other collateral for the Loan, whether by foreclosure or deed in lieu
thereof on behalf of all Noteholders.

(xvii)      
The right to operate and improve the Property or any other collateral for the Loan, including entering into such
contracts relating to the collateral as Administrative Agent deems necessary or appropriate.

(xviii)    
Subject to the provisions of Article 8 below, the right to sell the Property or any other collateral
for the Loan.

(xix)        
The right to maintain custody of all Loan Documents (exclusive of the original counterparts of the Notes) or, in
its sole discretion, to appoint a third party custodian, to retain custody of all of the Loan Documents (exclusive of the original
counterparts of the Notes), on behalf of and in trust for the Noteholders.

(xx)          
The right to select, enter into a contract with, direct, manage, and replace, the Servicer.

(xxi)        
The right to approve any budget under the Loan Agreement (including, without limitation any Annual Budget) and to
approve Qualified Leasing Expenses and Monthly Operating Expense Amount.

(xxii)      
 The right to determine the Debt Service Coverage Ratio and to otherwise determine any financial tests and ratios
for all purposes needed under the Loan Documents.

    	 	17	 

     

    

(xxiii)    
The right to perform the other obligations of Administrative Agent described in this Agreement.

(b)              
Subject to the duty of Administrative Agent to comply with the terms of Section 2.2 of this Agreement
(and, solely for the benefit of the Note-A Holders, Section 2.2 of any Senior Co-Lender Agreement) in connection with any
action with respect to the Loan and/or the Property under the Loan Documents that is taken by Administrative Agent, each Noteholder
authorizes Administrative Agent to take such actions on its behalf under the provisions of this Agreement and the Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement and the Loan
Documents, together with such powers as are reasonably incidental thereto, and each Noteholder agrees that it shall be bound by
the terms of this Agreement and the Loan Documents and by any actions or decisions taken by Administrative Agent under this Agreement
and/or the Loan Documents pursuant to their respective terms. Administrative Agent acknowledges and agrees that it shall perform
its obligations hereunder in accordance with the Loan Documents, and so long as no Control Appraisal Event is continuing, in accordance
with Accepted Servicing Practices. Each Noteholder hereby agrees and covenants to reasonably cooperate with Administrative Agent
in carrying out the terms and provisions of this Agreement and the Loan Documents, and agrees to execute, acknowledge and deliver
any further instruments or agreements as may be reasonably required in order to carry out the terms and provisions hereof and thereof,
including, but not limited to, the splitting and/or assignment of the Notes, the Loan Agreement, the Security Instrument and/or
the other Loan Documents, as required or contemplated pursuant to the terms of the Loan Documents. Notwithstanding any provision
to the contrary contained elsewhere in this Agreement, any Senior Co-Lender Agreement or in any of the other Loan Documents, neither
Administrative Agent nor Servicer shall have any duty or responsibility except those expressly set forth herein (and, solely with
respect to the Note-A Holders, in any Senior Co-Lender Agreement), nor shall Administrative Agent have or be deemed to have any
fiduciary relationship with any Noteholder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any of the other Loan Documents or shall otherwise exist against Administrative Agent (and
each Noteholder expressly and irrevocably waives any claim, whether express or implied, that either Administrative Agent or Servicer
owes any Noteholder any such fiduciary duty). Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein with reference to Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under the agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting parties in accordance with the
obligations set forth in this Agreement.

(c)               
Administrative Agent may execute any of its rights, remedies, and obligations under this Agreement and the Loan Documents
by or through agents, employees or attorneys-in-fact, including through Servicer, and shall be entitled to consult with legal counsel,
accountants and other experts reasonably selected by Administrative Agent and may rely on the advice of legal counsel, accountants
and other experts (including those retained by Borrower) concerning all matters pertaining to such duties and shall not be liable
for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants

    	 	18	 

     

    

or experts. Administrative Agent shall
not be responsible for the negligence or misconduct of Servicer or any agent or attorney-in-fact that it selects.

(d)              
Each Noteholder expressly and irrevocably waives for itself and any Person claiming through or under any such Noteholder
any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions
of any similar law that purports to give a junior loan participant the right to initiate any loan enforcement or foreclosure proceedings.

(e)               
Each Noteholder and Administrative Agent hereby acknowledges and agrees that the rights and obligations of the Noteholders
and Administrative Agent hereunder shall be subject to the terms and provisions of this Agreement, the Loan Documents and, excluding
the Note-B Holder, any Senior Co-Lender Agreement and any servicing agreement. Notwithstanding the terms of this Section 2.2(e)
or any other term or condition of this Agreement to the contrary, each Noteholder and Administrative Agent hereby acknowledges
that Note-B Holder is not a party to any Senior Co-Lender Agreement and agree that Note-B Holder and its rights and interests in
and to the Loan and under this Agreement shall not be subject to the terms of any Senior Co-Lender Agreement, unless expressly
approved by Note-B Holder in writing; provided that Note-B Holder acknowledges and agrees that Administrative Agent and each Note-A
Holder may be subject to a Senior Co-Lender Agreement and/or a servicing agreement, and may have obligations to act in accordance
therewith.

(f)               
If any Note is included as an asset of a grantor trust for federal income tax purposes or a REMIC Trust, as applicable,
then, any provision of this Agreement to the contrary notwithstanding (including but not limited to Section 8.1 of this Agreement),
each Noteholder and Administrative Agent agree: (i) not to take any action or make any decision, or cause the Servicer to take
any action or fail to take any action, that would cause any such trust to fail to qualify as a grantor trust or a REMIC Trust,
as applicable, for federal income tax purposes or otherwise, (ii) neither Administrative Agent nor Servicer may modify, waive or
amend any provision of the Loan Documents, consent to or withhold consent from any action of the Borrower, or exercise or refrain
from exercising any powers or rights that they or the Noteholders may have under the Loan Documents, if any such action would cause
such trust to fail to qualify as a REMIC Trust, if applicable, or constitute a “significant modification” of the Loan
or the Loan Documents, within the meaning of Section 1.1001-3 of the regulations of the United States Department of the Treasury,
without an opinion of counsel, unless the Loan is in default or default is reasonably foreseeable, and (iii) any Property acquired
by or on behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such Property following a default on the Loan shall be disposed of as expeditiously as possible in a
manner consistent with the rules pertaining to grantor trusts or a REMIC Trust, as applicable.

(g)              
Note-B Holders hereby acknowledge, consent and agree that, notwithstanding anything to the contrary contained herein,
from time to time, the Required Note-A Holders may direct Administrative Agent to take, or refrain from taking, certain actions
with respect to the Loan and the Loan Documents pursuant to any Senior Co-Lender Agreement and that to the extent any such matter
does not constitute a Major Decision which then requires the

    	 	19	 

     

    

consent of Note-B Holders hereunder,
Administrative Agent shall take, or refrain from taking, any such action which the Required Note-A Holders have directed pursuant
to any Senior Co-Lender Agreement.

2.2             
Actions Requiring Consent and Approval. The rights, duties and powers granted to Administrative
Agent in this Agreement are intended by the Noteholders to be exclusive and broad, subject to the duty of Administrative Agent
to comply with the Loan Documents, all applicable laws and the consent requirements set forth in this Section 2.2,
and so long as no Control Appraisal Event is continuing, in accordance with Accepted Servicing Practices, in connection with any
action under the Loan Documents that is taken by Administrative Agent.

(a)               
So long as no Control Appraisal Period exists, Administrative Agent shall not take any of the following actions or
make any of the following decisions, and shall not authorize or permit Servicer to take any of the following actions (each a “Major
Decision”), unless Administrative Agent has first received the written consent of the Note-B Holders and the written
consent, to the extent required under any Senior Co-Lender Agreement, of the Required Note-A Holders subject, however, to such
other applicable provisions of this Agreement, any Senior Co-Lender Agreement and the Loan Documents (it being agreed by the Note-B
Holders that if the Loan Documents impose a standard of determination (such as “reasonableness”) on the Lender thereunder
with respect to a proposed action or decision which would be a Major Decision hereunder, then Note-B Holders shall apply and will
be held to the same standard with respect to the proposed Major Decision; accordingly, by way of illustration, but not by way of
limitation, if the Lender is required to be reasonable with respect to approving or consenting to a given action or item under
the Loan Agreement or the other Loan Documents which is also a Major Decision hereunder, then each Note-B Holders shall also be
reasonable in providing its consent or approval of such action or item:

(i)                
Except as otherwise expressly set forth elsewhere in this Section 2.2(a) or in Section 2.2(b) below,
explicitly and intentionally, and not solely as a result of Administrative Agent’s inaction, waive any monetary Event of
Default (other than due to reimbursement of costs incurred by Administrative Agent) or material non-monetary Event of Default on
the part of Borrower or Guarantor;

(ii)              
Determine the amount of and make any credit bid equal to, or greater than, the lesser of (x) the sum, determined
as of a date immediately prior to the date of such Foreclosure, of (A) the then outstanding aggregate Note Principal Balances
of all of the Notes, plus (B) any outstanding Protective Advance and Super-Priority Protective Advance, plus (C) all accrued
and unpaid non-default interest on the amounts set forth in preceding clauses (A)-(B), and (y) ninety-seven percent
(97%) of the “as-is” value of the Property (which determination may be made on the basis of a then-current appraisal
ordered by Administrative Agent or other evidence of the value of the Property which is satisfactory to Administrative Agent);

(iii)            
Modify the terms and provisions of any “Event of Default” under the Loan Documents;

    	 	20	 

     

    

(iv)            
(A) Consent to any additional indebtedness of Borrower (whether or not secured by all or any portion of the
Property), except as expressly permitted to be incurred by Borrower pursuant to the Loan Documents and/or trade payables and other
indebtedness incurred by Borrower in the ordinary course of its business or (B) amend, modify or explicitly or intentionally,
and not solely as a result of Administrative Agent’s inaction, waive any material provision of the Loan Agreement or other
Loan Documents relating to the foregoing;

(v)              
Release, in whole or in part, the liability of any party for the payment of the indebtedness evidenced by the Notes
or for the performance of any monetary or material non-monetary obligations under the Loan Documents (including, without limitation,
releasing any guarantor from any obligations under any Loan Documents except as otherwise expressly contemplated in the Loan Documents);

(vi)            
Consent to or accept any cancellation or termination of any of the Loan Documents;

(vii)          
Except after an Event of Default, accelerate the Loan, sue on the Notes evidencing the Loan, foreclose on the Mortgage
or accept a deed or assignment in lieu of foreclosure;

(viii)        
Except as otherwise provided in Section 8.1, take any action with respect to any environmental condition
on the Property;

(ix)            
Accept, receive or apply any prepayment of all or any portion of the principal of the Loan other than as is expressly
permitted under the terms of the Loan Documents;

(x)              
File or consent to filing of any bankruptcy or insolvency petition with respect to Borrower or any member or partner
of Borrower or any guarantor or vote on any plan of reorganization, restructuring or similar event in any bankruptcy or similar
proceeding of Borrower or any partner or member of Borrower or any guarantor or take any other material action in any such proceeding
(including buying claims of third party creditors);

(xi)            
Agree to any forbearance arrangements in connection with any monetary Event of Default or material (as determined
by Administrative Agent in its sole discretion) non-monetary Event of Default of any Borrower Party under the Loan Documents which
contemplates a forbearance of more than one hundred and twenty (120) consecutive days for such Event of Default (provided that
the foregoing shall not prohibit Administrative Agent from entering into any pre-negotiation agreements with, or sending any reservation
of rights notices to, any Borrower Party);

(xii)          
 Extend or shorten the Maturity Date (except in accordance with the terms and conditions of any extension options
contained in the Loan Documents or in connection with an exercise of remedies following an Event of Default or one (1) short-

    	 	21	 

     

    

term extension thereof not to
exceed ninety (90) days in the aggregate) or the date on which any monthly payment of principal and interest on the Loan is due
and payable to Noteholders (except in accordance with the terms and conditions of any extension options contained in the Loan Documents);

(xiii)        
Agree to reduce, waive, defer or forgive explicitly or intentionally, and not solely as a result of Administrative
Agent’s inaction, all or any portion of the principal amount of the Loan (including, without limitation, in connection with
the acceptance of a discounted payoff of the Loan) or any accrued non-default interest thereon, or explicitly or intentionally,
and not solely as a result of Administrative Agent’s inaction, enter into any other amendment, forbearance, modification
or waiver of the Loan Agreement or the other Loan Documents, which amendment, forbearance, modification or waiver would reduce
or defer payment of the underlying principal amount or reduce the non-default interest rate;

(xiv)        
Increase the principal amount of the Loan, other than in connection with any Protective Advances or any Super Priority
Protective Advances made by Administrative Agent or any of the Noteholders in accordance with this Agreement or the Loan Agreement;

(xv)          
Cross-default the Loan with any other loan;

(xvi)        
Release, substitute or subordinate, in an instrument executed by Administrative Agent, in whole or in part, any material
portion of any collateral for the Loan to any lien that secures borrowed money, except as may be expressly permitted in the Loan
Documents without Lender’s consent; and

(xvii)      
Consent to or explicitly or intentionally, and not solely as a result of Administrative Agent’s inaction, waive
any provision of the Loan Documents relating to the sale, transfer or encumbrance of all or any portion of the Property (or any
interest therein) or any direct or indirect ownership interest in Borrower, except as may be expressly provided for in the Loan
Documents without Lender’s consent, or amend, modify or explicitly or intentionally, and not solely as a result of Administrative
Agent’s inaction, waive any provision of the Loan Agreement relating to the foregoing.

(b)              
Intentionally omitted.

(c)               
In addition to the required consents or approvals referred to in subsection (a)  of this Section 2.2
above, Administrative Agent may, but shall not be required to, in Administrative Agent’s sole discretion, at any time request
instructions or approval from the Note-B Holders with respect to any actions or approvals which, by the terms of this Agreement,
any of the Loan Documents or any Senior Co-Lender Agreement, Administrative Agent would otherwise be permitted or required to take
or to grant without consent from the Note-B Holders, and if such instructions are requested, Administrative Agent, subject to the
terms and provisions of any Senior Co-Lender Agreement, shall be absolutely entitled to refrain from taking any action or to withhold
any consent or approval and shall not be under any liability whatsoever for

    	 	22	 

     

    

refraining from taking any action or
withholding any consent or approval under any Senior Co-Lender Agreement or any of the Loan Documents until it shall have received
such instructions from the Note-B Holders. Without limiting the foregoing, no Note-B Holder shall have any right of action whatsoever
against Administrative Agent as a result of Administrative Agent acting or refraining from acting under this Agreement, any Senior
Co-Lender Agreement or any of the other Loan Documents in accordance with the written instructions of the Note-B Holders (except
to the extent that Administrative Agent takes an action without the consent of the Required Note-A Holders which requires the consent
of the Required Note-A Holders under any Senior Co-Lender Agreement).

(d)              
If an Event of Default occurs under any of the Loan Documents, unless Administrative Agent has received a contrary
direction from the Note B Holder and the Required Note-A Holders, Administrative Agent may, in accordance with the provisions of
any Senior Co-Lender Agreement, and so long as no Control Appraisal Event is continuing, in accordance with Accepted Servicing
Practices, but without the consent of the Noteholders (except to the extent consent of the Note-B Holders is expressly required
under Section 2.2(a) hereof or consent of Required Note-A Holders is expressly required under any Senior Co-Lender
Agreement) exercise or refrain from exercising rights and remedies under the Loan Documents; provided, however, if (i) such
Event of Default constitutes a monetary Event of Default or a material (as determined by Administrative Agent in its sole discretion)
non-monetary Event of Default, (ii) such Event of Default remains uncured for a period of more than one hundred twenty (120)
consecutive days and (iii) Administrative Agent has not otherwise received written direction from the Note-B Holders and the
Required Note-A Holders with respect to commencing the enforcement of remedies or otherwise effectuating a consensual work-out
of the Loan, then Administrative Agent shall, and is hereby authorized by the Noteholders to, (x) if it has not already done
so, accelerate the Loan and (y) sue on the Notes evidencing the Loan and commence and prosecute to completion a foreclosure
of (or accept a deed or assignment in lieu of foreclosure with respect to) the Property and exercise of any other remedies it determines
are appropriate in accordance with the provisions of any Senior Co-Lender Agreement and Section 8.1 hereof; provided, further,
that in the event the Note-B Holders and the Required Note-A Holders provide Administrative Agent with a contrary direction at
any time to actions taken or not taken by Administrative Agent under this Section 2.2(d) (including after Administrative
Agent has commenced enforcing any remedies under the Loan Documents), then Administrative Agent shall follow such direction, so
long as the action so directed (i) does not violate applicable law, any provisions of the Loan Documents or any Senior Co-Lender
Agreement and (ii)  is reasonable under the circumstances.  At all times from and after the occurrence of such Event
of Default, Administrative Agent shall keep the Noteholders fully apprised of all such actions.

(e)               
Each Noteholder acknowledges it has received and has approved the Loan Documents. Each Noteholder agrees that any
action taken by Administrative Agent that is permitted hereunder without the consent of the Noteholders (provided, such action
is in accordance with the terms and conditions of any Senior Co-Lender Agreement), and the exercise by Administrative Agent of
other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Noteholders. All communications
from Administrative Agent to the Note-B Holders requesting the Note-B Holders’ determination, consent, approval or disapproval
(i) shall be given in the form of a written notice to Note-B Holders, (ii) shall be delivered in

    	 	23	 

     

    

accordance with Section 11.4,
(iii) shall be accompanied by a reasonably detailed description of the matter or item as to which such determination, approval
or consent is requested, or shall advise Note-B Holders where such matter or item may be inspected, or shall otherwise describe
the matter or issue to be resolved, (iv) shall include, to the extent not previously provided to Note-B Holders, all written
materials (to the extent necessary to make an informed decision) provided to Administrative Agent with respect of the matter or
issue to be resolved, and (v) shall include Administrative Agent’s recommended course of action or determination in
respect thereof. Note-B Holders shall reply promptly, but in any event within the earlier of (x) seven (7) Business Days
after receipt of the request therefor from Administrative Agent and (y) two (2) Business Days less than the period given
to respond to such request under the Loan Documents, as the case may be (the “Noteholder Reply Period”);
provided, that Administrative Agent may, in its sole discretion, shorten the Noteholder Reply Period if the Loan Documents,
any third party agreements (including, without limitation, insurance policies) benefiting Borrower, Guarantor or the Property,
existence of emergency or life safety issues affecting the Property or any Governmental Authority with jurisdiction over Borrower,
Guarantor or Property impose or require a shorter time period to respond. Each request for Note-B Holders’ consent under
Section 2.2(a)  or elsewhere in this Agreement shall be marked in bold lettering with the following language:
“NOTE-B HOLDERS’ RESPONSE IS REQUIRED WITHIN [___] (_) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE IN ACCORDANCE WITH
THE TERMS OF THE A/B CO-LENDER AGREEMENT,” with the blank in such language replaced by the applicable number. Unless the
Note-B Holders deliver written notice to Administrative Agent, within the Noteholder Reply Period, that the Note-B Holders object
to the recommendation or determination of Administrative Agent, Note-B Holders shall be deemed to have approved of or consented
to such recommendation or determination. With respect to Major Decisions, Administrative Agent shall submit its recommendation
or determination for approval of or consent to such recommendation or determination to the Note-B Holders along with such request
for the Note-B Holders’ consent and upon receiving the required approval or consent, subject to receiving any consent from
the Required Note-A Holder consent under any Senior Co-Lender Agreement, shall follow the course of action or determination recommended
by Administrative Agent or such other course of action recommended by the Note-B Holders and, to the extent the Note-B Holders
fail to respond, the Note-B Holders shall be deemed to have concurred with such recommended course of action. Notwithstanding the
foregoing, (i) following the occurrence of an extraordinary event with respect to the Property, or if a failure to take any such
action at such time would be inconsistent with the Accepted Servicing Practices, Administrative Agent (or Servicer acting on its
behalf) may take actions with respect the Property before obtaining the consent of the Note-B Holder if Administrative Agent (or
Servicer acting on its behalf) reasonably determines in accordance with Accepted Servicing Practices that failure to take such
actions prior to such consent would materially and adversely affect the interest of the Noteholders as a whole, and the Note-B
Holder (or Servicer acting on its behalf) has made a reasonable effort to contact the Note-B Holder and (ii) Administrative Agent
(or Servicer acting on its behalf) shall not follow any advice, direction, objection or consultation provided by Note-B Holder
that would require or cause the Administrative Agent (or Servicer acting on its behalf) to violate any applicable law, including
those pertaining to REMIC Trusts, be inconsistent with Accepted Servicing Practices, require or cause Administrative Agent (or
Servicer acting on its behalf) to violate provisions of this Agreement or any servicing agreement,

    	 	24	 

     

    

require or cause the Administrative
Agent (or Servicer acting on its behalf) to violate the terms of the Loan Documents, or materially expand the scope of the Administrative
Agent’s (or Servicer acting on its behalf) responsibilities under this Agreement. The foregoing shall not relieve Administrative
Agent (or Servicer acting on its behalf) of its duties to comply with the Accepted Servicing Practices.

(f)               
Notwithstanding anything to the contrary set forth in Section 2.2(a)  above, Administrative Agent
may grant waivers of non-material conditions to the release of escrows under the Loan Documents on a case by case basis.

(g)              
Notwithstanding anything contained to the contrary set forth in this Agreement, in the event any Note-B Holder is
a Delinquent Noteholder or a Control Appraisal Period has occurred and is continuing, then (x) the Note-B Holders shall not be
entitled to vote on any Major Decision or to otherwise provide direction pursuant to this Section 2.2 and (y) Administrative
Agent may take any actions or make any decisions, and may authorize Servicer to take any actions or make any decisions that would
be a Major Decision without the consent of the Note-B Holders, so long as such action (or inaction) or decision is made in accordance
with the terms and provisions of the Loan Documents and any Senior Co-Lender Agreement.

(h)              
With respect to any B-Note that is included in a Securitization Vehicle, and, so long as Administrative Agent has
received from the related Note-B Holders, written notice identifying the name, physical address and email address of the Controlling
Class Representative and written notice of any updates thereto, the respective rights of the related Note-B Holder may be exercised
by the representative appointed by such holders in accordance with the terms of the related securitization agreements (any such
Person assigned such rights, a “Controlling Class Representative”). With respect to any B-Note that is
included in a Securitization Vehicle, in the event that a Controlling Class Representative has not been designated in writing to
the related trustee and to Administrative Agent (or if such party has resigned or transferred its certificates and a successor
has not been designated in writing to the related trustee and to Administrative Agent), then Administrative Agent shall be deemed
to have received the consent of the related Securitization Vehicle as the holder of such B-Note with respect to any Major Decision.

2.3             
Liability of Administrative Agent. Neither Administrative Agent, nor any of its directors, officers,
employees or agents shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (except with respect to Administrative
Agent only, to the extent resulting from Administrative Agent’s own negligence or willful misconduct), or (b) be responsible
in any manner to any of the Noteholders for any recital, statement, representation or warranty made by Borrower, Guarantor, or
any member, partner, shareholder or officer of Borrower or Guarantor, contained in any Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by Administrative Agent or Servicer under or in connection
with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document (or the creation, perfection or priority of any lien, mortgage or security interest therein),
or for any failure of Borrower, Guarantor or any other party to any Loan Document to

    	 	25	 

     

    

perform its obligations hereunder or
thereunder. Administrative Agent shall not be under any obligation to any Noteholder to ascertain or to inquire as to the observance
or performance of any of the terms or agreements contained in, or conditions of, any Loan Document, or to inspect the properties,
books or records of Borrower or Guarantor, but this statement shall not be construed to limit Administrative Agent’s duties
to deliver notices and information as and to the extent provided in the other provisions of this Agreement. None of Administrative
Agent nor any of its directors, officers, employees or agents shall be liable for any action taken or omitted to be taken by Servicer
(except with respect to Administrative Agent only, to the extent resulting solely from Administrative Agent’s negligence
or willful misconduct).

2.4             
Reliance by Administrative Agent. Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, facsimile, e-mail or
telephone message, statement or other document or conversation believed by it in good faith to be genuine and correct and to have
been signed, sent or made by the proper person or party, and upon advice and statements of legal counsel (including legal counsel
to Borrower), independent accountants and other experts selected by Administrative Agent, Servicer or Borrower. Administrative
Agent shall be fully justified in failing or refusing to take any action or make any decision under this Agreement or any other
Loan Document unless it shall first receive such advice or concurrence of the Required Note-A Holders under any Senior Co-Lender
Agreement and, so long as no Control Appraisal Period exists, the Note-B Holders pursuant to this Agreement. Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting or making decisions, under this Agreement
or any other Loan Document in accordance with a request, consent or direction of the Required Note-A Holders, and, so long as no
Control Appraisal Period exists, the Note-B Holders pursuant to this Agreement and such request and any action taken or decision
made or failure to act or make a decision pursuant thereto shall be binding upon all of the Noteholders, and Administrative Agent
shall in all cases not involving matters addressed in Section 2.2, be fully protected in acting, or in refraining from
acting, under this Agreement or any other Loan Document; provided the same is taken in accordance with any Senior Co-Lender
Agreement.

2.5             
Credit Decision; Representations and Warranties.

(a)               
Except as expressly set forth herein, each Noteholder acknowledges that Administrative Agent has not made any representation
or warranty to it, and that no act by Administrative Agent hereafter taken, including any review of the affairs of Borrower and
Guarantor, shall be deemed to constitute any representation or warranty by Administrative Agent to any Noteholder as to any matter,
including as to whether Administrative Agent has disclosed material information in its possession. Each Noteholder represents to
Administrative Agent that it has received copies of the Loan Documents from Administrative Agent, and has, independently and without
reliance upon Administrative Agent and based on such documents and information as such Noteholder has deemed appropriate, made
its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and
creditworthiness of Borrower and Guarantor, and made its own decision to enter into this Agreement and to extend credit to Borrower
hereunder. Each Noteholder also represents and covenants that it will, independently and without reliance upon Administrative Agent
and based on such documents and information as such Noteholder shall deem appropriate at the time,

    	 	26	 

     

    

continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of Borrower and Guarantor. Each Noteholder also represents and warrants that it has reviewed the insurance coverages that are in
place at the Property as of the date hereof and that such insurance coverages are acceptable to such Noteholder.

(b)              
Administrative Agent represents and warrants to the Noteholders that (i) the execution, delivery and performance
of this Agreement is within Administrative Agent’s organizational powers, has been duly authorized by all necessary organizational
action, and does not contravene in any material respect Administrative Agent’s organizational documents or any law or contractual
restriction binding upon Administrative Agent; (ii) this Agreement is the legal, valid and binding obligation of Administrative
Agent, enforceable against Administrative Agent in accordance with the terms hereof, except as such enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited
by applicable law; (iii) the individual or individuals executing this Agreement and any and all documents contemplated hereby
on behalf of Administrative Agent has or have the legal right and actual authority to bind Administrative Agent to the terms and
conditions contained in this Agreement and in such documents; (iv) Administrative Agent is duly organized, validly existing,
and in good standing under the laws of the jurisdiction of its formation and possesses all applicable licenses and authorizations
necessary to carry on its business as currently conducted, the failure of which to possess would materially and adversely affect
its performance under this Agreement, (v) all consents, approvals, authorizations, orders or filings of or with any court
or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement by Administrative
Agent have been obtained or made, (vi) there is no action, suit, proceeding, arbitration or governmental investigation pending
against Administrative Agent, an adverse outcome of which would materially and adversely affect its performance under this Agreement,
(vii) Administrative Agent is not a Prohibited Person, and (viii) Administrative Agent does not, directly or indirectly,
Control either Borrower or Guarantor.

(c)               
Each of the Noteholders represents and warrants to Administrative Agent and each of the other Noteholders, as to
itself only, that (i) the execution, delivery and performance of this Agreement is within the organizational powers of such
Noteholder, has been duly authorized by all necessary organizational action by, or relating to such Noteholder, and does not contravene
in any material respect the organizational documents of such Noteholder or any law or contractual restriction binding upon such
Noteholder; (ii) this Agreement is the legal, valid and binding obligation of such Noteholder, enforceable against such Noteholder
in accordance with the terms hereof, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement

    	 	27	 

     

    

of rights with respect to indemnification
and contribution obligations may be limited by applicable law; (iii) the individual or individuals executing this Agreement
and any and all documents contemplated hereby on behalf of such Noteholder has or have the legal right and actual authority to
bind such Noteholder to the terms and conditions contained in this Agreement and in such documents; (iv) such Noteholder is
duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and possesses all applicable
licenses and authorizations necessary to carry on its business as currently conducted, the failure of which to possess would materially
and adversely affect its performance under this Agreement, (v) all consents, approvals, authorizations, orders or filings
of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement
by such Noteholder have been obtained or made, (vi) there is no action, suit, proceeding, arbitration or governmental investigation
pending against such Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement,
(vii)  such Noteholder is not a Prohibited Person, (viii) such Noteholder has not dealt with any broker, investment
banker, agent or other person or entity that may be entitled to any commission or compensation in connection with the consummation
of any of the transactions contemplated hereby, (ix) such Noteholder (A) does not, directly or indirectly, Control either
Borrower or Guarantor, (B) is (x) a Qualified Transferee (as defined herein) and (y) a Qualified Transferee (as defined in the
Loan Agreement) and (C) it is a permitted transferee pursuant to Section 3.2 of this Agreement and pursuant to Article
XI of the Loan Agreement.

2.6             
Noteholder Indemnification. The Noteholders shall, and do hereby agree to, indemnify and hold harmless
upon demand Administrative Agent, Servicer, and their respective directors, officers, employees and agents (to the extent not reimbursed
by or on behalf of Borrower and without limiting the obligation of Borrower to do so), pro rata (based on each Noteholder’s
Pro Rata Share), from and against any and all actions, causes of action, suits, losses, liabilities, damages and expenses, including
reasonable attorneys’ fees and expenses arising from or relating to the exercise of rights and performance of obligations
under the Loan Agreement, the other Loan Documents and this Agreement (collectively, the “Indemnified Liabilities”);
provided that no Noteholder shall be liable for any payment to Administrative Agent of any portion of the Indemnified Liabilities
to the extent such liability or payment resulted from Administrative Agent’s own negligence or willful misconduct, as determined
by a final, non-appealable judgment by a court of competent jurisdiction, and no Noteholder shall be liable for any payment to
Servicer of any portion of the Indemnified Liabilities to the extent such liability or payment resulted from Servicer’s own
negligence or willful misconduct, as determined by a final, non-appealable judgment by a court of competent jurisdiction. Administrative
Agent shall not be liable for, and shall be indemnified by the Noteholders from and against, any and all actions, causes of action,
suits, losses, liabilities, damages and expenses, including reasonable attorneys’ fees and actual out-of-pocket costs and
expenses, arising from or relating to any delays in responding to Borrower resulting from delays under this Agreement in obtaining
direction or consent from the minimum number of required Noteholders to act under this Agreement. Without limitation of the foregoing,
and to the extent that Administrative Agent or Servicer, as applicable, is not reimbursed for such expenses by or on behalf of
Borrower, each Noteholder shall reimburse Administrative Agent or Servicer, as applicable, upon demand for its ratable share (based
on each Noteholder’s Pro Rata Share) of any out-of-pocket costs and

    	 	28	 

     

    

expenses, including, without limitation,
reasonable attorneys’ fees and costs actually incurred by Administrative Agent or Servicer in connection with (a) the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, any Loan Document, or any other document contemplated
by or referred to therein, and (b) the administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any other
document contemplated by or referred to herein. The undertakings in this Section 2.6 shall survive repayment of the
Loan, cancellation of the Notes, any foreclosure (or deed in lieu thereof) under, or modification, release or discharge of, any
or all of the Loan Documents, termination of this Agreement, and the resignation or replacement of Administrative Agent or Servicer.
Upon prior written notice, Administrative Agent shall have the right to offset such amounts against any future payments due to
the applicable Noteholder under the Loan; provided, that Administrative Agent shall have no right to deduct or set-off any
amounts which may be owed on account of other dealings between Administrative Agent and any Noteholder which are unrelated to the
Loan or this Agreement; and provided, further, that each such Noteholder’s obligations under this Section
2.6 are separate and distinct obligations from one another and in no event shall Administrative Agent enforce the obligations
of any Noteholder against any other Noteholder. Each Noteholder’s obligations under this Section 2.6 constitute absolute,
unconditional and continuing obligations.

2.7             
Administrative Agent, Servicer, Noteholders and Affiliates in Individual Capacity. Administrative
Agent (acting in its separate capacity as a financial, banking or lending institution or other business enterprise), Servicer
(acting in its separate capacity as a financial, banking or lending institution or other business enterprise), the Noteholders
and their respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity
interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with, Guarantor
or any member, partner, shareholder, or officer of Borrower or Guarantor, as though Administrative Agent (acting in said capacity)
were not Administrative Agent hereunder, Servicer (acting in said capacity) were not Servicer hereunder and the Noteholders were
not Noteholders hereunder, as applicable, and without notice to or consent of the other parties hereto. Each party hereto acknowledges
that, pursuant to such activities, Administrative Agent (acting in said capacity), Servicer (acting in said capacity), Noteholders
and their respective Affiliates may receive information regarding Borrower or Guarantor (including information that may be subject
to confidentiality obligations in favor of Borrower or Guarantor) and acknowledge that Administrative Agent (acting in said capacity),
the Noteholders and Servicer (acting in said capacity) shall be under no obligation to provide such information to each other.
Administrative Agent (if and to the extent acting in its separate capacity as a Noteholder with respect to the Loan), Servicer
(if and to the extent acting in its separate capacity as a Noteholder with respect to the Loan), and their respective Affiliates
shall have the same rights and powers with respect to their respective Notes as any other Noteholder and may exercise the same
as though Administrative Agent and Servicer were not Administrative Agent and Servicer, respectively, and the terms “Noteholder”
and “Noteholders” shall include Administrative Agent, Servicer and their respective Affiliates, to the extent applicable,
in their respective separate, individual capacities as a Noteholder.

    	 	29	 

     

    

2.8             
Successor Administrative Agent and Servicer. Subject to the provisions of the Loan Documents, Administrative
Agent may resign as Administrative Agent upon thirty (30) days prior written notice to the Noteholders. Additionally, Note-A Holders
shall have sole and absolute authority to appoint Administrative Agent, from time to time in accordance with the provisions of
any Senior Co-Lender Agreement. Additionally, subject to the provisions of the Loan Documents and any Senior Co-Lender Agreement,
in the event Administrative Agent has materially breached its duties hereunder and fails to cure such material breach after the
receipt of notice of such breach and the expiration of the cure periods set forth below, then Administrative Agent may be removed
as Administrative Agent hereunder and under the Loan Documents at any time by the Required Note-A Holders and, so long as no Control
Appraisal Period exists, the Note-B Holders upon thirty (30) days prior written notice (the “Removal Notice”);
provided, however, that Administrative Agent, in the event of a material breach of its duties hereunder, shall have
been provided with (a) written notice of such material breach and (b) thirty (30) days to cure such material breach
and shall have failed to cure such material breach within such thirty (30) day period prior to the Required Note-A Holders. Notwithstanding
anything to the contrary set forth herein, the Required Note-A Holders may, at any time, remove Administrative Agent subject to
the terms and conditions of any Senior Co-Lender Agreement. If Administrative Agent resigns or is removed pursuant to this Agreement
or any Senior Co-Lender Agreement, then the Required Note-A Holders shall appoint, from among the Note-A Holders, a successor
Administrative Agent for the Noteholders; provided that such appointment shall be made in accordance with the terms and conditions
of any Senior Co-Lender Agreement. If no successor Administrative Agent is appointed prior to the effective date of the resignation
or removal of Administrative Agent, Administrative Agent may appoint a successor Administrative Agent from among the Note-A Holders.
Upon the acceptance of its appointment as successor Administrative Agent hereunder, such successor Administrative Agent shall
succeed to all the rights, powers and duties of the retiring Administrative Agent, and the term “Administrative Agent”
shall mean such successor Administrative Agent, and the retiring Administrative Agent’s appointment, powers and duties as
Administrative Agent shall be terminated, other than any liabilities accrued prior to the date of termination. After any retiring
Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of Section 2.6
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.
If no successor Administrative Agent has accepted appointment as Administrative Agent by the date which is thirty (30) days following
a retiring Administrative Agent’s notice of resignation or the Noteholders’ Removal Notice, the retiring Administrative
Agent shall nevertheless remain as Administrative Agent for an additional sixty (60) days before Administrative Agent’s
resignation or removal shall become effective. Thereafter the Note-A Holders collectively shall perform all of the duties of Administrative
Agent hereunder until such time, if any, as the Required Note-A Holders shall appoint a successor Administrative Agent as provided
for above. Notwithstanding the foregoing provisions of this Section 2.8, upon repayment in full of all amounts due and
payable to the Note-A Holders with respect to the Debt, any Administrative Agent appointed by Note-A Holders shall be permitted
to immediately resign as Administrative Agent and shall have no further obligations under this Agreement or with respect to the
Loan and thereafter the Note-B Holders shall have the right to appoint, remove and replace any successor Administrative Agent.
The Noteholders agree that, subject to the provisos below, if the Initial Administrative Agent

    	 	30	 

     

    

either resigns as Administrative Agent
or is removed as Administrative Agent, Initial Administrative Agent shall have the unilateral right to terminate any servicing
agreement entered into by Initial Administrative Agent as it relates to the Loan, and notwithstanding any provision of this Agreement
to the contrary, from and after the effective date of the resignation or removal of Initial Administrative Agent as Administrative
Agent, Initial Administrative Agent shall have no further liability to pay any Servicing Fees to any Servicer; provided,
further, that any such servicing agreement will not be assumable by a successor Administrative Agent unless the Servicer
agrees in a written instrument acceptable to Initial Administrative Agent to look solely to such replacement Administrative Agent
(and not to Initial Administrative Agent) for payment of any fees or other liability under such servicing agreement (as it pertains
to the Loan) accruing after the effective date of such resignation or removal. The Noteholders agree that any replacement Administrative
Agent shall be subject to the same responsibilities and limitations with respect to the payment of the Servicing Fee as Initial
Administrative Agent was subject during the period that it served as Administrative Agent hereunder.

2.9             
Additional Administrative Agent Duties. Administrative Agent shall promptly send (or shall use
commercially reasonable efforts to cause Servicer promptly to send) to each Noteholder at their respective address set forth on
Exhibit B: (i) copies of all financial statements of Borrower and Guarantor received by Administrative Agent under
the terms of the Loan Agreement or the Guaranty, (ii) any written estoppel or certificate received by Administrative Agent
pursuant to Section 4.13 of the Loan Agreement, (iii) notice of any Event of Default that Administrative Agent delivers to
Borrower, and (iv) copies of all written requests for consent, waiver or approval from Borrower or Guarantor, which in any
such case, requires consent of any Noteholder pursuant to the terms of this Agreement or any Senior Co-Lender Agreement. Notwithstanding
the foregoing provisions of this Section 2.9, no failure on Administrative Agent’s part to furnish any of such
documents shall result in any liability on Administrative Agent’s part in the absence of negligence, bad faith or willful
misconduct; provided the foregoing shall not limit Administrative Agent’s obligations hereunder with respect to any matters
which might be disclosed in the items described in clauses (iii) and (iv) above. In addition, Administrative Agent
shall make available to each Noteholder, promptly upon demand, such other reports and information reasonably requested in writing
by such Noteholders and in Administrative Agent’s or Servicer’s actual possession or reasonably obtainable by Administrative
Agent. Except for notices, reports and other documents expressly herein required to be furnished to the Noteholders by Administrative
Agent, Administrative Agent shall not have any duty or responsibility to provide any Noteholder with any credit or other information
concerning the business, prospects, operations, property, financial or other condition or creditworthiness of Borrower or Guarantor
which may come into the possession of Administrative Agent, unless obtained by Administrative Agent in its capacity as Administrative
Agent hereunder and under the Loan Agreement.

2.10         
Bankruptcy of Borrower; Return of Funds. This Agreement shall be applicable both before and after
the commencement, whether voluntary or involuntary, of any Bankruptcy Proceeding by or against Borrower, and all references herein
to Borrower shall be deemed to apply to the fee title owner of the Property as a debtor-in-possession and to any trustee in bankruptcy
for the estate of the fee title owner of the Property. Anything in the Loan Documents or any Senior Co-Lender Agreement to the
contrary notwithstanding, in the event of any

    	 	31	 

     

    

distribution, division or application,
in whole or in part, voluntary or involuntary, by operation of law or otherwise, of the assets of Borrower or the proceeds thereof,
to or for the benefit of any of Borrower’s creditors arising by reason of a Bankruptcy Proceeding or after the occurrence
of an Event of Default, then all amounts due the Noteholders shall be paid in accordance with Article 4 of this Agreement.
If a court of competent jurisdiction orders, at any time, that any amount received or collected in respect of the Loan must, pursuant
to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to Borrower, or paid to any other
Person, then, notwithstanding any other provision of this Agreement to the contrary, Administrative Agent shall not be required
to distribute any portion thereof to any Noteholder (unless otherwise so directed by such court), and, to the extent necessary
to comply with such court order, each applicable Noteholder will promptly on demand (which demand shall include a copy of such
court order and a statement containing the amount Administrative Agent is seeking to be returned (exclusive of interest, which
shall be the responsibility of the Noteholder to calculate)) by Administrative Agent repay to Administrative Agent any portion
of any such amounts that Administrative Agent shall have theretofore distributed to such Noteholder, together with interest thereon,
which Administrative Agent shall have been required to pay to Borrower, or such other Person. If, for any reason, Administrative
Agent makes any payment to any Noteholder before Administrative Agent has received the corresponding payment (it being understood
that Administrative Agent is under no obligation to do so), and Administrative Agent does not receive the corresponding payment
within one (1) Business Day of its prior payment to the applicable Noteholder, the applicable Noteholder will, at Administrative
Agent’s request, promptly and, in any event, within three (3) Business Days of Administrative Agent’s request,
return such payment to Administrative Agent (together with interest on such payment paid at the interest rate actually received
by such Noteholder for such advance for each day from the making of such payment to the Noteholder until such amount is returned
to Administrative Agent). Each Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on
account of the Loan in excess of its distributable share thereof, it will promptly after written notice from Administrative Agent
remit such excess to Administrative Agent. Upon prior written notice, Administrative Agent shall have the right to offset such
amounts against any future payments due to the applicable Noteholder under the Loan; provided, that Administrative Agent
shall have no right to deduct or set-off any amounts which may be owed on account of other dealings between Administrative Agent
and any Noteholder which are unrelated to the Loan or this Agreement; and provided, further, that each such Noteholder’s
obligations under this Section 2.10 are separate and distinct obligations from one another and in no event shall Administrative
Agent enforce the obligations of any Noteholder against any other Noteholder. Each Noteholder’s obligations under this Section 2.10
constitute absolute, unconditional and continuing obligations.

Article
3

ASSIGNMENTS, ASSUMPTIONS, PARTICIPATIONS AND REPLACEMENT NOTES

3.1             
Initial Noteholders. As of the execution of this Agreement, each of the Initial Noteholders are
the holders of their respective Pro Rata Shares of all right, title, interest and obligations of in and to the Loan, the Loan Agreement.

    	 	32	 

     

    

3.2             
Transfer.

(a)               
Except in compliance with the provisions of this Section 3.2, Transfers of the Notes (other than participations
effected in compliance with Section 3.3 and pledges and assignments or other Transfers effected in compliance with
Section 3.4) are hereby prohibited, provided, however, that, a Noteholder shall be permitted
to sell, transfer or assign its Note or any portion thereof (or any interest therein) (x) to a Qualified Transferee, and (y) to
any other Person, (A) prior to the Securitization of any A Note, subject to the prior written consent of Administrative Agent,
which may be granted or denied in the Administrative Agent’s sole and absolute discretion and (B) following the Securitization
of any A Note, subject to a Rating Agency Confirmation having been obtained with respect to such Transfer, and, in all cases under
the foregoing clauses (x) and (y), in accordance with, and subject to, the requirements of the Loan Documents (each
such transferee permitted pursuant to the terms of this sentence, an “Assignee”). Notwithstanding the
foregoing, in no event shall a Noteholder sell, transfer or assign, or be permitted to sell, transfer or assign, its Note or any
portion thereof (or any interest therein) to a Prohibited Person, Borrower, Guarantor, Key Principal, any Borrower Party or any
of their respective Affiliates. Subject to compliance with this Section 3.2 (and except as otherwise set forth in Sections 4.5
and 7.1(b)(i)(II)), no Transfer of a Note or any portion thereof (other than participations effected in compliance with
Section 3.3 and pledges and assignments or other Transfers effected in compliance with Section 3.4) shall
be effective unless the following conditions shall have been satisfied:

(i)                
the selling Noteholder shall not be in default in respect of its obligations under this Agreement;

(ii)              
all such Transfers shall be made upon at least five (5) Business Days’ prior written notice to the Administrative
Agent;

(iii)            
any such Assignee shall have assumed in writing the obligations of the assigning Noteholder hereunder, and, solely
with respect to any Transfer of any A-Note, under any Senior Co-Lender Agreement and under the Loan Documents with respect to the
interest in the Loan it is purchasing and shall have agreed to be bound by the terms and conditions of this Agreement and the Loan
Documents, pursuant to an assignment agreement substantially in the form of Exhibit A annexed hereto and made a part
hereof (an “Assignment Agreement”), and the selling Noteholder and the Assignee shall have executed and
delivered such Assignment Agreement to Administrative Agent and Administrative Agent shall have accepted and countersigned such
Assignment Agreement, to the extent Administrative Agent’s consent to such assignment is required hereunder;

(iv)            
the selling Noteholder shall have executed an allonge to its Notes; and

(v)              
(i) in the case of an assignment by a Noteholder to an assignee that is not an Affiliate of the assigning Noteholder
or a Qualified Transferee, the assigning Noteholder or the Assignee shall have paid Administrative Agent a processing fee of Five

    	 	33	 

     

    

Thousand and 00/100 Dollars ($5,000.00),
(ii) in the case of an assignment by a Noteholder to an assignee that is a Qualified Transferee, but is not also an Affiliate of
the assigning Noteholder, the assigning Noteholder or the Assignee shall have paid Administrative Agent a processing fee of Two
Thousand Five Hundred and 00/100 Dollars ($2,500.00) and (iii) in all cases, the assigning Noteholder shall reimburse Administrative
Agent for its actual out-of-pocket costs and expenses relating to such Transfer, including, without limitation, reasonable attorneys’
fees and costs; provided that notwithstanding anything in this clause (v) to the contrary, no processing fee shall be payable in
connection with an assignment to Trawler CRE Opportunity REIT LLC or in connection with an assignment to an Affiliate of the assigning
Noteholder.

Each of the Noteholders hereby irrevocably
constitutes and appoints Administrative Agent, with full power of substitution, the true and lawful attorney-in-fact and agent
of such Noteholder, to execute, acknowledge, verify, swear to, deliver, record and file, in its or its assignee’s name, place
and stead, any revision to the Schedules to and/or modification or amendment and restatement of this Agreement, to reflect
and, if applicable, to facilitate, any Transfer permitted hereunder; provided no such revisions, amendments or amendment
and restatements shall change in any adverse manner any economic provision hereunder or the rights and obligations granted to such
other Noteholder(s) or Administrative Agent. Following any Transfer that is permitted hereunder, the Transferring Noteholder
shall have no further liability hereunder with respect to the interest in the Loan so assigned. In connection with any Transfer
in accordance with this Section 3.2, the Noteholder effecting such Transfer may request Administrative Agent under
Section 3.5 to request Borrower to issue one or more Replacement Notes in substitution for the existing Note that is
the subject of the Transfer.

(b)              
Notwithstanding anything to the contrary set forth in this Section 3.2, but without limitation of each
Noteholder’s right to sell a participating interest in their Note pursuant to Section 3.3 below, (x) in no event
shall any Note-B Holder so Transfer its Note(s)  in an amount or amounts such that, after taking into account such sale(s),
assignment(s) or transfer(s), either (I) such Note-B Holder, together with its Affiliates, shall fail to hold, in its
capacity as a Noteholder hereunder, a Note or Notes in a principal amount of less than $2,680,000.00 (the “Minimum
Hold”), or (II) the transferee (or, if more than one transferee, each such transferee), together with its (or their
respective) Affiliates, shall fail to hold, in its capacity as a Note-B Holder, less than the Minimum Hold and (y) the holders
of any Certificates may Transfer such Certificates without the approval of, or notice to, Administrative Agent or any Noteholder,
provided, that, such Certificates continue to have their assigned CUSIP numbers and are Transferred to “qualified
institutional buyers” or institutional “accredited investors” within the meaning of Regulation D or an institutional
investor under Regulation S of the Securities Act of 1933, as amended.

(c)               
Any Transfers purported to be effected other than in strict compliance with the provisions of this Article 3
shall be null and void ab initio.

3.3             
Participations. Any Noteholder may at any time sell participating interests in the Note(s) held
by such Noteholder without the consent of Administrative Agent or the other Noteholders (any Person purchasing any such participating
interest being herein called a

    	 	34	 

     

    

“Participant”);
provided, however, in no event may any Noteholder sell, transfer, assign or pledge one or more participation interests
with respect to its Note(s) in an aggregate amount in excess of a forty-nine percent (49%) interest in its Note(s) to a Person
without (A) prior to the Securitization of any A Note, obtaining the prior written consent of Administrative Agent and (B) following
the Securitization of any A Note, subject to a Rating Agency Confirmation having been obtained with respect to the granting of
such participation interest, unless such Person is a Qualified Transferee, in which case Administrative Agent’s consent shall
not be required. Such consent may be granted or denied in the sole and absolute discretion of Administrative Agent, provided,
however, that, such consent shall not be unreasonably withheld, conditioned or delayed in the case of any Person
that is a Qualified Transferee, provided, further, that, in no event shall any Noteholder sell one or more
participation interests with respect to its Note(s) to a Prohibited Person, Borrower, Guarantor, any Key Principal, any Borrower
Party or any of their respective Affiliates. In the event of an issuance by a Noteholder to a Participant of a participation interest
in such Noteholder’s Note, (i) such Noteholder shall remain the holder of its Note for all purposes of this Agreement
and shall remain bound by all obligations of such Noteholder hereunder (and the Participant shall not enjoy any direct benefits
under this Agreement or be deemed to be a party to this Agreement), (ii) Administrative Agent shall continue to deal solely
and directly with such Noteholder in connection with such Noteholder’s rights and obligations hereunder, (iii) Administrative
Agent shall not under any circumstances have any liability or owe any duties to any Participant and (iv) all amounts distributable
hereunder in respect of such Note shall be determined as if such Noteholder had not sold such participation and shall be paid directly
to such Noteholder. No Participant shall have, and the applicable Noteholder will not allow such Participant to have, any voting
rights hereunder in connection with any matters under Section 2.2 or elsewhere in this Agreement requiring the consent
of the Noteholders, and Participants shall not have the right to further sub-participate or Transfer their interests without the
prior written consent of Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed in the case
of any Person that is a Qualified Transferee subject, in any event, to the proviso set forth in the first (1st) sentence
of this Section 3.3. Each Noteholder agrees to incorporate the requirements of the preceding sentence into each participation
agreement which such Noteholder enters into with any Participant and any agreement pursuant to which a Noteholder sells a participation
in the Loan shall further provide that such Noteholder retains all liability and all rights of enforcement and approval under this
Agreement with respect to its Note, including the right to approve any amendment, modification or waiver of any provision hereunder,
and that such Participant has no rights of any kind hereunder. In connection with the sale of any such Participation, the selling
Noteholder shall provide Administrative Agent with a copy of each such agreement. For the avoidance of doubt, it is understood
and agreed that any Certificate evidencing a beneficial interest in a Securitization Vehicle shall not be deemed a participating
interest in the Note(s), and no holder thereof shall be deemed a Participant solely by reason of holding any such Certificates.

3.4             
Certain Pledges. (a) In addition to the assignments and
participations permitted under the foregoing provisions of this Article 3 (but without being subject thereto), any
Noteholder may (without notice to Administrative Agent or any other Noteholder and without payment of any fee) assign and pledge
all or any portion of its Note (A) to any Federal Reserve Bank as collateral security pursuant to Regulation A and any operating
circular issued by such

    	 	35	 

     

    

Federal Reserve Bank, and such Note
shall be fully transferable as provided therein and/or (B) to the bondholders (as a collective whole) (or their nominee, collateral
agent or security trustee) under, or the trustee, administrator or receiver (or their respective nominees, collateral agents or
collateral trustees) of a mortgage pool securing covered mortgage bonds issued under German Pfandbrief legislation, as such legislation
may be amended and in effect from time to time, or any substitute or successor legislation. No such assignment shall release the
assigning Noteholder from its obligations hereunder.

(b)              
In addition, each Noteholder (a “Loan Pledgor”) shall have the right to pledge (a “Pledge”)
such Noteholder’s Note to any Person that has extended a credit facility, including credit in the form of a repurchase agreement
facility, to such Loan Pledgor and who satisfies the requirements of a Qualified Transferee (such Person satisfying such requirements,
as applicable, a “Loan Pledgee”), on the terms and conditions set forth in this Section 3.4(b).
Upon written notice by Loan Pledgor to the Administrative Agent that the Pledge has been effected and the address for notice purposes
of Loan Pledgee, the Administrative Agent agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Loan
Pledgee written notice of any default by Loan Pledgor under this Agreement of which the Administrative Agent has actual knowledge;
provided, however, that the Administrative Agent shall have no liability for any failure to give written notice of
a Loan Pledgor default; (ii) to allow Loan Pledgee to cure such default within the same period afforded to Loan Pledgor, but Loan
Pledgee shall not be obligated to cure any such default; (iii) that no amendment or modification of this Agreement that adversely
affects the rights or obligations of Loan Pledgor, and no waiver or termination of Loan Pledgor’s rights under this Agreement,
shall be effective against Loan Pledgee without the written consent of Loan Pledgee, which consent shall not be unreasonably withheld;
provided, however, the consent of Loan Pledgee shall not be required to effect such modification, waiver or termination
unless Loan Pledgor’s consent was required pursuant to the terms of this Agreement; and (iv) that, upon written notice (a
“Redirection Notice”) to the Administrative Agent by Loan Pledgee that Loan Pledgor is in default beyond
applicable cure periods under its obligations to Loan Pledgee pursuant to the applicable credit agreement between Loan Pledgor
and Loan Pledgee (which notice need not be joined in or confirmed by Loan Pledgor), and until such Redirection Notice is withdrawn
or rescinded by Loan Pledgee, the Administrative Agent shall remit to Loan Pledgee and not to Loan Pledgor any payments that the
Administrative Agent would otherwise be obligated to pay to Loan Pledgor from time to time pursuant to this Agreement, any Loan
Document, or any other agreement among the Noteholders that relates to the Loan or Loan Pledgor. Each Noteholder hereby unconditionally
and absolutely releases the Administrative Agent from any liability to such Noteholder on account of the Administrative Agent’s
compliance with any Redirection Notice believed by the Administrative Agent to have been delivered by such Noteholder’s Loan
Pledgee. Loan Pledgee shall be permitted to fully exercise its rights and remedies against Loan Pledgor, and realize on all collateral
granted by Loan Pledgor to Loan Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law. In such event, and upon receipt of an Assignment Agreement signed by Loan Pledgee, the Administrative Agent
shall recognize Loan Pledgee (and any transferee that is also a Qualified Transferee at any foreclosure or similar sale held by
Loan Pledgee or any transfer in lieu of such foreclosure), as the successor to Loan Pledgor’s rights, remedies and obligations
under this Agreement, provided that such Loan Pledgee or such

    	 	36	 

     

    

permitted transferee shall assume in
writing the obligations of Loan Pledgor hereunder accruing from and after such transfer and agree to be bound by the terms and
provisions hereof (however it being understood that the foregoing shall not affect any of the rights of any Noteholder hereunder).
The rights of Loan Pledgee under this Section shall remain effective unless and until Loan Pledgee shall have notified the Administrative
Agent in writing that its interest in the applicable Note and this Agreement has terminated.

3.5             
Replacement Notes. In connection with any sale or assignment of a Note or a portion thereof or
an interest therein, the Noteholder effecting such Transfer may request Administrative Agent to exercise the Lender’s rights
under the Loan Documents to cause Borrower to replace, sever and/or split such Note, and to issue in lieu thereof one or more replacement
notes (each, a “Replacement Note” and, collectively, the “Replacement Notes”),
which Replacement Note or Replacement Notes, as applicable, shall have an aggregate principal balance equal to that of the Note
being relinquished and shall entitle the respective holders thereof to the same aggregate rights as the subject Noteholder that
submitted such Note. Once issued, and provided that the applicable parties shall have complied with the terms of Section 3.2
hereof, then each of the Replacement Notes shall be deemed to be a Note under this Agreement, and the holder(s) of such
Replacement Notes shall be deemed to be Noteholders under this Agreement. Any and all costs and expenses incurred in connection
therewith, including, without limitation, reasonable attorneys’ fees and costs, shall be borne by, and reimbursed to Administrative
Agent upon demand by, such Transferring Noteholder if not paid by Borrower.

3.6             
Cooperation with Syndication. Each Noteholder and (if applicable) each of such Noteholder’s
principals, officers and representatives, shall, at Administrative Agent’s request, reasonably cooperate with the Originating
Lender’s and/or Administrative Agent’s efforts to syndicate, assign, participate or otherwise Transfer of all or any
portion of the Notes or interests therein, including, without limitation, entering into any amendments to this Agreement reasonably
necessary and consenting to amendments to the Loan Documents to effect the same, provided, that, no Noteholder shall have any obligation
to perform any action described under this Section 3.6 that (i) contravenes any provision of the Loan Documents, or (ii)
increases the liabilities or obligations of such Noteholder or decreases any right of such Noteholder more than to a de minimis
extent.

Article
4

PRIORITY; DISTRIBUTIONS

4.1             
Priority. The B-Notes and the rights of the Note-B Holders to receive payments of interest, principal
and other amounts with respect to the B-Notes shall at all times and in all respects, and in accordance with the priorities of
payment set forth in Section 4.2 below, be subject and subordinate to the A-Notes and the rights of Note A Holders to receive
payments of interest, principal and other amounts with respect to the A-Notes. Note-B Holders acknowledge and agree that any and
all amounts paid on account of Note-A Holders’ interest with respect to the Loan (including all amounts advanced prior to
the date hereof and all Protective Advances made by the Note-A Holders) shall be applied pursuant to Section 4.2, and, as
such, all of the A-Notes and Note-A Holders’ interest in the Loan shall be senior to the Note-B Holders’ interest in

    	 	37	 

     

    

the Loan to the extent provided in Section
4.2, and all such Note-B Holders’ interest shall be subordinate to Note-A Holders’ interest in the Loan.

4.2             
Distributions. Except as otherwise expressly provided in this Article 4, all payments
received by Administrative Agent or Servicer with respect to the Loan, including, without limitation, voluntary payments, voluntary
prepayments, interest, principal, proceeds from any Interest Rate Protection Agreement, any Proceeds or any Award not being applied
for the Restoration of the Property, and any other amounts payable to Administrative Agent or for the benefit of the Lender pursuant
to the Loan Agreement (other than any reimbursable expenses, not previously reimbursed by the Noteholders, paid by Borrower to
Administrative Agent, which in all cases Administrative Agent shall be entitled to retain), shall be promptly distributed by Administrative
Agent or Servicer, but no later than two (2) Business Days after the later to occur of (in each case, however, subject to Administrative
Agent’s or Servicer’s receipt and proper identification of funds) (a) such receipt and proper identification thereof
and (b) the Payment Date under the Loan Agreement (provided, however, that any principal prepayments shall always
be distributed no later than two (2) Business Days after the receipt thereof), pursuant to the wiring instructions given,
in writing, by a Noteholder to Administrative Agent in connection with the execution of this Agreement (or such other wiring instructions
a Noteholder may direct Administrative Agent to make payments to upon written notice to Administrative Agent given pursuant to
Section 11.4), and in the following order and priority, and, in each case, without duplication:

(A)       if
no Event of Default shall have occurred and be continuing:

(a)               
first, to Administrative Agent in the amount of any unreimbursed out-of-pocket costs and expenses incurred
by Administrative Agent, including, without limitation, reasonable attorneys’ fees and expenses, (i) in servicing and administering
the Loan (other than the Servicing Fee and any Protective Advances made by Administrative Agent) and (ii) pursuing remedies under
the Loan Documents, including any such costs and expenses which are reimbursable by Borrower pursuant to the terms of the Loan
Documents which remain unpaid;

(b)              
next, to Administrative Agent for the payment to Servicer the amount of any Servicing Fees owed to any Servicer(s)
engaged by Administrative Agent in connection with the servicing of the Loan;

(c)               
next, to Administrative Agent and any Note-A Holder that made any Super Priority Protective Advance, in the
amount of each such unreimbursed Super Priority Protective Advance made by Administrative Agent and each such Note-A Holder, on
a pro rata pari passu basis, (based on a ratio where the numerator is the amount so advanced by Administrative Agent or any such
Note-A Holder (as the case may be) and the denominator is the aggregate amount of all Super Priority Protective Advances made by
Administrative Agent and all of the Note-A Holders), together with all accrued and unpaid Protective Advance Interest at the Protective
Advance Rate specified in Section 6(b) hereof with respect to such Super-Priority Protective Advances, with such Super-Priority

    	 	38	 

     

    

Protective Advances being reimbursed
in chronological order (with the first Super-Priority Protective Advance, and Protective Advance Interest thereon, to be reimbursed
first);

(d)              
next, to Administrative Agent and any Note-A Holder that made Protective Advances (other than Super-Priority
Protective Advances), in the amount of each such unreimbursed Protective Advance made by Administrative Agent and each such Note-A
Holder on a pro rata pari passu basis (based on a ratio where the numerator is the amount so advanced by Administrative Agent or
any such Note-A Holder (as the case may be) and the denominator is the aggregate of all such Protective Advances made by Administrative
Agent and all of the Note-A Holders), together with all accrued and unpaid Protective Advance Interest at the Protective Advance
Rate with respect to such Protective Advances, with such Protective Advances being reimbursed in chronological order (with the
first such Protective Advance, and interest thereon to be reimbursed first);

(e)               
next, on a pro rata pari passu basis to the Note-A Holders, an amount equal to the accrued and unpaid regular
interest (i.e. not at the Default Rate) on the Note Principal Balance of such Note-A Holder’s A-Note (less each Note-A Holder’s
Pro Rata Share of the Servicing Fee paid pursuant to Section 4.2(A)(d) above) owed to each Note-A Holder on account
of such Note-A Holder’s funded Commitment;

(f)               
next, on a pro rata pari passu basis to the Note-B Holders, an amount equal to the accrued and unpaid regular
interest (i.e., not at the Default Rate) on the Note Principal Balance of each Note-B Holder’s B-Notes (less the Note-B Holders’
Pro Rata Share of the Servicing Fee paid pursuant to Section 4.2(A)(d) above) owed to each Note-B Holder on account of such
Note-B Holder’s funded Commitment;

(g)              
next, on a pro rata pari passu basis to the Note-A Holders, with respect to any payments received on account
of the outstanding principal balance of the Loan, whether scheduled or extraordinary (including any payment of principal payable
on the Maturity Date and any prepayment amounts) to the Note-A Holders up to an amount equal to the Note-A Holders’ funded
Commitment;

(h)              
next, on a pro rata pari passu basis to the Note-A Holders an amount equal to the Yield Maintenance Premium,
late charges, prepayment premiums and penalties, fees (including without limitation any extension fees), default interest, late
charges and other amounts then due and owing to Note-A Holder with respect to the Loan;

(i)                
next, to any Note-B Holder that made any Super Priority Protective Advances, in the amount of any such unreimbursed
Super Priority Protective Advance made by each such Note-B Holder on a pro rata pari passu basis (based on a ratio where the numerator
is the amount so advanced by any such Note-B

    	 	39	 

     

    

Holder and the denominator is the
aggregate amount of all Super Priority Protective Advances made by all of the Note-B Holders), together with all accrued and
unpaid Protective Advance Interest at the Protective Advance Rate specified in Section 6(b) hereof with respect to such
Super-Priority Protective Advances, with such Super-Priority Protective Advances being reimbursed in chronological order (with
the first Super-Priority Protective Advance, and Protective Advance Interest thereon, to be reimbursed first);

(j)                
next, to any Note-B Holder that made Protective Advances (other than Super Priority Protective Advances),
in the amount of each such Protective Advances made by each such Note-B Holder, on a pro rata pari passu basis (based on a ratio
where the numerator is the amount so advanced by any such Note-B Holder and the denominator is the aggregate amount of all
Protective Advances made by all of the Note-B Holders), together with all accrued and unpaid Protective Advance Interest at
the Protective Advance Rate with respect to such Protective Advances, with such Protective Advances being reimbursed in chronological
order (with the first such Protective Advance, and interest thereon, to be reimbursed first);

(k)              
next, to each Note-B Holder that made any cure payments pursuant to Section 10.1 in the amount of any
such unreimbursed cure payments made by each such Note-B on a pro rata pari passu basis (based on a ratio where the numerator is
the amount so advanced by any such B-Note Holder and the denominator is the aggregate of all cure payments made by all of the
B-Note Holders);

(l)                
next, on a pro rata pari passu basis to the Note-B Holders, with respect to any payments received on account
of the outstanding principal balance of the Loan, whether scheduled or extraordinary (including any payment of principal payable
on the Maturity Date and any prepayment amounts) to each such Note-B Holder up to an amount equal to such Note-B Holder’s
funded Commitment;

(m)            
next, on a pro rata pari passu basis to the Note-B Holders any fees (including without limitation any extension
fees), premium, default interest, late charges and other excess amounts owed by Borrower, up to the amount actually owed to each
such Note-B Holder, based on its Pro Rata Share;

(n)              
lastly, any other amounts from any source whatsoever (including proceeds from a sale of the Property), to
each Noteholder on a pro rata pari passu basis in accordance with each Noteholder’s Distribution Pro Rata Share.

(B)       if
an Event of Default shall have occurred and be continuing, including, without limitation, at any time after foreclosure on the
Property or taking the same by deed in lieu thereof:

    	 	40	 

     

    

(a)               
first, to Administrative Agent in the amount of any unreimbursed out-of-pocket costs and expenses incurred
by Administrative Agent, including, without limitation, reasonable attorneys’ fees and expenses, (i) in servicing and administering
the Loan (other than the Servicing Fee and any Protective Advances made by Administrative Agent) and (ii) pursuing remedies under
the Loan Documents, including any such costs and expenses which are reimbursable by Borrower pursuant to the terms of the Loan
Documents which remain unpaid;

(b)              
next, to Administrative Agent for the payment to Servicer the amount of any Servicing Fees owed to any Servicer(s)
engaged by Administrative Agent in connection with the servicing of the Loan;

(c)               
next, to Administrative Agent and any Note-A Holder that made any Super Priority Protective Advance, in the
amount of each such unreimbursed Super Priority Protective Advance made by Administrative Agent and each such Note-A Holder, on
a pro rata pari passu basis (based on a ratio where the numerator is the amount so advanced by Administrative Agent or any such
Note-A Holder (as the case may be) and the denominator is the aggregate of all such Super Priority Protective Advances made by
Administrative Agent and all of the Note-A Holders), together with all accrued and unpaid Protective Advance Interest at the Protective
Advance Rate specified in Section 6(b) hereof with respect to such Super-Priority Protective Advances, with such Super-Priority
Protective Advances being reimbursed in chronological order (with the first Super-Priority Protective Advance, and Protective Advance
Interest thereon, to be reimbursed first);

(d)              
next, to Administrative Agent and any Note-A Holder that made Protective Advances (other than Super Priority
Protective Advances) in the amount of each such unreimbursed Protective Advances made by Administrative Agent and each such Note-A
Holder on a pro rata pari passu basis (based on a ratio where the numerator is the amount so advanced by Administrative Agent or
any such Note-A Holder (as the case may be) and the denominator is the aggregate of all such Protective Advances made by Administrative
Agent and all of the Note-A Holders), together with all accrued and unpaid Protective Advance Interest at the Protective Advance
Rate with respect to such Protective Advances, with such Protective Advances being reimbursed in chronological order (with the
first such Protective Advance, and interest thereon, to be reimbursed first);

(e)               
next, to the Note-A Holders, an amount equal to the accrued and unpaid regular interest (i.e. not at
the Default Rate) on the Note Principal Balance of such Note-A Holder’s A-Note (less each Note-A Holder’s Pro Rata
Share of the Servicing Fee paid pursuant to Section 4.2(B)(b) above) owed to each such Note-A Holder on account of
Note-A Holder’s funded Commitment;

(f)               
next, on a pro rata pari passu basis to the Note-A Holders, with respect to any payments received on account
of the outstanding principal balance

    	 	41	 

     

    

of the Loan, whether scheduled or
extraordinary (including any payment of principal payable on the Maturity Date and any prepayment amounts) to each Note-A Holder
up to an amount equal to such Note-A Holder’s funded Commitment;

(g)              
next, on a pro rata pari passu basis to each Note-A Holder, an amount equal to the Yield Maintenance Premium,
late charges, prepayment premiums and penalties, fees (including without limitation any extension fees), default interest, late
charges and other amounts then due and owing to each Note-A Holder with respect to the Loan;

(h)              
next, to any Note-B Holder that made any Super Priority Protective Advance, in the amount of each such unreimbursed
Super Priority Protective Advance made by each such Note-B Holder on a pro rata pari passu basis (based on a ratio where the numerator
is the amount so advanced by any such Note-B Holder and the denominator is the aggregate of all such Super Priority Protective
Advances made by all of the Note-B Holders), together with all accrued and unpaid Protective Advance Interest at the Protective
Advance Rate specified in Section 6(b) hereof with respect to such Super-Priority Protective Advances, with such Super-Priority
Protective Advances being reimbursed in chronological order (with the first Super-Priority Protective Advance, and Protective Advance
Interest thereon, to be reimbursed first);

(i)                
next, to each Note-B Holder that made any Protective Advance (other than Super Priority Protective Advances),
in the amount of each such unreimbursed Protective Advances made by each such Note-B Holder, on a pro rata pari passu basis (based
on a ratio where the numerator is the amount so advanced by any such Note-B Holder and the denominator is the aggregate of all
such Protective Advances made by all of the Note-B Holders), together with all accrued and unpaid Protective Advance Interest at
the Protective Advance Rate with respect to such Protective Advances, with such Protective Advances being reimbursed in chronological
order (with the first such Protective Advance, and interest thereon to be reimbursed first);

(j)                
next, to each Note-B Holder that made any cure payment pursuant to Section 10.1 in the amount of any
such unreimbursed cure payments made by each such Note-B Holder, on a pro rata pari passu basis (based on a ratio where the numerator
is the amount so advanced by any such Note-B Holder and the denominator is the aggregate of all such cure payments made by all
of the Note-B Holders);

(k)              
next, on a pro rata pari passu basis to each Note-B Holder, an amount equal to the accrued and unpaid regular
interest (i.e. not at the Default Rate) on the Note Principal Balance of such Note-B Holder’s B-Note (less each such Note-B
Holder’s Pro Rata Share of the Servicing Fee paid pursuant to clause

    	 	42	 

     

    

(b) of this Section 4.2(B)
above) owed to each such Note-B Holder on account of such Note-B Holder’s funded Commitment;

(l)                
next, with respect to any payments received on account of the outstanding principal balance of the Loan, whether
scheduled or extraordinary (including any payment of principal payable on the Maturity Date and any prepayment amounts) to each
Note-B Holder on a pro rata pari passu basis up to an amount equal to such Note-B Holder’s respective funded Commitment;

(m)            
next, on a pro rata pari passu basis to each Note-B Holder any fees (including without limitation any extension
fees), premium, default interest, late charges and other excess amounts owed by Borrower, up to the amount actually owed to the
Note-B Holders, based on their Pro Rata Share;

(n)              
lastly, any other amounts from any source whatsoever (including proceeds from a sale of the Property), to
each Noteholder on a pro rata pari passu basis in accordance with each Noteholder’s Distribution Pro Rata Share.

4.3             
Recovery of Unsatisfied Indemnification Payments. Notwithstanding anything to the contrary set
forth in this Article 4, if any Noteholder does not pay its Pro Rata Share of any indemnity amount, reimbursement or
other payment required to be paid under Section 2.6 of this Agreement or Section 2.6 of any Senior Co-Lender
Agreement, then such Noteholder shall be deemed to be a Delinquent Noteholder for all purposes hereunder, and until such time as
the unpaid amount shall have been paid in full, in lieu of disbursing funds to such Delinquent Noteholder in the manner required
under this Article 4, any amounts otherwise payable to such Delinquent Noteholder under Article 4, shall
instead be paid to and retained by Administrative Agent to pay the unpaid amount (together with interest at the Default Rate from
the date that the Delinquent Noteholder failed to make the applicable payment); provided, that a Noteholder which is a Securitization
Vehicle that does not make payments under Section 2.6 shall not constitute a Delinquent Noteholder under this Section
4.3 solely by reason of such failure, but any amounts otherwise payable to any such Securitization Vehicle which fails to make
such payments under Section 2.6 shall instead be paid to and retained by Administrative Agent to pay the unpaid amount as
otherwise contemplated above in this Section 4.3. Each of the Noteholders hereby acknowledges and agrees that any amounts
deducted from amounts to be distributed to a non-paying Noteholder pursuant to this Section 4.3 shall not be recoverable
thereafter.

4.4             
Other Distributions. In the event that any Noteholder incurs any loss, cost or other expense to
which it is entitled to reimbursement or indemnification under Article XI of the Loan Agreement (“Indemnified Costs”),
which Indemnified Costs have been incurred in accordance with the applicable terms of Article XI of the Loan Agreement, such Noteholder
shall promptly notify Administrative Agent that it has incurred such Indemnified Costs. Administrative Agent shall then notify
Borrower that such Noteholder has incurred such Indemnified Costs, and, on behalf of such Noteholder, demand reimbursement or indemnification
thereof from Borrower. Notwithstanding anything to the contrary contained in this Article 4, in the event that any
Noteholder incurs any Indemnified Costs and Borrower disburses the amount of such Indemnified Costs to Administrative Agent on
behalf of such

    	 	43	 

     

    

Noteholder, Administrative Agent shall
then disburse any such amount directly to such Noteholder promptly upon receipt of any such amount from Borrower, it being acknowledged
and agreed that such amounts shall be paid pursuant to this Section 4.4 and shall not be disbursed pursuant to Section 4.2
hereunder.

Article
5

DISTRIBUTIONS AFTER WORKOUTS OR FORECLOSURES

5.1             
Distributions after Workouts. If the terms or conditions of the Loan are modified, waived or amended
in accordance with this Agreement such that (a) the principal balance is decreased, (b) the interest rate is reduced, (c) payments
of interest or principal are deferred, reduced, or waived, or (d) any other adjustment is made to any of the payment terms of the
Loan, the full economic effect of such waivers, amendments and modifications shall be borne first by the Note-B Holders on a pari
passu and pro rata basis in accordance with their Distribution Pro Rata Shares and then by the Note-A Holders on a pari passu and
pro rata basis in accordance with their Distribution Pro Rata Shares. In the event of any such modification, the B-Notes shall
bear the full adverse economic effect of all waivers, reductions or deferrals of amounts payable on the Loan attributable to such
modification (up to the amount otherwise payable in respect of the B-Note) and, to the extent possible, all payments to the Note-A
Holders pursuant to this Section 4.2 above shall be made as though such modification did not occur, with the payment entitlements
of the A-Notes remaining the same as they are on the date hereof, but subject to the priorities set forth in Section 4.2.

5.2             
Distributions after Foreclosure. If collateral for the Loan is acquired by foreclosure or deed-in-lieu
thereof, the priority of distributions among the Noteholders shall continue to be made in accordance with the terms of Article 4
of this Agreement, whether or not the applicable Loan Documents then remain in effect, unless and until superseded by the Newco
Organizational Documents as set forth in Section 8.1 below.

Article
6

PROTECTIVE ADVANCES; SUPER PRIORITY PROTECTIVE

ADVANCES AND NOTEHOLDER DEFAULTS

6.1             
Protective Advances.

(a)               
If Administrative Agent determines that it is necessary or desirable to make a Protective Advance, then Administrative
Agent shall give written notice thereof to the Noteholders, which notice shall set forth the aggregate amount of such Protective
Advance, the portion thereof payable by each Noteholder (which shall be determined based on each Noteholder’s respective
Distribution Pro Rata Share) and the date (which shall not be less than five (5) Business Days after delivery of such notice) on
which each Noteholder shall be required to remit its Distribution Pro Rata Share thereof to Administrative Agent (or Servicer,
if so directed by Administrative Agent), and shall describe in reasonable detail the purpose(s) of such Protective Advance. Neither
Administrative Agent (in its capacity as Administrative Agent) nor

    	 	44	 

     

    

Servicer shall be required to fund any
Protective Advances out of its own funds, but if either Administrative Agent or Servicer elects to do so, such Protective Advance
shall be reimbursed in accordance with Article 4.

(b)              
Upon Administrative Agent’s determination that it is necessary or desirable to make a Protective Advance as
and when applicable, if any Noteholder fails to fund in a timely manner its Distribution Pro Rata Share of the Noteholders’
portion of any such Protective Advance after Administrative Agent has given such Noteholder notice thereof in accordance with Section
6.1(a) (a “Non-Funded Protective Advance”), then (i) Administrative Agent shall notify all of the
other Noteholders of (A) the identity of each Noteholder that failed to fund its Distribution Pro Rata Share of the Noteholders’
portion of such Protective Advance, and (B) the aggregate amount of the Protective Advance that was not funded in a timely manner,
and (ii) each Noteholder which has funded its Distribution Pro Rata share of the Noteholders’ portion of such Protective
Advance shall be entitled to elect by written notice to the other Noteholders given not later than two (2) Business Days following
receipt of the notice from Administrative Agent required under clause (i) above, to fund the shortfall (any additional amounts
funded by a Noteholder in addition to its respective Distribution Pro Rata Share of the Noteholders’ portion of any Protective
Advance, a “Super-Priority Protective Advance”). If there are more than two (2) Noteholders, and more
than one Noteholder commits to making a Super-Priority Protective Advance, then such electing Noteholders shall make such additional
Super-Priority Protective Advances proportionately based on the relationship between the respective Distribution Pro Rata Shares
of such Noteholders (or as otherwise agreed amongst such electing Noteholders), and all such further Super-Priority Protective
Advances shall be due to Administrative Agent (or Servicer, as so directed by Administrative Agent) within two (2) Business Days
after receipt of notice from Administrative Agent. Any Super-Priority Protective Advance under this clause (b) shall accrue
Protective Advance Interest at the Protective Advance Rate applicable to the Note under which such Super-Protective Advance would
have been funded, had it not been the result of a Non-Funded Protective Advance and shall be repaid in the order of priority set
forth in Section 4.2 hereof.

(c)               
Upon receipt of the entire amount of any Protective Advance (including any Super-Priority Protective Advance) from
the Noteholders, Administrative Agent or Servicer shall take all commercially reasonable action to mitigate against or remedy,
to the extent reasonably possible, the event for which the Protective Advance is being made on behalf of the Noteholders.

(d)              
Neither Administrative Agent nor any Noteholder shall have any personal liability or obligation to fund any Protective
Advance or Super-Priority Protective Advance and all Protective Advances and Super Priority Protective Advances shall be reimbursed
to the Administrative Agent and/or Noteholder(s) which made such Protective Advances and Super Priority Protective Advances
in accordance with the applicable provisions of Article 4.

    	 	45	 

     

    

Article
7

Intentionally omitted

Article
8

OWNERSHIP OF THE PROPERTIES

8.1             
Foreclosure.

(a)               
Prior to any foreclosure sale of the Property pursuant to the Loan Documents or the acceptance of a deed in lieu
thereof (each, a “Foreclosure”), in order to consummate a Foreclosure and, if Administrative Agent, on
behalf of the Noteholders, is the winning bidder, own, directly or indirectly, the Property thereafter (an "REO Property"),
Administrative Agent shall form a special purpose limited liability company (“Newco”), the ownership
interests in which, subject to the requirements of any Senior Co-Lender Agreement, shall be owned, directly or indirectly, by the
Noteholders, in accordance with their respective Distribution Pro Rata Shares and managed by Administrative Agent (subject to terms
and provisions which, in all material respects, are consistent with Administrative Agent’s rights as set forth in Section
2.1 and Section 2.2 hereof, mutatis mutandis), and which Newco shall own the REO Property thereafter, with Administrative
Agent acting as manager. Administrative Agent shall form Newco pursuant to organizational documents drafted by and at the direction
of counsel selected by Administrative Agent and with respect to which the Noteholders shall not unreasonably withhold or delay
their consent (the “Newco Organizational Documents”) that will provide, inter alia, that: (i) all
management decisions regarding Newco subsequent to the Foreclosure shall be by Administrative Agent the manager (provided Administrative
Agent shall not have any fiduciary or other duty to the Noteholders in connection with such administration of the Newco and shall
not have any obligation whatsoever to adhere to any servicing or other standard with respect to such administration), subject to
the approval by the members over (A) certain to be enumerated “major decisions” which shall be substantially the same
as those set forth in Section 2.2(a) above (to the extent applicable) and which must be approved by the Required Note-A
Equity Holders and, so long as no Control Appraisal Period then exists, the Note-B Holders (or their designees) provided that
in no event shall any Noteholder that was a Delinquent Noteholder prior to any Foreclosure have any voting rights whatsoever in
Newco and (B) which will provide for a “deemed approval” over such major decisions substantially the same as that set
forth in Section 2.2(e), and (ii) distributions to the members shall be made in a manner substantially the same as that
set for in Section 4.2(b).

(b)              
Among other things, the parties anticipate that the Newco Organizational Documents, including any organizational
documents pursuant to which Administrative Agent may form Newco in accordance with the second sentence of clause (a) above, will
include: (i) the establishment of a business plan and a budget for the operation, disposition and, if the Noteholders so choose,
development, sales, leasing and management, of the Property, which such business plan and budget must be approved by the Required
Note-A Equity Holders and, so long as no Control Appraisal Period exists, the Note-B Holders (or their designees); (ii) management
of Newco as described in the preceding clause (a) above; and (iii) terms which

    	 	46	 

     

    

provide that the economic interests
of the beneficial owners of Newco on the date formed will be equal to the equivalent of the Distribution Pro Rata Shares of the
Noteholders immediately prior to such Foreclosure. Administrative Agent, acting as the manager of Newco, will have the right to
require one or more capital calls to the extent any such capital calls are (1) to protect and preserve the Property, including,
without limitation, to pay Taxes, Insurance Premiums or other assessments or charges required to be paid with respect to the Property,
(2) to pay for expenditures which are emergency in nature which are necessary to prevent personal injury, the occurrence of life
safety or health issues and/or material damage and/or substantial economic harm to the Property and/or (3) to the extent set forth
in and in accordance with the business plan and budget described in clause (i) of this Section 8.1(b), (x) to pay for Qualified
Leasing Expenses relating to any Leases entered into in accordance with the Loan Documents where the obligations of the landlord
thereunder remains unfinished and/or (y) to pay for operating expense shortfalls with respect to the Property, all of which shall
be funded based on the equivalent of each member’s Distribution Pro Rata Share, which each such member held in the Loan immediately
prior to a Foreclosure. The Newco Organizational Documents shall contain provisions regarding failure to fund such a capital call,
and the rights and remedies of Administrative Agent and each member of Newco in respect of such failure, that are substantially
similar to Article 6 of this Agreement.

(c)               
Upon consummation of the Foreclosure and entry into the Newco Organization Documents as provided in this Section
8, this Agreement shall terminate.

(d)              
Furthermore, if, as a result of the commencement and prosecution of any such Foreclosure, the Noteholders would be
considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “operator” of the Property
within the meaning of any environmental law, or a “discharger” or “responsible party” thereunder, then,
notwithstanding anything in this Agreement to the contrary (including, without limitation, Section 2.2(d), Administrative
Agent shall not commence or prosecute such Foreclosure unless both (i) the Noteholders have received an environmental assessment
prepared in compliance with current ASTM Standard Practice for Environmental Site Assessments (an “Environmental Assessment”)
prepared by a nationally or regionally recognized environmental consulting firm which regularly conducts such environmental site
assessments and (ii) either (A) such Environmental Assessment indicates that the Property is in material compliance with applicable
environmental laws and that there is no recognized environmental condition at the Property or (B) the Environmental Assessment
does not indicate such material compliance, but Administrative Agent has prepared a remediation plan which when implemented at
the Property will cause the REO Property to be in material compliance with all applicable Environmental Laws. The cost of preparation
of any Environmental Assessment shall be paid by the Noteholders in accordance with their Distribution Pro Rata Shares. Notwithstanding
the foregoing, in the event the Environmental Assessment does not indicate that the Property is in material compliance with applicable
environmental laws and Administrative Agent has not prepared a remediation plan which when implemented at the Property will cause
the REO Property to be in material compliance with all applicable Environmental Laws, but Administrative Agent desires to commence
or prosecute a Foreclosure, then Administrative Agent shall have the right to purchase the Notes of any Noteholders, including
any Notes held by Delinquent Noteholders, which have not elected to proceed with the Foreclosure, for a purchase price equal to
the Par Purchase Price. In the event

    	 	47	 

     

    

that Administrative Agent elects to
purchase such Notes in accordance with the preceding sentence, then (x) Administrative Agent shall first notify each Noteholder
of its intent to purchase such Notes, together with the amount of the Par Purchase Price for such Notes and each Non-Delinquent
Noteholder shall have the right, but not the obligation, to purchase the Notes upon terms and conditions set forth by Administrative
Agent (and, in the event more than one Non-Delinquent Noteholder desires to purchase such Notes, the Non-Delinquent Noteholders
shall be entitled to purchase such Notes based on their Pro Rata Share) and (y) any selling Noteholder shall deliver or cause to
be delivered to Administrative Agent the Notes held by or on behalf of such selling Noteholder and will execute in favor of Administrative
Agent (or its designee) allonges and other assignment documentation, in form and substance reasonably acceptable to Administrative
Agent to assign the applicable Notes and such Noteholder’s rights under the Notes and the other Loan Documents (without recourse,
representations or warranties) to Administrative Agent (or its designee).

(e)               
Subject to the terms of Section 2.2(a)(ii), Administrative Agent shall have the sole right to bid on behalf
of the Noteholders at a Foreclosure. No Noteholder may bid for its own account at such foreclosure sale.

(f)               
After the consummation of a Foreclosure, in the event Newco obtains the Property then Administrative Agent may market
and subject to consummate the sale of the REO Property as a whole; provided that, the sale of the REO Property for an amount (i.e.
gross purchase price) that would reasonably be anticipated to be less than the lesser of (i) the outstanding principal balance
of the Loan, plus all accrued and unpaid interest (but not any late charges or interest accrued at the Default Rate), and (ii)
ninety-seven percent (97%) of the then-current “as-is fair market” value of the Property, as determined by Administrative
Agent (which determination may, but not necessarily be made on the basis of a then-current appraisal ordered by Administrative
Agent) shall, so long as no Control Appraisal Period is continuing, require the consent of the Note-B Holders.

(g)              
Following consummation of a Foreclosure, any decision to finance all or any portion of the Property shall require
the consent of the Required A-Note Equity Holders and, so long as no Control Appraisal is continuing, the consent of the Note-B
Holders.

(h)              
All income or other money with respect to the Property received after so acquiring title to or taking possession
of the Property, including income from the operation and management of the Property and the proceeds of a sale of the Property,
shall be applied, (i) first, to the payment of operating expenses with respect to the Property, (ii) second, to the establishment
of reasonable reserves for the operation of the Property, sales, leasing and capital improvements and (iii) third, in accordance
with the applicable provisions of Article 4, mutatis mutandis.

(i)                
Upon the formation of NewCo but before the NewCo Organizational Documents have been agreed upon, this Agreement shall
constitute the operating agreement of NewCo; provided that upon the consummation of the Foreclosure and the Noteholders’
execution of the Newco Organizational Documents as provided in this Section 8.1, this

    	 	48	 

     

    

Agreement (and any Senior Co-Lender
Agreement) shall terminate except for the provisions hereof that expressly survive.

(j)                
Administrative Agent and the Servicer shall be entitled to enter into any agreement with any independent contractor
performing services for Administrative Agent and/or Servicer related to their respective duties and obligations hereunder, which
agreement may provide for the indemnification of Administrative Agent and/or such Servicer by such independent contractor and nothing
in this Agreement shall be deemed to limit or modify such indemnification by such independent contractor or limit or modify the
indemnification obligations of the Noteholders pursuant to Section 2.6 of this Agreement (as the same may be incorporated
into Newco Organizational Documents).

Article
9

CONTROL APPRAISAL PERIOD

9.1             
Determination of a Control Appraisal Period. Within 60 days after (i) an Appraisal Reduction Event,
and (ii) each date thereafter on which Administrative Agent determines that an updated Appraisal is reasonably necessary (but no
more than once in every ninety-day period, Administrative Agent shall have the right (but not the obligation) to obtain an Appraisal
(or a letter update to an existing Appraisal) from an Appraiser selected by Administrative Agent, at the Note-B Holders’
cost. Such Appraisal shall be used by Administrative Agent to determine if a Control Appraisal Period exists, and, if such a Control
Appraisal Period exists, Administrative Agent shall promptly so notify the Noteholders (a “Control Appraisal Period
Notice”).

9.2             
Threshold Event Collateral.

(a)               
Notwithstanding the foregoing, the Note-B Holders shall be entitled to avoid a Control Appraisal Period caused by
the application of an Appraisal Reduction Event upon satisfaction of the either of the following (which must be completed within
sixty (60) days following Note-B Holders’ receipt of written notice from the Administrative Agent of the occurrence of a
Control Appraisal Period): (x) Note-B Holders pay to Administrative Agent for application to the reduction of the principal balance
of the A-Note, one hundred percent (100%) of the amount by which the principal balance of the Loan must be reduced to cause such
Control Appraisal Period to no longer be continuing or (y) (i) the Note-B Holders shall have delivered as a supplement to the appraised
value of the Property, in the amount specified in clause (ii) below, to Administrative Agent together with documentation to create
and perfect a first-priority security interest in favor of the Administrative Agent for the benefit of Note-A Holders in such collateral
in form and substance reasonably acceptable to Administrative Agent and the Note-B Holders) (a) cash collateral for the benefit
of the Note-A Holders, and/or (b) an unconditional and irrevocable standby letter of credit payable on sight demand with Administrative
Agent for the benefit of the Note-A Holders as beneficiary issued by a domestic bank or other financial institutions the long-term
unsecured debt obligations of which are rated at least “A+” by S&P and “A1” by Moody’s (either
(a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event Collateral shall be an amount
equal to one hundred percent (100%) of the

    	 	49	 

     

    

amount which, when added to the appraised
value of the Property, would cause the Control Appraisal Period not to occur. If the requirements of this paragraph are satisfied
by the Note-B Holders (a “Threshold Event Cure”), no Control Appraisal Period caused by application of
an Appraisal Reduction Amount shall be deemed to have occurred. If a letter of credit is furnished as Threshold Event Collateral,
the Note-B Holders shall be required to renew such letter of credit not later than 30 days prior to expiration thereof or to replace
such letter of credit with a substitute letter of credit or other Threshold Event Collateral with an expiration date that is greater
than 180 days from the date of substitution; provided, however, that if a letter of credit is not renewed prior to 30 days prior
to the expiration date of such letter of credit, the letter of credit shall provide that Administrative Agent for the benefit of
the Note-A Holders may draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter
of credit is initially furnished as Threshold Event Collateral and the issuer of such letter of credit at any time no longer satisfies
the unsecured debt rating requirements set forth above. The Note-B Holders shall be required within ten (10) Business Days of notice
thereof to replace such original letter of credit with a replacement letter of credit from an issuer meeting the rating requirements
set forth herein. The Threshold Event Cure shall continue until (i) the amount provided as Threshold Event Collateral is not equal
to one hundred percent (100%) of the amount which when added to the appraised value of the Property would not be sufficient to
prevent a Control Appraisal Period from occurring (a “Threshold Event Collateral Deficiency”); provided,
however, that upon the Note-B Holders’ receipt of written notice from Administrative Agent of the existence of a Threshold
Event Collateral Deficiency, the Note-B Holders shall have the right to deliver to Administrative Agent for the benefit of the
Note-A Holders additional Threshold Event Collateral equal to the amount when added to previously delivered Threshold Event Collateral
then being held by Administrative Agent for the benefit of Note-A Holder, shall equal one hundred percent (100%) of the amount
which, when taken together with the value of the Property, would be sufficient to prevent a Control Appraisal Event from occurring;
or (ii) the appraised value of the Property, upon any redetermination thereof effected in accordance with the terms hereof, but
in all events at the sole expense of the Note-B Holders, is sufficient to avoid the occurrence of a Control Appraisal Period without
taking into consideration any Threshold Event Collateral previously delivered by the Note-B Holders (and in the event described
under this clause (ii), the Threshold Event Collateral held by Administrative Agent for the benefit of the Note-A Holders shall
be promptly be returned to the Note-B Holders). The parties agree that upon a final realization on the collateral that secures
the Loan, Administrative Agent shall apply the Threshold Event Collateral to reduce amounts due and owing to the Noteholders in
accordance with Section 4.2(B) hereof and all remaining Threshold Event Collateral after all amounts due and owing to the Noteholders
have been paid with respect to the Loan thereafter, if any, shall be returned to Note-B Holders.

(b)              
Without limiting Note-B Holder’s rights under subsection (a) hereof, upon an Appraisal Reduction Event, Note-B
Holder shall have the right, at its sole expense, within fifteen (15) days of receipt of notice of the Appraisal Reduction Event,
to require the Administrative Agent to order a second Appraisal with respect to the Loan. Administrative Agent shall use commercially
reasonable good faith efforts to ensure that such second Appraisal is delivered within thirty (30) days from receipt of the Note-B
Holder’s written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser
(provided that

    	 	50	 

     

    

such MAI appraiser may not be the same
MAI appraiser that provided the Appraisal in respect of which the Note-B Holder is requesting the Administrative Agent to obtain
an additional Appraisal).

(c)               
Upon receipt of any supplemental Appraisal pursuant to subsection (b) above, Administrative Agent shall determine,
in good faith whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal Reduction Amount
is warranted, and if so warranted, Administrative Agent shall recalculate the Appraisal Reduction Amount based on such supplemental
Appraisal and any information received from the Servicer. If based on such recalculation, the Control Appraisal Period is not continuing,
such Control Appraisal Period shall immediately terminate.

 

Article
10

CURE RIGHTS, PURCHASE OPTION

10.1         
Cure Rights.

(a)               
Subject to Section 10(b), if Borrower fails to make any payment of any amount payable on the Loan by the end
of the applicable grace period under the Loan Documents other than failure to pay amounts due on the Maturity Date (a “Monetary
Default”), Administrative Agent shall provide notice to the Note-B Holders of such default (the “Monetary
Default Notice”). The Note-B Holders shall have the right, but not the obligation, to cure such Monetary Default
within ten (10) Business Days after receiving the applicable Monetary Default Notice, unless such failure by Borrower is a monthly
payment default and the Note-B Holders received a Monetary Default Notice with respect to the immediately prior required monthly
payment of Borrower, in which event such cure period shall be seven (7) Business Days (such applicable period, the “Cure
Period”) and at no other times. Any Monetary Default Notice shall state in bold type: “FAILURE TO CURE SUCH
MONETARY DEFAULT WITHIN [TEN (10)][SEVEN (7)] BUSINESS DAYS AFTER RECEIVING THIS NOTICE WILL RESULT IN THE FORFEITURE OF THE OPPORTUNITY
TO CURE SUCH MONETARY DEFAULT.” At the time it makes a cure payment, the Note-B Holders shall pay all other amounts then
due and payable by the Borrower (excluding any default interest), and shall reimburse Administrative Agent and the Note-A Holders
for expenses incurred by Administrative Agent and the Note-A Holders. If a Monetary Default is timely cured as permitted above,
Administrative Agent shall not treat such Monetary Default as a default or an Event of Default for purposes of (i) the application
of monies in Section 4.2, or (ii) accelerating the maturity of the Loan, or commencing foreclosure or deed-in-lieu or similar
proceedings or otherwise taking action to enforce the Loan; provided that such limitation shall not prevent Administrative
Agent from sending notices of default to Borrower or Guarantor, from making demands on Borrower or Guarantor, or from collecting
default interest or late charges.

(b)              
The Note-B Holders’ shall not have the right to cure a Monetary Default more than six (6) times in any twelve
(12) month period. No action taken by Administrative

    	 	51	 

     

    

Agent, the Note-A Holders or the Note-B
Holders in accordance with this Agreement, shall excuse performance by the Borrower of its obligations under the Loan Documents,
and the Noteholder’s rights under the Loan Documents shall not be waived or prejudiced by virtue of the Note-B Holders’
actions under this Agreement. The Note-B Holders shall be subrogated to the Note-A Holders’ rights to any payment owing to
the Note-A Holders for which the Note-B Holders make a cure payment as permitted under this Section 10.1, but such subrogation
rights may not be exercised against the Borrower until the Note-A Holders are paid in full.

10.2         
Purchase Option. If (1) there occurs any Proceeding of Borrower, (2) a foreclosure action has been
commenced in accordance with the terms of this Agreement, or (3) any Event of Default under the Loan is continuing for a period
of sixty (60) days and Administrative Agent has delivered to Borrower a written notice declaring that such Event of Default exists,
each of the Note-B Holders shall have the right, by written notice (a “Note-B Holder Purchase Notice”)
to Administrative Agent and each of the Note-A Holders, to purchase the A-Note’s interests in the Loan, in whole but not
in part, at the Defaulted Loan Purchase Price. Following receipt of Note-B Holder Purchase Notice, the Note-A Holders shall sell
(and the Note-B Holders shall purchase) the A-Note (free and clear of any participations thereof or liens or other encumbrances
thereon), for the Defaulted Loan Purchase Price. The closing of the purchase and sale shall take place on a date (the “Defaulted
Note Purchase Date”), not less than five (5) Business Days nor more than ten (10) Business Days after the date of
Administrative Agent’s receipt of Note-B Holder Purchase Notice; provided Note-B Holders shall have the right to deposit
a non-refundable (other than if the event giving rise to the Note-B Holder Purchase Notice ceases to exist or Administrative Agent
and/or the Note-A Holders breach the terms of this clause (c) and sell the A-Note other than pursuant to the terms of this
Agreement) cash deposit with Administrative Agent in an amount equal to 5% of the Defaulted Loan Purchase Price to extend the Defaulted
Note Purchase Date an additional ten (10) Business Days (which the Note-B Holders may do up to two times with respect to any Note-B
Holder Purchase Notice), provided that the Defaulted Note Purchase Date shall in no event be less than five (5) Business
Days prior to any scheduled foreclosure sale or delivery of any deed in lieu of foreclosure with respect to the Property, to the
extent such scheduled date is known. In addition, the Note-B Holders’ right to purchase the A-Note shall terminate automatically
upon the earlier of (i) the date such Event of Default is cured, and (ii) the date Newco takes title to the Property by foreclosure
or deed-in-lieu thereof. All costs and expenses related to the purchase and sale shall be paid by the Note-B Holders. The applicable
Defaulted Loan Purchase Price shall be calculated by Administrative Agent three (3) Business Days prior to the Defaulted Note Purchase
Date and shall, absent manifest error, be binding upon the Note-B Holders. Concurrently with the payment of the Defaulted Loan
Purchase Price, the Note-A Holders shall execute and deliver assignment documentation that will effect the assignment of the A-Note
and the Loan Documents without recourse, representation or warranty, other than as to the Note-A Holders’ ownership free
and clear of all liens. Notwithstanding anything to the contrary contained herein, Administrative Agent shall not accept a deed-in-lieu
of foreclosure without providing the Note-B Holders at least thirty (30) days prior written notice thereof.

    	 	52	 

     

    

Article
11

MISCELLANEOUS

11.1         
Terms of Agreement. Subject to Section 8.1(h), this Agreement shall remain in full force
and effect unless and until the Loan is repaid in full or Administrative Agent notifies all Noteholders that it has determined
that all amounts that can be recovered with respect to the Loan and the collateral, through the exercise of commercially reasonable
efforts on a cost-effective basis, have been recovered. The terms and conditions of this Agreement by which Administrative Agent
and Servicer are indemnified by the Noteholders shall survive termination of the Agreement.

11.2         
Modifications. Notwithstanding anything contained herein to the contrary, this Agreement shall
not be modified, cancelled or terminated except by an instrument in writing signed by the Note-B Holders and the Administrative
Agent, on behalf of itself and the Note-A Holders; provided that Administrative Agent shall not enter into any amendment or modification
which would decrease the Note-A Holders’ rights (other than to a de minimus extent) or increase the Note-A Holders’
obligations (other than to a de minimus extent) without the written consent of the Required Note-A Holders.

11.3         
Successors and Assigns. This Agreement shall inure to the benefit of and be binding on the parties
hereto and each of their respective successors and permitted assigns, provided that none of Borrower, Guarantor, Key Principal,
any Borrower Party or any of their respective Affiliates shall ever become a Noteholder or a beneficiary hereunder.

11.4         
Notices.

(a)               
Except as otherwise expressly provided herein, all notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing, and shall be deemed to have been duly given or made if made by hand or by nationally
recognized overnight courier service, in each case when delivered or when delivery is refused, and addressed to the address specified
on Exhibit B hereto (or, in the case of any Noteholder that is a Securitization Vehicle, to the Controlling Class Representative
designated in a written notice to Administrative Agent in accordance with Section 2.2(h) of this Agreement at the address
specified in such written notice) as updated and distributed to all parties hereto from time to time in accordance with these notice
provisions.

(b)              
In addition to the foregoing, Administrative Agent, Servicer or their respective legal counsel may distribute any
or all notices, communications, requests and demands to or upon the respective parties hereto, including, without limitation, supporting
materials or documentation pertaining thereto (and also including, without limitation any written notices or other communications
requesting a Noteholder’s determination, consent, approval or disapproval pursuant to Section 2.2(e) of this Agreement,
along with any or all supporting materials or documentation pertaining thereto) by posting same through Intralinks, the Debtdomain
website, or any other web-based service then being used by Administrative Agent or Servicer in connection with the administration,
servicing or syndication of its commercial real

    	 	53	 

     

    

estate loans (including, without limitation,
any successor service(s) to either Intralinks or Debtdomain). In connection therewith, the Noteholders’ respective email
addresses specified on Exhibit B hereto, (or, in the case of any Noteholder that is a Securitization Vehicle, to the email
address for the Controlling Class Representative designated in a written notice to Administrative Agent in accordance with Section
2.2(h) of this Agreement) as updated, shall be provided to such website or other service, as applicable, for the purpose of
notification to the Noteholders of each such posting by Administrative Agent, Servicer, or their respective legal counsel. Each
such notice, communication, request, demand or other materials shall be deemed to have been duly given or made, and duly received
by each of the Noteholders, upon the posting of same by Administrative Agent, Servicer, or their respective legal counsel to such
website or other service, as applicable. Notwithstanding the foregoing, the notice delivery methods described in this Section
11.4(b) shall not be a valid form of notice delivery to any Noteholder that is a Securitization Vehicle.

11.5         
Prior Agreements. This Agreement contains the entire agreement of the parties hereto and thereto
in respect of the transactions contemplated hereby, and all prior agreements, understandings and negotiations among or between
such parties, whether oral or written, are superseded by the terms of this Agreement.

11.6         
Conflict; Construction of Documents. As between or among the parties hereto, the event of any conflict
between the provisions of this Agreement and any of the Loan Documents, as between or among the parties hereto, the provisions
of this Agreement shall control. The parties hereto acknowledge that each such party is represented by separate legal counsel in
connection with the negotiation and drafting of this Agreement, and that this Agreement shall not be subject to the principle of
construing its meaning against the party that drafted it.

11.7         
Governing Law. THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES
AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT.

11.8         
Submission to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY PARTY HERETO ARISING
OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, NEW YORK, AND EACH PARTY
HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND
EACH PARTY HERETO HEREBY

    	 	54	 

     

    

IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.

11.9         
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE
TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
MAY EXIST WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF THE PARTIES HERETO AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY HERETO IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

11.10     
Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

11.11     
Third-Party Beneficiaries. No Person other than a party to this Agreement (and any Noteholder that
becomes a party to this Agreement after the date hereof) shall have any rights with respect to the enforcement of any of the rights
or obligations hereunder. The Note-B Holders hereby acknowledge and agree that they are not third party beneficiaries to any
Senior Co-Lender Agreement and have no rights to enforce any of the obligations of Administrative Agent or any of the Note-A
Holders thereunder.

11.12     
Withholding.

(a)               
If Administrative Agent or Borrower shall be required by law to deduct and withhold Taxes from interest, fees or
other amounts payable to any Noteholder with respect to the Loan as a result of such Noteholder constituting a Non-Exempt Person,
Administrative Agent shall be entitled to do so with respect to such Noteholder’s interest in such payment (all withheld
amounts being deemed paid to such Noteholder); provided that Administrative Agent shall furnish any such Noteholder with
a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested
for purposes of assisting such Noteholder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction
in which such Noteholder is subject to tax.

(b)              
Each other Noteholder shall and hereby agrees to indemnify Administrative Agent (or any Servicer on its behalf) against
and hold Administrative Agent (or any Servicer on its behalf) harmless from and against any Taxes, interest, penalties and attorneys’
fees and disbursements arising or resulting from any failure of Administrative Agent (or any Servicer on its behalf) to withhold
Taxes from payment made to any Noteholder in reliance upon any representation, certificate, statement, document or instrument made
or provided by such Noteholder to Agent in connection with the obligation of Agent (or any

    	 	55	 

     

    

Servicer on its behalf) to withhold
Taxes from payments made to such Noteholder, it being expressly understood and agreed that (i) Administrative Agent shall
be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as
being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to
make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) any other Noteholder
shall, upon request of Administrative Agent and at its sole cost and expense, defend any claim or action relating to the foregoing
indemnification using counsel reasonably satisfactory to Administrative Agent.

(c)               
Each Noteholder represents to Administrative Agent (for the benefit of Borrower) that it is not a Non-Exempt Person
and that neither Administrative Agent nor Borrower is obligated under applicable law to withhold Taxes on sums paid to it with
respect to the Loan or otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time
to time as is necessary during the term of this Agreement, each other Noteholder shall deliver to Administrative Agent, or the
Servicer, as applicable, evidence satisfactory to Administrative Agent substantiating that it is not a Non-Exempt Person and that
Administrative Agent is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (a) if any other Noteholder is created or organized under
the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding
sentence by furnishing to Administrative Agent an Internal Revenue Service Form W-9 and (b) if such Noteholder is not
created or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of
interest or other amounts by Borrower is treated for United States income tax purposes as derived in whole or part from sources
within the United States, such other Noteholder shall satisfy the requirements of the preceding sentence by furnishing to Administrative
Agent Internal Revenue Service Form W-8ECI or Form W-8BEN, or successor forms, as may be required from time to time, duly executed
by such other Noteholder, as evidence of such other Noteholder’s exemption from the withholding of United States tax with
respect thereto. Administrative Agent shall not be obligated to make any payment hereunder to any Noteholder in respect of its
Note or otherwise until such other Noteholder shall have furnished to Administrative Agent the requested forms, certificates, statements
or documents.

11.13     
EU Bail-In Rule Provisions. Notwithstanding anything to the contrary in this Agreement or in any
other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under this Agreement, except to the extent such liability is excluded under the Bail-In Legislation
from the scope of any Bail-In Action, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

(a)               
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

    	 	56	 

     

    

(b)              
the effects of any Bail-in Action on any such liability, including, if applicable:

(i)                
a reduction in full or in part or cancellation of any such liability including without limitation a reduction in
any accrued or unpaid interest in respect of such liability;

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement; or

(iii)            
the variation of the terms of this Agreement to give effect to the exercise of the Write-Down and Conversion Powers
of any EEA Resolution Authority.

[SIGNATURE PAGE FOLLOWS]

    	 	57	 

     

    

In witness whereof,
the Initial Noteholders and Administrative Agent have caused this Agreement to be duly executed as of the day and year first above
written.

ADMINISTRATIVE AGENT:

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC,

a Delaware limited liability company

		 
	 	 
	By: 	/s/ Toby Cobb	 
	 	Name: Toby Cobb
Title: Treasurer	 

 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE.]

 

 

Signature Page to

A/B Co-Lender Agreement

    	 	 	 

     

    

 

INITIAL NOTE-A HOLDER:

 

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC,

a Delaware limited liability company

		 
	 	 
	By: 	/s/ Toby Cobb	 
	 	Name: Toby Cobb
Title: Treasurer	 

 

 

 

 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE.]

 

Signature Page to

A/B Co-Lender Agreement

    	 	 	 

     

    

 

INITIAL NOTE-B HOLDER:

 

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC,

a Delaware limited liability company

		 
	 	 
	By: 	/s/ Toby Cobb	 
	 	Name: Toby Cobb
Title: Treasurer	 

 

 

 

 

 

 

 

[END OF SIGNATURES.]

 

 

 

Signature Page to

A/B Co-Lender Agreement

    	 	 	 

     

    

EXHIBIT A

Form of Assignment Agreement

ASSIGNMENT AND ACCEPTANCE

Reference is made to (a) 
that certain Loan Agreement, dated as of February 19, 2020 (as the same may be amended, modified, supplemented, restated or replaced
from time to time, the “Loan Agreement”), by and between Grass River Warehouse Facility Entity Two, LLC,
as initial administrative agent (in such capacity, “Initial Administrative Agent”), and Hammond Aire,
LLC (“Azad Borrower”) and Mont Belvieu Properties V, LLC (“Harmeyer Borrower”),
each a Delaware limited liability company (Azad Borrower and Harmeyer Borrower, jointly and severally, as tenants-in-common and
co-borrowers, “Borrower”), as Borrower, and (b) that certain A/B Co-Lender Agreement dated as of
March 2, 2020 (as the same may be amended, modified or supplemented from time to time in accordance with its terms, the “A/B
Co-Lender Agreement”), by and among Initial Administrative Agent, Grass River Warehouse Facility Entity Two, LLC,
as the initial Note-A Holder (in such capacity, the “Initial Note-A Holder”) and [NOTE-B CO-LENDER],
as the initial Note-B Holder (in such capacity, “Initial Note-B Holder”). Terms defined in the Loan Agreement,
and the A/B Co-Lender Agreement are used herein with the same meaning. This Assignment and Acceptance, between the Assignor (as
identified on Schedule 1 hereto) and the Assignee (as identified on Schedule 1 hereto) is dated as of the
Effective Date (as specified on Schedule 1 attached hereto, the “Effective Date”).

 

[_____________________]
(“Assignor”) hereby irrevocably sells, assigns and transfers to the undersigned Assignee without recourse
to Assignor and without representation or warranty, and Assignee hereby irrevocably purchases and assumes from Assignor, as of
the Effective Date, the note(s) described in Schedule 1 hereto (the “Note”), together with
a corresponding pro rata share in the Loan Agreement and the other Loan Documents (the “Assigned Interest”).

Assignee hereby becomes
a party to, and Noteholder under, the A/B Co-Lender Agreement and the Loan Documents. Assignor hereby irrevocably sells, assigns
and transfers to and Assignee accepts, assumes and agrees to perform, pay or discharge, with respect to the Assigned Interest,
(i) its obligations as a Noteholder under the A/B Co-Lender Agreement and (ii) all obligations of Assignor, as holder
of the Note, under the Loan Documents, accruing from and after the Effective Date.

Except as set forth
in the A/B Co-Lender Agreement, Assignor (a) makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity,
enforceability, genuineness or sufficiency of the Loan Agreement, any other Loan Document or any other instrument or document furnished
pursuant thereto; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with the A/B Co-Lender Agreement or the execution, legality, validity, enforceability,
genuineness or sufficiency of the

    	 	Exhibit A-1	 

     

    

A/B Co-Lender Agreement or any other
instrument or document furnished pursuant thereto; (c) makes no representation or warranty and assumes no responsibility with
respect to the financial condition of Borrower or the performance or observance by Borrower of any of Borrower’s obligations
under the Loan Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto.

Assignee (a) represents
and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that it has received
a copy of the Loan Documents, together with copies of the financial statements delivered pursuant thereto and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(c) confirms that it has received a copy of the Co-Lender Agreement; (d) agrees that it will, independently and without
reliance upon Assignor, Administrative Agent, Servicer, or any other person which has become a Noteholder and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Agreement and Co-Lender Agreement; (e) appoints and authorizes Administrative Agent to take such action as
administrative agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Administrative Agent
by (and subject to) the terms of the Co-Lender Agreement, together with such powers as are incidental thereto; (f) agrees
that it will be bound by the provisions of the Loan Agreement, the other Loan Documents and A/B Co-Lender Agreement and will perform
in accordance with their terms all the obligations which by the terms of such agreements are required to be performed by it as
a Noteholder, (g) agrees that, if it is organized under the laws of a jurisdiction outside the United States, it shall deliver
the forms prescribed by the Internal Revenue Service of the United States certifying as to the Assignee’s exemption from
United States withholding taxes with respect to all payments to be made to the Assignee under the Loan Agreement, or such other
documents as are necessary to indicate that all such payments are subject to such tax at a rate reduced by an applicable tax treaty
and (h) effective as of the date hereof, hereby makes the representations and warranties set forth in Section 2.5(c) of
the A/B Co-Lender Agreement (which representations and warranties are hereby incorporated by reference) for the benefit of Administrative
Agent and the other Noteholders.

Assignee represents
and warrants that (A) it is (i) a Qualified Transferee (as defined in the A/B Co-Lender Agreement), (ii) a Qualified Transferee
(as defined in the Loan Agreement), and (iii) a permitted transferee pursuant to Section 3.2 of the A/B Co-Lender Agreement,
and (B) it has satisfied all conditions and requirements for the transfer of the Assigned Interest (if any) set forth in the Loan
Documents).

This Assignment and
Acceptance is conditioned upon its acceptance and consent by Administrative Agent (in accordance with the terms of the A/B Co-Lender
Agreement) and payment by Assignee, on the Effective Date, of the purchase price for the Note as specified in a separate agreement
or settlement statement with the Assignor. The execution of this Assignment and Acceptance by Administrative Agent is evidence
of its acceptance and consent by Administrative Agent.

Upon such acceptance,
consent and payment, from and after the Effective Date, Administrative Agent (or Servicer on its behalf) shall make all payments
in respect of the Note to

    	 	Exhibit A-2	 

     

    

Assignee whether such amounts have accrued
prior to the Effective Date or accrue subsequent to the Effective Date. Assignor and Assignee shall make all appropriate adjustments
in payments by Administrative Agent (or Servicer on its behalf) for period prior to the Effective Date or with respect to the making
of this Assignment directly between themselves.

From and after the
Effective Date: (a) Assignee shall be a party to the Loan Agreement (and deemed to be a Lender thereunder) and the A/B Co-Lender
Agreement, and, with respect to the Note, have the rights and obligations of a Noteholder thereunder and under the other Loan Documents
and shall have the benefit of and be bound by the provisions thereof, and (b) Assignor shall have, with respect to the portion
of the Loan represented by the Note assigned hereby, relinquished its rights and be released from its obligations under the Loan
Agreement.

This Assignment and
Acceptance shall be governed by and construed in accordance with the laws of the State of New York.

This Assignment and
Acceptance may be executed in any number of counterparts (including counterparts in “PDF” or other electronic format),
each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument.

[SIGNATURES FOLLOW ON NEXT PAGE.]

    	 	Exhibit A-3	 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment and Acceptance to be executed by their respective duly authorized officers as of
the date first written above.

ASSIGNOR:

 

		 
	 	 
	By: 		 
	 	Name: 
Title:	 

 

 

 

ASSIGNEE:

 

		 
	 	 
	By: 		 
	 	Name: 
Title:	 

 

 

 

ACCEPTED BY ADMINISTRATIVE AGENT:

 

GRASS RIVER WAREHOUSE FACILITY ENTITY TWO, LLC

 

		 
	 	 
	By: 		 
	 	Name: 
Title:	 

 

 

    	 	Exhibit A-4	 

     

    

SCHEDULE 1

TO

ASSIGNMENT AND ACCEPTANCE

	Effective Date of Assignment	 
	Name of Assignor	 
	Name of Assignee	 
	Date of Replacement Promissory Note B	 
	Outstanding Principal Balance of Replacement Promissory Note B on Effective Date	 
	Pro Rata Share of Replacement Promissory Note B	 
	Notice Address(es) for Assignee	 

 

    	 	Schedule 1	 

     

    

EXHBIT
A-1

TO

ASSIGNMENT AND ACCEPTANCE

EXCEPTIONS TO REPRESENTATIONS
AND WARRANTIES

    	 	Exhibit A-1	 

     

    

EXHIBIT B

Notices

Administrative Agent:

Grass River Warehouse Facility Entity Two, LLC

2977 Mcfarlane Road, Suite 300

Coconut Grove, Florida 33133

Attention: Mark A. Jefferis

Phone Number: 213.448.5754

Email: mjefferis@grassriver.com

 

with a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention: Brian Krisberg, Esq.

Phone Number: 212-839-8735

Email bkrisberg@sidley.com

and to:

Haynes and Boone, LLP

30 Rockefeller Plaza, 26th Floor

New York, New York 10112

Attention: Walter F. Schleimer, Esq. (ADF)

Email: Walter.Schleimer@haynesboone.com

 

 

Note-A Holder:

Grass River Warehouse Facility Entity Two, LLC

2977 Mcfarlane Road, Suite 300

Coconut Grove, Florida 33133

Attention: Mark A. Jefferis

Phone Number: 213.448.5754

Email: mjefferis@grassriver.com

 

 

 

 

 

 

 

    	 	Exhibit B	 

     

    

 

with a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention: Brian Krisberg, Esq.

Phone Number: 212-839-8735

Email bkrisberg@sidley.com

and to:

Haynes and Boone, LLP

30 Rockefeller Plaza, 26th Floor

New York, New York 10112

Attention: Walter F. Schleimer, Esq. (ADF)

Email: Walter.Schleimer@haynesboone.com

 

Note -B Holder:

 

Grass River Warehouse Facility Entity Two, LLC

2977 Mcfarlane Road, Suite 300

Coconut Grove, Florida 33133

Attention: Mark A. Jefferis

Phone Number: 213.448.5754

Email: mjefferis@grassriver.com

 

with a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention: Brian Krisberg, Esq.

Phone Number: 212-839-8735

Email bkrisberg@sidley.com

and to:

Haynes and Boone, LLP

30 Rockefeller Plaza, 26th Floor

New York, New York 10112

Attention: Walter F. Schleimer, Esq. (ADF)

Email: Walter.Schleimer@haynesboone.com

    	 	Exhibit B 	 

     

    

EXHIBIT C

Commitments and Pro Rata Shares

	 	Total Commitment	Pro Rata Share (based on Total Commitment)
	
        Note-A Holder

         
	$29,800,000.00	
        91.74877%

         

	
        Note-B Holder

         
	$2,680,000.00	8.25123%

    	 	Exhibit C 	 

     

    

EXHIBIT D

Loan Documents

	1.Loan Agreement
	2.Promissory Note A
	3.Promissory Note B
	4.Mortgage, Pledge of Leases and Rents, and Security Agreement
	5.Assignment of Leases and Rents
	6.Conditional Assignment of Management Agreement
	7.Guaranty of Recourse Obligations
	8.Environmental Indemnity Agreement
	9.Cash Management Agreement
	10.UCC-1 Financing Statement (DE SOS)
	11.UCC-1 Financing Statement (Parish of East Baton Rouge, LA)
	12.Post-Closing Letter

 

    	 	Exhibit DExhibit 4.14

 

EXECUTION VERSION 

AGREEMENT BETWEEN NOTE HOLDERS

Dated as of September 5, 2019

by and between

GRASS RIVER WAREHOUSE FACILITY ENTITY
ONE, LLC

(Initial Note A-1 Holder)

and

GRASS RIVER WAREHOUSE FACILITY ENTITY
ONE, LLC

(Initial Note A-2 Holder)

APX

 

    	 		 

     

    

TABLE OF CONTENTS

Page

	Section 1.     Definitions.	2
	Section 2.     Servicing of the Mortgage Loan.	14
	Section 3.     Priority of Payments.	19
	Section 4.     Workout.	20
	Section 5.     Administration of the Mortgage Loan.	20
	Section 6.     Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder.	24
	Section 7.     Appointment of Special Servicer.	27
	Section 8.     Payment Procedure.	28
	Section 9.     Limitation on Liability of the Note Holders.	29
	Section 10.   Bankruptcy.	29
	Section 11.   Representations of the Note Holders.	30
	Section 12.   No Creation of a Partnership or Exclusive Purchase Right.	30
	Section 13.   Other Business Activities of the Note Holders.	31
	Section 14.   Sale of the Notes.	31
	Section 15.   Registration of the Notes and Each Note Holder.	34
	Section 16.   Governing Law; Waiver of Jury Trial.	34
	Section 17.   Submission To Jurisdiction; Waivers.	35
	Section 18.   Modifications.	35
	Section 19.   Successors and Assigns; Third Party Beneficiaries.	36
	Section 20.   Counterparts.	36
	Section 21.   Captions.	36
	Section 22.   Severability.	36
	Section 23.   Entire Agreement.	36
	Section 24.   Withholding Taxes.	36
	Section 25.   Custody of Mortgage Loan Documents.	37
	Section 26.   Cooperation in Securitization.	38
	Section 27.   Notices.	39
	Section 28.   Broker.	39
	Section 29.   Certain Matters Affecting the Agent.	39
	Section 30.   Reserved.	40
	Section 31.   Resignation of Agent.	40
	Section 32.   Resizing.	40

    	 	-i-	 

     

    

THIS AGREEMENT BETWEEN
NOTEHOLDERS (“Agreement”), dated as of September 5, 2019 by and between GRASS RIVER WAREHOUSE FACILITY ENTITY
ONE, LLC (in its capacity as initial owner of the Note A-1, the “Initial Note A-1 Holder”, and in its
capacity as the initial agent, the “Initial Agent”) and GRASS RIVER WAREHOUSE FACILITY ENTITY ONE, LLC (in its
capacity as initial owner of the Note A-2, the “Initial Note A-2 Holder” and, together with the Initial Note A-1
Holder, the “Initial Note Holders”).

W I T N E S S E T H:

WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein), Grass River Real Estate Credit Partners Loan Funding, LLC (“Grass
River”) originated a certain loan (the “Mortgage Loan”) described on the schedule attached hereto
as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower described on the Mortgage Loan Schedule
(the “Mortgage Loan Borrower”), which is evidenced, inter alia, by: (i) one promissory note in the original
principal amount of $40,000,000 (as amended, modified or supplemented, “Note A-1”) made by the Mortgage
Loan Borrower in favor of the Initial Note A-1 Holder and (ii) one promissory note in the original principal amount of $26,000,000
(as amended, modified or supplemented, “Note A-2” and, together with Note A-1 the “Notes”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder and secured by a first mortgage (as amended, modified
or supplemented, the “Mortgage”) on certain real property located as described on the Mortgage Loan Schedule
and commonly known as “APX” (the “Mortgaged Property”);

WHEREAS, the Initial
Note A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Grass River,
and Grass River intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Credit Suisse Commercial
Mortgage Securities Corp. (the “Depositor”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to
be dated as of September 5, 2019, by and between the Depositor, as purchaser, and the Initial Note A-1 Holder, as seller,
and the Depositor intends to transfer its right, title and interest in and to Note A-1 to Wells Fargo Bank, National Association
(“Wells Fargo”), as trustee for the CSAIL 2019-C17 Commercial Mortgage Trust under a pooling and servicing agreement,
dated as of September 1, 2019 (the “Note A-1 PSA”), among the Depositor, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer and special servicer, Wells Fargo, as certificate administrator
and trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer;

WHEREAS, the Initial
Note A-2 Holder intends to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-2
to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more mortgage loans;

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

    	 		 

     

    

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereto mutually agree as follows:

Section 1.               
Definitions. References to a “Section” or the “recitals” are, unless otherwise specified,
to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Lead Securitization Servicing Agreement. Whenever used in this Agreement, the following terms shall have the respective
meanings set forth below unless the context clearly requires otherwise.

“Acceptable
Insurance Default” shall have the meaning set forth in the Lead Securitization Servicing Agreement.

“Affiliate”
shall have the meaning set forth in the Lead Securitization Servicing Agreement.

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization
Date shall mean the Master Servicer.

“Agent Office”
shall mean the designated office of the Agent, which office at the date of this Agreement is located at Grass River Real Estate
Credit Partners Loan Funding, LLC, 2977 McFarlane Road, Suite 300, Coconut Grove, Florida 33133, Attention: Legal Dept., Email:
legal@grassriver.com, and which is the address to which notices to and correspondence with the Agent should be directed. The Agent
may change the address of its designated office by notice to the Note Holders.

“Agreement”
shall mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and supplements hereto.

“Approved
Servicer” shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender.”

“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed as provided in the Lead Securitization Servicing Agreement
and any successor thereunder.

“Bankruptcy
Code” shall mean the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated
thereto.

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

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

    	 	-2-	 

     

    

“Certificate
Administrator” shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement
and any successor thereunder.

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

“Collection
Account” shall have the meaning assigned to such term or an analogous term used in the Lead Securitization Servicing
Agreement.

“Companion
Distribution Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

“Conduit”
shall have the meaning assigned to such term in Section 14(d).

“Conduit
Credit Enhancer” shall have the meaning assigned to such term in Section 14(d).

“Conduit
Inventory Loan” shall have the meaning assigned to such term in Section 14(d).

“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise.

“Controlling
Class Representative” shall have the meaning assigned to the term “Directing Certificateholder” in the Lead
Securitization Servicing Agreement.

“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
the rights of the Controlling Note Holder under this Agreement may be exercised by the “Directing Certificateholder”
or any other party assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to
the extent provided in the Lead Securitization Servicing Agreement. If at any time 50% or more of Note A-1 is held by the Mortgage
Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Note A-1 Holder shall not be entitled to exercise any rights of
the Controlling Note Holder and neither the Note A-1 Holder nor any other person shall be entitled to exercise the rights of the
Controlling Note Holder (and the Lead Securitization Servicing Agreement shall contain limitations on the rights of the Controlling
Note Holder that can be exercised by a certificateholder that is the Mortgage Loan Borrower or has certain relationships with the
Mortgage Loan Borrower).

“Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(a).

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

    	 	-3-	 

     

    

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

“Determination
Date”, with respect to any Securitization, shall have the meaning assigned to such term (or such equivalent term) in
the applicable Securitization Servicing Agreement.

“Event of
Default” shall mean, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage
Loan Agreement.

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

“Grass River”
shall mean Grass River Real Estate Credit Partners Loan Funding, LLC.

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

“Initial
Note A-1 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

“Initial
Note A-2 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

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

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of
a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any
other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan
Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan
Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any such permitted transaction
affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean
the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided,
further, however, that for the purposes of this definition, in the event that more than one entity comprises the Mortgage Loan
Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

“Interest
Rate” shall mean the Interest Rate (as defined in the Mortgage Loan Documents).

    	 	-4-	 

     

    

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

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

“Lead Securitization”
shall mean the Note A-1 Securitization; provided that, if the Note A-2 Securitization occurs prior to the Note A-1 Securitization,
then the Note A-2 Securitization shall be the Lead Securitization until such time as the Note A-1 Securitization occurs, at which
time the Note A-1 Securitization shall be the Lead Securitization.

“Lead Securitization
Date” shall mean the closing date of the Lead Securitization.

“Lead Securitization
Master Servicer” shall mean the master servicer under the Lead Securitization Servicing Agreement.

“Lead Securitization
Note” shall mean Note A-1; provided that, if the Note A-2 Securitization occurs prior to the Note A-1 Securitization,
then Note A-2 shall be the Lead Securitization Note until such time as the Note A-1 Securitization occurs, at which time Note A-1
shall be the Lead Securitization Note.

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

“Lead Securitization
Servicing Agreement” shall mean (i) the “pooling and servicing agreement” entered into in connection with
the Lead Securitization and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the
Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance
with the second paragraph of Section 2(a).

“Lead Securitization
Special Servicer” shall mean the special servicer under the Lead Securitization Servicing Agreement.

“Lead Securitization
Subordinate Class Representative” shall mean the “Controlling Class Representative” or other analogous term
used in the Lead Securitization Servicing Agreement.

“Lead Securitization
Trust” shall mean the trust established under the Lead Securitization Servicing Agreement.

“Lead Securitization
Trustee” shall mean the trustee under the Lead Securitization Servicing Agreement.

    	 	-5-	 

     

    

“Major Decisions”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement and any successor thereunder.

“Master Servicer
Remittance Date” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

“Monthly
Payment Date” shall mean the Payment Date (as defined in the Mortgage Loan Documents).

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

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

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

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

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of June 5, 2019, between SREH 2018 Holdings LLC, as Borrower,
and Grass River Real Estate Credit Partners Loan Funding, LLC, as Lender, as the same may be further amended, restated, supplemented
or otherwise modified from time to time, subject to the terms hereof.

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

“Mortgage
Loan Borrower Related Party” shall have the meaning assigned to such term in Section 13.

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

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

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

“New Notes”
shall have the meaning assigned to such term in Section 32.

“Nonrecoverable
Servicing Advance” shall have the meaning assigned to such term (or such equivalent term) in the Lead Securitization
Servicing Agreement.

    	 	-6-	 

     

    

“Non-Controlling
Note Holder” shall mean the Note A-2 Holder; provided that at any time Note A-2 is included in a Securitization,
the consultation and other rights of the “Non-Controlling Note Holder” under this Agreement may be exercised by the
Directing Certificateholder under the Non-Lead Securitization Servicing Agreement or any other party assigned the rights to exercise
the rights of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special
Servicer) has been given written notice.

“Non-Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(b).

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

“Non-Lead
Certificate Administrator” shall mean the “certificate administrator” under any Non-Lead Securitization Servicing
Agreement.

“Non-Lead
Depositor” shall mean the “depositor” under any Non-Lead Securitization Servicing Agreement.

“Non-Lead
Master Servicer” shall mean the “master servicer” under any Non-Lead Securitization Servicing Agreement.

“Non-Lead
Operating Advisor” shall mean the “trust advisor”, “operating advisor” or other analogous term
under any Non-Lead Securitization Servicing Agreement.

“Non-Lead
Securitization” shall mean the Note A-2 Securitization; provided that, if the Note A-2 Securitization occurs prior
to the Note A-1 Securitization, then the Note A-2 Securitization shall be the Lead Securitization until such time as the Note A-1
Securitization occurs, at which time the Note A-2 Securitization shall be the Non-Lead Securitization.

“Non-Lead
Securitization Date” shall mean the closing date of the Non-Lead Securitization.

“Non-Lead
Securitization Note” shall mean Note A-2; provided that, if the Note A-2 Securitization occurs prior to the Note
A-1 Securitization, then Note A-1 shall be the Non-Lead Securitization Note until such time as the Note A-1 Securitization occurs,
at which time Note A-2 shall be the Non-Lead Securitization Note.

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

    	 	-7-	 

     

    

“Non-Lead
Securitization Servicing Agreement” shall mean the “pooling and servicing agreement” entered into in connection
with the Securitization of the Non-Lead Securitization Note.

“Non-Lead
Special Servicer” shall mean the “special servicer” under any Non-Lead Securitization Servicing Agreement.

“Non-Lead
Trustee” shall mean the “trustee” under any Non-Lead Securitization Servicing Agreement.

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

“Note A-1
Holder” shall mean the Initial Note A-1 Holder or any subsequent holder of Note A-1, as applicable.

“Note A-1
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

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

“Note A-1
Securitization” shall mean the sale by the Note A-1 Holder of all or any portion of the Note A-1 to a depositor,
who will in turn include such portion of Note A-1 as part of the securitization of one or more mortgage loans.

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

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

“Note A-2
Holder” shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.

“Note A-2
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

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

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

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

    	 	-8-	 

     

    

“Note Holder
Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative.

“Note Holders”
shall mean collectively, the Note A-1 Holder and the Note A-2 Holder.

“Note Pledgee”
shall have the meaning assigned to such term in Section 14(c).

“Note Register”
shall have the meaning assigned to such term in Section 15.

“Notes”
shall mean, collectively, Note A-1 and Note A-2.

“Operating
Advisor” shall mean the operating advisor or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.

“P&I
Advance” shall mean an advance made by a party to any Securitization Servicing Agreement, in respect of a delinquent
monthly debt service payment on the Note securitized pursuant to such Securitization Servicing Agreement.

“Percentage
Interest” shall mean, (i) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator
of which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance
and the Note A-2 Principal Balance and (ii) with respect to the Note A-2 Holder, a fraction, expressed as a percentage,
the numerator of which is the Note A-2 Principal Balance and the denominator of which is the sum of the Note A-1 Principal
Balance and the Note A-2 Principal Balance.

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

“Pledge”
shall have the meaning assigned to such term in Section 14(c).

“Pro Rata
and Pari Passu Basis” shall mean with respect to the Notes and the Note Holders, the allocation of any particular payment,
collection, cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority
of any such Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that
each Note or Note Holder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection,
cost, expense, liability or other amount.

“Qualified
Institutional Lender” shall mean each of the Initial Note Holders and any other U.S. Person that is:

(a)               
an entity Controlled (as defined below) by any of the Initial Note Holders, or

    	 	-9-	 

     

    

(b)              
the trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CLO comprised of,
or other securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether
with assets from others or not), provided that the securities issued in connection with such CLO or other securitization
vehicle are rated by each of the Rating Agencies, that assigned a rating to one or more classes of securities issued in connection
with the Lead Securitization, or

(c)               
one or more of the following:

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

(ii)           
an investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a) (1),
(2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended, or

(iii)           
a Qualified Trustee in connection with (a) any securitization, (b) the creation of collateralized loan obligations
(“CLO”) secured by, or (c) a financing through an “owner trust” of, a Note or any interest
therein (any of the foregoing, a “Securitization Vehicle”), provided that (1) one or more classes
of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies
that assigned a rating to one or more classes of securities issued in connection with such Securitization; (2) the special servicer
of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise acceptable to the Rating Agencies rating
each Securitization (such entity, an “Approved Servicer”) and such Approved Servicer is required to service
and administer such Note or any interest therein in accordance with servicing arrangements for the assets held by the Securitization
Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction
or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager
and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager which is a Qualified
Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iv) or (v) of this definition, or

(iv)           
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional
Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in
clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing

    	 	-10-	 

     

    

 member, or the fund manager
responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the
equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified
Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition),
or

(v)           
an institution substantially similar to any of the foregoing, and

in the case of any entity referred to
in clause (c)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity has at least $200,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000
in total assets (in name or under management), and (y) is regularly engaged in the business of making or owning commercial
real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating
commercial real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the
requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible
for the day-to-day management and operation of such entity; or

(d)              
any entity Controlled by any of the entities described in clause (b) above or approved by the Rating Agencies hereunder
as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies have stated they would not
review such entity in connection with the subject transfer.

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

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

“Rating Agency
Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of
the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal
of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that
no Certificates are outstanding, any action that

    	 	-11-	 

     

    

 would otherwise require a Rating Agency Confirmation shall require the consent
of the holder of Note A-1, which consent shall not be unreasonably withheld, conditioned or delayed.

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

“Redirection
Notice” shall have the meaning assigned to such term in Section 14(c).

“Regulation
AB” shall mean 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; provided, however, that nothing in this definition suggests or mandates early compliance
with any provision of the rules.

“REMIC”
shall have the meaning assigned to such term in Section 5(d).

“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Special Servicer, (iii) in the case of Moody’s, within the twelve (12) month period prior to the date of determination,
such special servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization
that was rated by Moody’s and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer
as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has
a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by
Morningstar, is currently acting as a master servicer or special servicer, as applicable, on a deal or transaction-level basis
for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s,
Fitch, DBRS or KBRA and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies
that Morningstar has not, with

    	 	-12-	 

     

    

 respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings
on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material
factor in such rating action, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole
or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in
contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the
time of determination, and (vi) in the case of DBRS, such special servicer is currently acting as special servicer for one or more
loans included in a commercial mortgage loan securitization that was rated by DBRS, and DBRS has not downgraded or withdrawn the
then current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch
citing the continuation of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of
the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in
a transaction serviced by such special servicer prior to the time of determination.

“S&P”
shall mean S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC and its successors in interest.

“Scheduled
Interest Payment” shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

“Scheduled
Principal Payment” shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

“Securitization”
shall mean the Note A-1 Securitization or the Note A-2 Securitization, as applicable.

“Securitization
Date” shall mean the effective date on which the Securitization of the first Note or portion thereof is consummated.

“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing
Agreement.

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which Note A-1 or Note A-2 is held.

“Securitization
Vehicle” shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender.”

“Servicer”
shall mean the Master Servicer or the Special Servicer, as the context may require.

“Servicer
Termination Event” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at
any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous
concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this
Agreement.

    	 	-13-	 

     

    

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

“Servicing
Standard” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.
The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in
servicing the Mortgage Loan, must take into account the interests of each Note Holder.

“Special
Servicer” shall mean the special servicer or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.

“Taxes”
shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter
imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.

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

“Trustee”
shall mean the trustee or its successor in interest, or any successor Trustee appointed as provided in the Lead Securitization
Servicing Agreement.

“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable
Treasury Regulations) 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, or 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, a trust in existence on August 20,
1996 which has elected to be treated as a U.S. Person).

Section 2.               
Servicing of the Mortgage Loan.

(a)                     
Each Note Holder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced from and after
the Lead Securitization Date by the Lead Securitization Master Servicer and the Lead Securitization Special Servicer pursuant to
the terms of this Agreement and the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any
other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to
Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization.
Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and
the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the
Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the
servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. In no event shall the Lead Securitization
Servicing Agreement require the Servicer to enforce the rights of any Note Holder or limit the Servicer in enforcing the rights
of one Note Holder against any other Note Holder; however, this statement

    	 	-14-	 

     

    

 shall not be construed to otherwise limit the rights
of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing
Agreement to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the
Lead Securitization Servicing Agreement and applicable law, and shall not take any action or refrain from taking any action or
follow any direction inconsistent with the foregoing.

If, at any time that
the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree
to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation shall
have been obtained from each Rating Agency that the appointment of the servicer(s) pursuant to such servicing agreement would not,
in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued
in connection with such Securitization; provided, further, however, that until a replacement servicing agreement has been
entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the
Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan,
by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder that is a qualified
servicer meeting the requirements of the Lead Securitization Servicing Agreement.

(b)              
The Master Servicer shall be the master servicer on the Mortgage Loan, and from time to time it (or the Trustee or Special
Servicer, to the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to
the terms of the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii)
P&I Advances on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, will
be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account or Companion
Distribution Account for the Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan,
and then, in the case of Nonrecoverable Servicing Advances, if such funds on deposit in the Collection Account or Companion
Distribution Account are insufficient, from general collections of the Lead Securitization as provided in the Lead Securitization
Servicing Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for Advance Interest on a Servicing Advance or a Nonrecoverable Servicing Advance, in the manner and from the sources provided
in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization. Notwithstanding
the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains funds from general
collections of the Lead Securitization as a reimbursement for a Nonrecoverable Servicing Advance or any Advance Interest on a Servicing
Advance or a Nonrecoverable Servicing Advance, the Non-Lead Securitization Note Holder (including any Securitization Trust into
which such Non-Lead Securitization Note is deposited) shall be required to, promptly following notice from the Master Servicer,
reimburse the Lead Securitization for its pro rata share of such Nonrecoverable Servicing Advance or Advance Interest.

    	 	-15-	 

     

    

In addition, the Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for such
Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the
servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor, the Asset Representations Reviewer or the Depositor, as applicable, is entitled to be reimbursed
pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the Collection Account or Companion
Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement of such
amounts. The Non-Lead Securitization Note Holder agrees to indemnify (as and to the same extent the Lead Securitization Trust is
required to indemnify each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant
to the terms of the Lead Securitization Servicing Agreement) each of the Depositor under the Lead Securitization Servicing Agreement,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) (the “Indemnified
Parties”) 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 servicing and administration of the Mortgage Loan (or,
with respect to the Operating Advisor or the Asset Representations Reviewer, incurred in connection with the provision of services
for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Collection Account
or Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement
of such amounts, the Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master Servicer,
reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency; provided, however, that
the Non-Lead Securitization Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any
limitations and conditions (including limitations and conditions with respect to the timing of such payments and the sources of
funds for such payments) as may be set forth from time to time in the Non-Lead Securitization Servicing Agreement.

Any Non-Lead Master
Servicer may be required to make P&I Advances on the respective Non-Lead Securitization Note, from time to time, subject to
the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and
in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead
Trustee under any Non-Lead Securitization Servicing Agreement, as applicable, shall be entitled to make its own recoverability
determination with respect to a P&I Advance to be made on the related Non-Lead Securitization Note based on the information
that they have on hand and in accordance with the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee,
as applicable, and any Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, shall be required to notify the other of

    	 	-16-	 

     

    

the amount of its P&I Advance within two Business Days of making such advance. If the Master Servicer, the Special Servicer
or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer
or the Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization Note), determines that a proposed P&I Advance,
if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer,
the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable
or an outstanding Servicing Advance is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the
Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master Servicer, the Special
Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related Non-Lead Securitization
Servicing Agreement, in the case of the a determination of non-recoverability by a Non-Lead Master Servicer, a Non-Lead Special
Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the related Non-Lead Master Servicer and the
related Non-Lead Trustee, as the case may be, of such other Securitization within two Business Days of making such determination.
Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer and any Non-Lead Trustee, as applicable, shall only be
entitled to reimbursement for a P&I Advance that becomes non-recoverable first from the Collection Account or Companion
Distribution Account from amounts allocable to the Note for which such P&I Advance was made, and then, if funds are
insufficient, (i) in the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant
to the terms of the Lead Securitization Servicing Agreement and (ii) in the case of the Non-Lead Securitization Note, from general
collections of the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing
Agreement.

(c)               
The Non-Lead Securitization Note Holder, if the Non-Lead Securitization Note is included in a Securitization, shall cause
the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:

(i)           
such Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Servicing Advances (and
advance interest thereon) and any “additional trust fund expenses”, but only to the extent that they relate to servicing
and administration of the Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, Liquidation
Fees and Workout Fees relating to the Notes, and that in the event that the funds received with respect to each respective Note
are insufficient to cover such Servicing Advances or “additional trust fund expenses”, (i) the related Non-Lead Master
Servicer will be required to, promptly following notice from the Master Servicer, reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, out of general funds in the collection account
(or equivalent account) established under such Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note
Holder’s pro rata share of any such Nonrecoverable Servicing Advances and/or “additional trust fund expenses”,
and (ii) if the Lead Securitization Servicing Agreement permits the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor or the Trustee to reimburse itself from the Lead Securitization Trust’s general account, then the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, may do so and
the related Non-Lead Master

    	 	-17-	 

     

    

 Servicer will be required to, promptly following notice from the Master Servicer, reimburse the Lead
Securitization Trust out of general funds in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Nonrecoverable Servicing Advances
and/or “additional trust fund expenses”;

(ii)           
each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required
to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the
terms of the Lead Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any “additional
trust fund expenses” with respect to the Mortgage Loan) by any Non-Lead Securitization Trust, against any of the Indemnified
Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the “Serviced
Pari Passu Companion Loan Custodial Account” are insufficient for reimbursement of such amounts, the related Non-Lead Master
Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency
out of general funds in the collection account (or equivalent account) established under such Non-Lead Securitization Servicing
Agreement; provided, however, that the Non-Lead Securitization Servicing Agreement may include limitations and conditions on the
payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations and conditions with respect to the
timing of such payments or reimbursements and the sources of funds for such payments or reimbursements);

(iii)           
the related Non-Lead Certificate Administrator will be required to deliver to the Trustee, the Certificate Administrator,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Master Servicer notice of any subsequent change
in the identity of the Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note
Holder” with respect to such Non-Lead Securitization Note under this Agreement (together with the relevant contact information);

(iv)           
any matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under any Non-Lead
Securitization Servicing Agreement; and

(v)           
the Master Servicer and the Special Servicer and the Lead Securitization Trust shall be third party beneficiaries of the
foregoing provisions.

(d)              
The Lead Securitization Servicing Agreement shall contain the provisions and comply with the terms set forth on Schedule
I to this Agreement.

(e)               
If the Note A-2 Securitization occurs prior to the Note A-1 Securitization, the Note A-1 Holder shall provide the Depositor,
the Master Servicer and the Special Servicer under the Note A-2 PSA (provided such party is not also a party to the Note A-1 PSA)
notice of the Note A-1 Securitization in writing (which may be by e-mail) promptly

    	 	-18-	 

     

    

 following the Note A-1 Securitization Date.
Such notice shall contain contact information for each of the parties to the Note A-1 PSA. In addition, if the Note A-2 Securitization
occurs prior to the Note A-1 Securitization, then after the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy
of the Note A-1 PSA to the Depositor, the Master Servicer and the Special Servicer under the Note A-2 PSA (provided such party
is not also a party to the Note A-1 PSA).

Section 3.               
Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference
over any portion of any other Note or security therefor.  All amounts tendered by the Mortgage Loan Borrower or otherwise
available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized
as proceeds thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under
any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance
Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released
to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts
for required reserves or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage
Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property
protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization
Servicing Agreement and (y) all amounts that are then due, payable or reimbursable (except for (i) any reimbursements of P&I
Advances (and interest thereon) made with respect to any Note, which may only be reimbursed out of payments and collections allocable
to such Note, (ii) any Servicing Fees due to the Master Servicer in excess of any Non-Lead Securitization Note’s pro rata
share of that portion of such Servicing Fees calculated at the primary servicing fee rate applicable to the Mortgage Loan as set
forth in the Lead Securitization Servicing Agreement) to any Servicer (or the Trustee as successor to the Servicer) , with respect
to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement (including without limitation, any additional trust
fund expenses relating to the Mortgage Loan and any Special Servicing Fees, Liquidation Fees, Workout Fees, Penalty Charges (to
the extent provided in the immediately following paragraph), amounts paid by the Borrower in respect of modification fees or assumption
fees and any other additional compensation payable pursuant to the Lead Securitization Servicing Agreement), shall be applied by
the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis.

Penalty Charges (as
defined in the Lead Securitization Servicing Agreement) paid shall be allocated to the Notes on a Pro Rata and Pari Passu Basis
and applied first, to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay
the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of
any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, to reduce the
respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer
or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such
party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement,
as applicable), third, to reduce, on a pro rata basis, the amounts payable on each Note by the

    	 	-19-	 

     

    

 amount necessary to
pay “additional trust fund expenses” (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees)
incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, in
the case of the remaining amount of Penalty Charges, be paid to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement.

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

Section 5.               
Administration of the Mortgage Loan.

(a)               
Subject to this Agreement (including but not limited to Section 5(b)) and the Lead Securitization Servicing Agreement
and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect
to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan
Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents,
call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and the Non-Lead
Securitization Note Holder shall have no voting, consent or other rights whatsoever except as explicitly set forth herein with
respect to the Lead Securitization Note Holder’s administration of, or exercise of its rights and remedies with respect to,
the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, the Non-Lead Securitization Note
Holder agrees that it shall have no right to, and the Non-Lead Securitization Note Holders each hereby presently and irrevocably
assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting
on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has to, (i) call or cause the
Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect
to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note
Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer,
the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty
to the Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall
not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth

    	 	-20-	 

     

    

 herein or its
obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure
to do so).

Each Note Holder
hereby irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth
herein and in the Lead Securitization Servicing Agreement).

Upon the Mortgage
Loan becoming a Defaulted Loan, the Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead
Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Notes
together as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection
with any such sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall
require that all offers be submitted to the Trustee in writing.

The Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the
Mortgage Loan without the written consent of the Non-Lead Securitization Note Holders unless the Special Servicer has delivered
to such Non-Lead Securitization Note Holders: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt
to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with
any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale, (c) at least ten
(10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the
Servicing File requested by such Non-Lead Securitization Note Holders 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 related “Subordinate Class Representative” (or
other similar term)) 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 provided, that such Non-Lead Securitization Note Holders may waive any of the delivery or timing requirements set forth
in this sentence. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder Representative, the
Non-Lead Securitization Note Holders and any Non-Controlling Note Holder Representative shall be permitted to bid at any sale of
the Mortgage Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

Each Note Holder
(to the extent it is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization Note Holder
as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder (to the
extent it is not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization
Note Holder, such Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of
attorney or other instruments as the Lead Securitization Note Holder may reasonably

    	 	-21-	 

     

    

 request to better assure and evidence the foregoing
appointment and grant, in each case promptly following request, and shall deliver its original Note, endorsed in blank, to or at
the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale.

The authority
of the Lead Securitization Note Holder to sell the Non-Lead Securitization Note, and the obligations of any other Note Holder to
execute and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall terminate
and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by
the holder of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust fund
established under the Lead Securitization Servicing Agreement in connection with a material breach of a representation or warranty
made by such Person with respect to the Lead Securitization Note or a material document defect with respect to the documents delivered
by such Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence
shall not be construed to grant to the Non-Lead Securitization Note Holder the benefit of any representation or warranty made by
the holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any document
delivery obligation imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer or other
document or instrument that may be executed or delivered by such Person in connection with the Lead Securitization.

(b)              
The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be required:

(i) to provide
copies of any notice, information and report that it is required to provide to the Lead Securitization Subordinate Class Representative
pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, to the Non-Lead Securitization Note Holder (or its related
Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization Subordinate Class
Representative (for this purpose, without regard to whether such items are actually required to be provided to the Lead Securitization
Subordinate Class Representative under the Lead Securitization Servicing Agreement due to the expiration of a Control Termination
Event or a Consultation Termination Event) and

(ii) to consult
with the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the
extent having received such notices, information and reports, such Non-Controlling Note Holder (or its Non-Controlling Note Holder
Representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten (10)
Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the
Lead Securitization Note Holder of written notice of a

    	 	-22-	 

     

    

 proposed action, together with copies of the notice, information and report
required to be provided to the Lead Securitization Subordinate Class Representative, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) 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 Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately
preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may take
any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business
Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate
action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

In addition to the
consultation rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) provided for above,
the Non-Controlling Note Holder shall have the right to attend annual meetings (which may be held telephonically or in person,
in the discretion of the Master Servicer) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer,
as applicable, in which servicing issues related to the Mortgage Loan are discussed.

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

    	 	-23-	 

     

    

 REMIC which includes the Notes (or any portion
thereof). Each Note Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions
in the Lead Securitization Servicing Agreement relating to the administration of the Mortgage Loan.

In the event that
one of the Notes is included in a REMIC, such other Note Holder shall not be required to reimburse such Note Holder or any other
Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to the administration of such REMIC
or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of
the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds
for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to
any other Note Holder be reduced to offset or make-up any such payment or deficit.

(d)              
Prior to the Securitization of any Note (including any New Note), all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the
related Note Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative,
as applicable), the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing
Agreement. Following the Securitization of any Note (including any New Note), as applicable, all notices, reports, information
or other deliverables required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing
Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be
delivered to the master servicer and the special servicer with respect to such Securitization (who then may forward such items
to the party entitled to receive such items as and to the extent provided in the related Securitization Servicing Agreement) and,
when so delivered to such master servicer and the special servicer, the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items
hereunder or under the Lead Securitization Servicing Agreement.

Section 6.               
Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder.

(a)               
The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”).
The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace
the Controlling Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement,
the Controlling Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling
Note Holder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage
Loan Borrower), including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder,
any affiliate

    	 	-24-	 

     

    

 of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder Representative
shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted
to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting
on behalf of the Controlling Note Holder. No Servicer acting on behalf of the Lead Securitization Note Holder shall be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified the Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer, Operating
Advisor or Trustee of the then-current Controlling Note Holder Representative. So long as a Control Termination Event is not in
effect pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder Representative shall be
the Lead Securitization Subordinate Class Representative.

Neither the Controlling
Note Holder Representative nor the Controlling Note Holder will have any liability to any other Note Holder or any other Person
for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure to give any consent
pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or
expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Note Holders agree that the Controlling
Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note Holder Representative
when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising any right, power or
privilege granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give or refrain from giving
consents, that favor the interests of one Note Holder over any other Note Holder, and that the Controlling Note Holder Representative
may have special relationships and interests that conflict with the interests of a Note Holder and, absent willful misfeasance,
bad faith or gross negligence on the part of the Controlling Note Holder Representative or the Controlling Note Holder, as the
case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note Holder or any of
their respective officers, directors, employees, principals or agents as a result of such special relationships or interests, and
that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have been grossly negligent
or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of
its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent,
solely in the interests of any Note Holder.

(b)              
The Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with

    	 	-25-	 

     

    

 respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling
Note Holder Representative”). For the purposes of this Section 6(b), all of the provisions relating to Controlling
Note Holder and the Controlling Note Holder Representative set forth in Section 6(a) (except those contained in the last sentence
of the first paragraph thereof) shall be deemed to apply to the Non-Controlling Note Holder and the Non-Controlling Note Holder
Representative, respectively.

For so long as the
Note A-1 Holder is the Controlling Note Holder and Note A-2 is included in the Note A-2 Securitization, the “Directing Certificateholder”
or other designated party under the Note A-2 PSA shall be the Non-Controlling Note Holder Representative.

The Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with
more than one party exercising the rights of the “Non-Controlling Note Holder” herein or under the Lead Securitization
Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to
more than one party or (y) to the extent any of Note A-2 is split into two or more New Notes pursuant to Section 32,
for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate
one party to deal with Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and
provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer
acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it
has received written notice as having been designated as the Non-Controlling Note Holder, as the Non-Controlling Note Holder for
all purposes of this Agreement. As of the date hereof and until further notice from the Non-Lead Securitization Note Holder (or
the Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder is the Non-Controlling Note
Holder.

No objection, direction,
consent, advice or consultation contemplated by the preceding and following paragraphs may require or cause the Master Servicer
or the Special Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization
Servicing Agreement, this Agreement, the REMIC provisions of the Code or the Master Servicer or Special Servicer’s obligation
to act in accordance with the Servicing Standard.

(c)               
The Controlling Note Holder (or its Controlling Note Holder Representative) shall have, with respect to the Mortgage Loan,
all of the same rights and powers of the Directing Ceritificateholder under the Lead Securitization Servicing Agreement with respect
to the other mortgage loans included in the Lead Securitization, including without limitation, the right to consent and/or consult
regarding Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially
Serviced Loans and (2) the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take,
or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Ceritificateholder may deem advisable
or

    	 	-26-	 

     

    

 as to which provision is otherwise made therein, in each case subject to the terms and conditions of the Lead Securitization
Servicing Agreement.

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

Section 7.               
Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall
have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect
to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the Controlling Note Holder
(or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other
Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement
a written notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead Securitization
Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Lead Securitization
Servicing Agreement), if any. The Controlling Note Holder shall be solely responsible for any expenses incurred in connection with
any such replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its termination of the
then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7.
If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of
the securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead
Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling
Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as
aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred that affects the Non-Controlling Note
Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no
longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization
Servicing Agreement solely with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization
Servicing Agreement. Each Note Holder acknowledges and agrees that any successor special servicer appointed to replace the Special
Servicer with respect to the Mortgage

    	 	-27-	 

     

    

 Loan that was terminated for cause at the Non-Controlling Note Holder’s direction cannot
at any time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling
Note Holder. The Non-Controlling Note Holder shall be solely responsible for reimbursing the Trustee’s or the Controlling
Note Holder’s, as applicable, costs and expenses, if not paid within a reasonable time by the terminated special servicer
and, in the case of the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s
Collection Account or Companion Distribution Account.

Section 8.               
Payment Procedure.

(a)               
The Lead Securitization Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection
Account or Collection Accounts, as applicable. Each of the Note A-1 Holder and the Note A-2 Holder hereby directs the Master Servicer,
in accordance with the priorities set forth in Section 3 hereof, and subject to the terms of the Lead Securitization Servicing
Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the Lead Securitization Servicing
Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account for
deposit or credit on the applicable Business Day following the Determination Date under the related Non-Lead Securitization Servicing
Agreement (so long as the date on which the remittance is required is at least one (1) Business Day after the related due date
for the Mortgage Loan) all payments received with respect to and allocable to Note A-1 and Note A-2 by wire transfer to accounts
maintained by the Note A-1 Holder and the Note A-2 Holder respectively; provided that delinquent payments received by the Master
Servicer after the related Master Servicer Remittance Date shall be remitted by the Master Servicer to such accounts within the
time period specified in the Lead Securitization Servicing Agreement.

(b)              
If the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount
received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or
similar law, be returned to the Mortgage Loan Borrower or paid to any Note Holder or any Servicer or paid to any other Person,
then, notwithstanding any other provision of this Agreement, the Lead Securitization Note Holder shall not be required to distribute
any portion thereof to the Non-Lead Securitization Note Holder and such Non-Lead Securitization Note Holder will promptly on demand
by the Lead Securitization Note Holder repay to the Lead Securitization Note Holder any portion thereof that the Lead Securitization
Note Holder shall have theretofore distributed to such Non-Lead Securitization Note Holder, together with interest thereon at such
rate, if any, as the Lead Securitization Note Holder shall have been required to pay to any Mortgage Loan Borrower, Master Servicer,
Special Servicer or such other Person with respect thereto.

(c)               
If, for any reason, the Lead Securitization Note Holder makes any payment to the Non-Lead Securitization Note Holder before
the Lead Securitization Note Holder has received the corresponding payment (it being understood that the Lead Securitization Note
Holder is under no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within
five (5) Business Days of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall,
at the Lead Securitization Note

    	 	-28-	 

     

    

 Holder’s request, promptly return that payment to the Lead Securitization Note Holder.

(d)              
Each Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage
Loan in excess of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to
this Agreement and the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset
any amounts due hereunder from the Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments
due to such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations
under this Section 8 constitute absolute, unconditional and continuing obligations.

Section 9.               
Limitation on Liability of the Note Holders. Subject to the terms of the Lead Securitization Servicing Agreement
governing Servicer liability, each Note Holder shall have no liability to any other Note Holder with respect to its Note except
with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part
of such Note Holder.

The Note Holders acknowledge
that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee) to comply with,
and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer and the
Trustee) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have under the Lead Securitization
Servicing Agreement in a manner that may be adverse to the interests of the Non-Lead Securitization Note Holder and that the Lead
Securitization Note Holder (including any Servicer and the Trustee) shall have no liability whatsoever to the Non-Lead Securitization
Note Holder in connection with the Lead Securitization Note Holder’s exercise of rights or any omission by the Lead Securitization
Note Holder to exercise such rights other than as described above; provided, however, that the Servicer must act
in accordance with the Servicing Standard and the express terms of this Agreement and the Lead Securitization Servicing Agreement.

Section 10.           
Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization
Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise
or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect
to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the
winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization
Note Holder, and not the Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file
any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower
under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder
as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
their proxy, for the purpose of exercising any and all rights and taking any

    	 	-29-	 

     

    

 and all actions available to the Non-Lead Securitization
Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency
Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make
any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify,
lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of
the Lead Securitization Note Holder, the Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead
Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder
may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by the
Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

Section 11.           
Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance
of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene
such Note Holder’s charter or any law or contractual restriction binding upon such Note Holder, and that this Agreement is
the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and
contribution obligations may be limited by applicable law. Each Note Holder represents and warrants that it is duly organized,
validly existing, in good standing and in possession of all licenses and authorizations necessary to carry on its business. Each
Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by such Note Holder, (b) to
such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental
agency or body, if any, required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained
or made and (c) to such Note Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration
or governmental investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its performance
under this Agreement.

Section 12.           
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association,
joint venture or other entity. The Lead Securitization Note Holder shall have no obligation whatsoever to offer to the Non-Lead
Securitization Note Holder the opportunity to purchase a participation interest in any future loans originated by the Lead Securitization
Note Holder or its Affiliates and if the Lead Securitization Note Holder chooses to offer to the Non-Lead Securitization Note Holder
the opportunity to purchase a participation interest in any future mortgage loans originated by the Lead Securitization Note Holder
or its Affiliates, such offer shall be at such purchase price and interest rate as the Lead Securitization Note Holder chooses,
in its sole and absolute discretion. The Non-Lead Securitization Note Holder shall have no obligation whatsoever to purchase from
the Lead Securitization Note Holder a participation interest in any future loans originated by the Lead Securitization Note Holder
or its Affiliates.

    	 	-30-	 

     

    

Section 13.           
Other Business Activities of the Note Holders. Each Note Holder acknowledges that each other Note Holder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or
any Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests in the Mortgage Loan
Borrower or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower (each, a “Mortgage
Loan Borrower Related Party”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower
Related Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement
and the transactions contemplated hereby were not in effect.

Section 14.           
Sale of the Notes.

(a)               
Each Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute,
encumber or otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other
similar agreement, excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a “Transfer”)
except to a Qualified Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with
(x) a representation from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional
Lender (except in the case of a Transfer to a Securitization as to which the related pooling and servicing or similar agreement
requires the parties thereto to comply with this Agreement or in accordance with the immediately following sentence) and (y) a
copy of the assignment and assumption agreement referred to in Section 15. If a Note Holder intends to Transfer its respective
Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first obtain the consent of the
non-transferring Note Holder and, if such non-transferring Note Holder’s Note is held in a Securitization Trust, a confirmation
in writing from each Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then current
rating of the securities issued pursuant to the related Securitization. Notwithstanding the foregoing, without the non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s
Note is held in a Securitization Trust, without a confirmation in writing from each Rating Agency that such Transfer will not result
in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related Securitization,
no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the
purported transferee. The transferring Note Holder agrees that it will pay the expenses of the non-transferring Note Holder (including
all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to the confirmation from the
Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without
the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the
aggregate) of its beneficial interest in a Note. None of the provisions of this Section 14(a) shall apply in the case of (1)
a sale of all Notes together, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2)
a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement,
of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability
or limited 

    	 	-31-	 

     

    

partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member
limited liability companies or limited partnerships, by the Lead Securitization Trust.

For the purposes
of this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for
a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal
of its then current rating of the securities issued pursuant to the related Securitization, such waiver, declination, or refusal
shall be deemed to eliminate, for such request only, the condition that such confirmation by such Rating Agency (only) be obtained
for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage
in any request for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage
in any subsequent request for such Rating Agency confirmation hereunder and the condition for such Rating Agency confirmation pursuant
to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or
otherwise engage in such prior request.

(b)              
In the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’
obligations under this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance
of such obligations, and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to
deal solely and directly with such Note Holder in connection with such Note Holder’s rights and obligations under this Agreement
and the Lead Securitization Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had
not sold such participation interest.

(c)               
Notwithstanding any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity
(other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that
is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A”
(or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in
this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which
Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge”
hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without
a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each other Note Holder and any Servicer that
a Pledge has been effected (including the name and address of the applicable Note Pledgee), each other Note Holder agrees to acknowledge
receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note
Holder in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to
allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations
to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no
amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned

    	 	-32-	 

     

    

 or delayed; (iv) that such other
Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving
of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such
other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Note Holder
and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under the
pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging
Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and until such
Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that
any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to this
Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases
each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and
until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

(d)              
Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified
Institutional Lender provides financing to a Note Holder then such Note Holder shall have the right to grant a security interest
in its Note to such Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions
are satisfied:

(i)           
The loan (the “Conduit Inventory Loan”) made by the Conduit to such Note Holder to finance the acquisition
and holding of its Note requires a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;

(ii)           
The Conduit Credit Enhancer is a Qualified Institutional Lender;

(iii)           
Such Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;

    	 	-33-	 

     

    

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

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

Section 15.           
Registration of the Notes and Each Note Holder. The Agent shall keep or cause to be kept at the Agent Office books
(the “Note Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial note
registrar and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and
addresses of any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption
agreement referred to in this Section 15, shall be registered in the Note Register. The Person in whose name a Note Holder
is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement. Upon request
of a Note Holder, the Agent shall provide such party with the names and addresses of each other Note Holder. To the extent the
Trustee or another party is appointed as Agent hereunder, each Note Holder hereby designates such person as its agent under this
Section 15 solely for purposes of maintaining the Note Register.

In connection with
any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment
and assumption agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement
requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable
Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including
the applicable restriction on Transfers set forth in Section 14, from and after the date of such assignment. No transfer of
a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported transfer shall be absolutely
null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to effect such transfer shall, and
does hereby agree to, indemnify the Agent and each other Note Holder against any liability that may result if the transfer is not
made in accordance with the provisions of this Agreement.

Section 16.           
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF 

    	 	-34-	 

     

    

THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 17.           
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

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

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

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

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

Section 18.           
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend
or modify this Agreement without first receiving a written confirmation from each Rating Agency that such amendment or modification
will not result in a qualification, withdrawal or downgrade of its then current ratings of the securities issued in connection
with a Securitization; provided that no such confirmation from the Rating Agencies shall be required in connection with
a modification (i) to cure any ambiguity, to correct or supplement any provisions herein that may be defective or inconsistent
with any other provisions herein or with the Lead Securitization Servicing Agreement, or (ii) to make other provisions with respect
to matters or questions arising under this Agreement, which shall not be inconsistent with the provisions of this Agreement, or
(iii) that addresses the creation of New Notes in accordance with Section 32 hereof.

    	 	-35-	 

     

    

Section 19.           
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Except as provided herein, including without limitation, with respect
to the Trustee, Certificate Administrator, Operating Advisor, Master Servicer and Special Servicer, and any Non-Lead Master Servicer,
Non-Lead Special Servicer and Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable
by any Person not a party hereto. Subject to Section 14 and Section 15, each Note Holder may assign or delegate its rights
or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits of the
applicable Note Holder hereunder.

Section 20.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

Section 21.           
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

Section 22.           
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

Section 23.           
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

Section 24.           
Withholding Taxes. (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required
by law to deduct and withhold Taxes from interest, fees or other amounts payable to the Non-Lead Securitization Note Holder with
respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, such Lead
Securitization Note Holder, in its capacity as Servicer, shall be entitled to do so with respect to such Non-Lead Securitization
Note Holder’s interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided that the Lead
Securitization Note Holder shall furnish such Non-Lead Securitization Note Holder with a statement setting forth the amount of
Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Note
Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is
subject to tax.

(b)              
Each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees
to indemnify the Lead Securitization Note

    	 	-36-	 

     

    

 Holder against and hold the Lead Securitization Note Holder harmless from and against
any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such
representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon
without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness
or validity of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost
and expense, shall defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization
Note Holder.

(c)               
Each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit
of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the
Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan
or otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary
during the term of this Agreement, each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder)
shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization
Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not
obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement.
Without limiting the effect of the foregoing, (i) if a Note Holder is created or organized under the laws of the United States,
any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized
under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts
by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within
the United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms,
as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from
the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any
payment hereunder with respect to the Non-Lead Securitization Note or otherwise until the holder of such Note shall have furnished
to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

Section 25.           
Custody of Mortgage Loan Documents. Prior to the Lead Securitization Date, the originals of all of the Mortgage Loan
Documents (other than any Notes not held by the Initial Agent) shall be held by the Initial Agent on behalf of the registered holders
of each of the Notes. On and after the Lead Securitization Date, the originals of all of the

    	 	-37-	 

     

    

 Mortgage Loan Documents (other than
the Non-Lead Securitization Note) shall be held in the name of the Lead Securitization Trustee (and held by a duly appointed custodian
therefor), in accordance with the terms of the Lead Securitization Servicing Agreement, on behalf of the registered holders of
the Notes. On and after the Non-Lead Securitization Date, the Non-Lead Securitization Note shall be held in the name of the Non-Lead
Trustee (and held by a duly appointed custodian therefor) on behalf of the Non-Lead Securitization Note Holder.

Section 26.           
Cooperation in Securitization.

(a)               
Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization.
In connection with the Lead Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization
Note Holder, each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s
expense, to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower
to satisfy, the market standards to which the Lead Securitization Note Holder customarily adheres or that may be reasonably required
in the marketplace or by the Rating Agencies in connection with the Lead Securitization, including, entering into (or consenting
to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization
Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in
any such case, as may be reasonably requested by the Rating Agencies to effect the Lead Securitization; provided, however,
that in connection with the Lead Securitization, no Non-Lead Securitization Note Holder shall be required to modify or amend this
Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification
or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments
to, such Non-Lead Securitization Note Holder or (ii) materially increase such Non-Lead Securitization Note Holder’s
obligations or materially decrease such Non-Lead Securitization Note Holder’s rights, remedies or protections. The Non-Lead
Securitization Note Holder shall, at the Lead Securitization Note Holder’s expense, cooperate with the reasonable requests
of each Rating Agency and Lead Securitization Note Holder in connection with the Lead Securitization (including, without limitation,
reasonably cooperating with the Lead Securitization Note Holder (without any obligation to make additional representations and
warranties) to enable the Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions
(including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in
connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly
with respect to any information relating to such Non-Lead Securitization Note Holder and its Non-Lead Securitization Note in any
Securitization document. Each Note Holder acknowledges that the information provided by it to the Lead Securitization Note Holder
may be or has been incorporated into the offering documents for the Lead Securitization. The Lead Securitization Note Holder and
each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any Note Holder. The Lead Securitization
Note Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with the Non-Lead
Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization Note

    	 	-38-	 

     

    

 Holder’s
possession in connection with such Non-Lead Securitization Note Holder’s preparation of disclosure materials in connection
with a Securitization.

Upon request, the
Lead Securitization Note Holder shall deliver to the Non-Lead Securitization Note Holder drafts of the preliminary and final Lead
Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the Lead
Securitization Servicing Agreement and provide reasonable opportunity to review and comment on such documents.

Section 27.           
 Notices. All notices required hereunder shall be given by (i)  facsimile transmission (during business hours)
if the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid),
(ii) reputable overnight delivery service (charges prepaid) or (iii) certified United States mail, postage prepaid return
receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such other address
as any party shall hereafter inform the other party by written notice given as aforesaid. All written notices so given shall be
deemed effective upon receipt.

Section 28.           
Broker. Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.

Section 29.           
Certain Matters Affecting the Agent.

(a)               
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s
certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 14 and Section 15;

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

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

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

(e)               
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 15;

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

    	 	-39-	 

     

    

(g)              
The Agent represents and warrants that it is a Qualified Institutional Lender.

Section 30.           
Reserved.

Section 31.           
Resignation of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor
Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Certificate Administrator or the Trustee
in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the
Agent hereunder. The Initial Agent may transfer its rights and obligations to a Servicer, the Certificate Administrator or the
Trustee, as successor Agent, at any time without the consent of any Note Holder. Notwithstanding the foregoing, Note Holders hereby
agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been automatically
appointed as the successor Agent under this Agreement in place of the Initial Agent without any further notice or other action.
The termination or resignation of such Master Servicer, as Master Servicer under the Lead Securitization Servicing Agreement, shall
be deemed a termination or resignation of such Master Servicer as Agent under this Agreement.

Section 32.           
Resizing. Notwithstanding any other provision of this Agreement, for so long as Grass River Warehouse Facility Entity
One, LLC or an affiliate thereof (each a “Grass River Entity”) is the owner of the Non-Lead Securitization Note
(the “Owned Note”), such Grass River Entity shall have the right, subject to the terms of the Mortgage Loan
Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in either case “New
Notes”) reallocating the principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note
provided that (i) the aggregate principal balance of all outstanding New Notes following such amendments is no greater than the
aggregate principal of the Owned Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest
rate as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis and such reallocated
or component notes shall be automatically subject to the terms of this Agreement, (iv) the Grass River Entity holding the New Notes
shall notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and
the Trustee in writing of such modified allocations and principal amounts, and (v) the execution of such amendments and New Notes
does not violate the Servicing Standard. If the Lead Securitization Note Holder so requests, the Grass River Entity holding the
New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement
to the New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization
Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and
the consent of the holder of the other Note. In connection with the foregoing (provided the conditions set forth in (i) through
(v) above are satisfied, with respect to (i) through (iv), as certified by the Grass River Entity, on which certification the Master
Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents
and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation
of principal. If more than one New Note is created

    	 	-40-	 

     

    

 hereunder, for purposes of exercising the rights of the Non-Controlling Note
Holder hereunder, the Non-Controlling Note Holder of such New Notes shall be as provided in the definition of such term in this
Agreement.

[SIGNATURE PAGE FOLLOWS]

    	 	-41-	 

     

    

IN WITNESS WHEREOF,
the Initial Note Holders have caused this Agreement to be duly executed as of the day and year first above written.

	 	GRASS RIVER WAREHOUSE FACILITY ENTITY ONE, LLC,
	 	as Initial Note A-1 Holder
	 	 
	 	 
	 	By:	/s/ Toby Cobb
	 	Name: 	Toby Cobb
	 	Title:	Authorized Person
	 	 	 
	 	 	 
	 	GRASS RIVER WAREHOUSE FACILITY ENTITY ONE, LLC,
	 	as Initial Note A-2 Holder
	 	 
	 	 
	 	By:	/s/ Toby Cobb
	 	Name:	Toby Cobb
	 	Title:	Authorized Person

CSAIL
2019-C17 Co-Lender Agreement Signature Page

[APX]

    	 		 

     

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

Description of Mortgage Loan

	Mortgage Loan Borrower:	H’Y2 MT KEMBLE, LLC
	Date of Mortgage Loan:	September 5, 2019
	Date of Amended and Restated Notes:	September 5, 2019
	Original Principal Amount of Mortgage Loan:	$66,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$66,000,000
	Initial Note A-1 Principal Balance:	$40,000,000
	Initial Note A-2 Principal Balance:	$26,000,000
	Location of Mortgaged Property:	412 Mt. Kemble Avenue, Morristown, NC
	Initial Maturity Date:	September 5, 2029

 

 

    	 	A-1	 

     

    

EXHIBIT B

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

(Prior to Securitization of Note A-1):

Grass River Warehouse Facility Entity One, LLC

2977 McFarlane Road, Suite 300

Coconut Grove, Florida 33133

Attention: Legal Dept.

Email: legal@grassriver.com

with a copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, Pennsylvania 19104

Attention: Richard D. Jones

    	 	B-1	 

     

    

 

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

	1.	AllianceBernstein
	2.	Apollo Real Estate Advisors
	3.	Archon Capital, L.P.
	4.	Artemis Real Estate Partners
	5.	BlackRock, Inc.
	6.	The Blackstone Group
	7.	Capital Trust
	8.	Clarion Partners
	9.	Colony Capital, Inc.
	10.	DLJ Real Estate Capital Partners
	11.	Dune Real Estate Partners
	12.	Eightfold Real Estate Capital, L.P.
	13.	Fortress Investment Group, LLC
	14.	Hudson Advisors
	15.	iStar Financial Inc.
	16.	JER Partners
	17.	Land-Lease Real Estate Investments
	18.	Lonestar Opportunity Funds
	19.	Normandy Real Estate Partners
	20.	Praedium Group
	21.	Raith Capital Partners
	22.	Rialto Capital Management LLC
	23.	Rialto Capital Advisors LLC
	24.	Rockwood
	25.	RREEF Funds
	26.	Starwood Financial Trust
	27.	Torchlight Investors, LLC
	28.	Walton Street Capital, LLC
	29.	Westbrook Partners
	30.	Whitehall Street Real Estate Fund, L.P.

    	 	C-1	 

     

    

 

SCHEDULE I

The Lead Securitization
Servicing Agreement shall:

(i)           
provide that the applicable Master Servicer or Trustee for the Lead Securitization shall be required to provide written
notice to each Non-Lead Master Servicer and Non-Lead Trustee of any P&I Advance it has made with respect to the Lead Securitization
Note within two (2) Business Days of making such advance;

(ii)           
provide that if the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note
or Servicing Advance with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Servicing Advance previously
made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer
written notice of such determination within two (2) Business Days of making such determination;

(iii)           
provide that the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Notes, net
of the Servicing Fee payable with respect to each such Non-Lead Securitization Note, and any other applicable fees and reimbursements
payable to the Master Servicer, the Special Servicer and the Trustee to the other Holders on the Business Day following the Determination
Date under the related Non-Lead Securitization Servicing Agreement (so long as the date on which the remittance is required is
at least one (1) Business Day after the related due date for the Mortgage Loan);

(iv)           
provide that with respect to each Non-Lead Securitization Note that is held by a Securitization, the Certificate Administrator
agrees to make available to each of the Non-Lead Securitization Note Holders or, if such Non-Lead Securitization Note is securitized,
to each of the Non-Lead Master Servicers (or, if so requested, the related certificate administrator) certain reports required
to be delivered pursuant to Section 3.29 of the Lead Securitization Servicing Agreement (which shall include all loan-level reports
constituting the CREFC Investor Reporting Package) to the extent related to the Mortgage Loan or the Non-Lead Securitization Note;

(v)           
provide that the Master Servicer shall provide (in electronic media) to each Non-Lead Securitization Note Holder (i) copies
of operating statements and rent rolls; (ii) annual CREFC® NOI Adjustment Worksheets (with annual operating statements
as exhibits); and (iii) annual CREFC® Operating Statement Analysis Reports, in each case prepared, received or obtained
by it pursuant to the Lead Securitization Servicing Agreement with respect to the Mortgaged Propert(y)(ies) securing the Non-Lead
Securitization Note;

(vi)           
provide that the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing
Agreement shall include the duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the
respective trustees and certificateholders) in accordance with (i) applicable laws, (ii) this Agreement and the Lead Securitization
Servicing Agreement and (iii) to the extent consistent with the foregoing, the Servicing Standard;

    	 	Schedule I-1	 

     

    

(vii)           
provide that the Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that
each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder and act in the best interests
and for the benefit of the Note Holders together with the certificateholders of the Lead Securitization, as a collective whole
as if such Note Holders and certificateholders constituted a single lender;

(viii)           
provide that with respect to any Non-Lead Securitization that is subject to following reporting requirements under the Securities
Act of 1933, as amended, the Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, (a) the Master
Servicer, any primary servicer, the Special Servicer, the Trustee and the certificate administrator or other party acting as custodian
for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing function
participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver; provided
that such party shall only be required to use commercially reasonable efforts to cause an Initial Sub-Servicer to deliver), in
a timely manner (i) the reports, certifications, compliance statements, accountants’ assessments and attestations, information
to be included in reports (including, without limitation, Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request,
any other materials specified in each of the Non-Lead Securitization Servicing Agreements, in the case of clauses (i) and
(ii), as the Non-Lead Depositor or the Non-Lead Trustee to the applicable Securitization reasonably believes, in good faith,
are required in order for the Non-Lead Depositor or the Non-Lead Trustee to comply with their obligations under the Securities
Act of 1933, the Securities Exchange Act of 1934 (including Rule 15Ga-1, as amended) and Regulation AB, and (b) without limiting
the generality of the foregoing (x) the Trustee or Certificate Administrator, as applicable, shall, upon reasonable prior written
request, provide or cause to be provided with notice in a timely manner to each Non-Lead Depositor and Non-Lead Trustee for any
Non-Lead Securitization a copy of the Lead Securitization Servicing Agreement and (y) the Master Servicer and Special Servicer
shall, upon reasonable prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the case
may be, to review and approve such disclosure materials, permit a holder of a related Non-Lead Securitization Note to use such
party’s description contained in the Lead Securitization prospectus (updated as appropriate by the Master Servicer or Special
Servicer, as applicable, at the cost of the Non-Lead Depositor) for inclusion in the disclosure materials relating to any securitization
of a Non-Lead Securitization Note and (z) the Master Servicer and Special Servicer, upon reasonable written request, shall provide
indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead
Securitization (in each case, at the cost of the Mortgage Loan Seller). The Master Servicer and the Special Servicer shall each
be required to provide certification and indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley
Certification (or analogous terms);

(ix)           
provide that the Non-Lead Depositor and each Certification Party shall be entitled to indemnification from and against any
claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and
expenses, including any reasonable out-of-pocket legal or other expenses incurred in connection with investigating or defending
any such action or claim, arising out of (i) an

    	 	Schedule I-2	 

     

    

 actual breach by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as the case may be, of its obligations under Article XI of the Lead Securitization Servicing Agreement, (ii) negligence,
bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee, as applicable, in the performance of such obligations under the Lead Securitization Servicing Agreement, or (iii) delivery
of any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, the Master Servicer, Special Servicer, Certificate
Administrator or Trustee, as the case may be;

(x)           
provide that the Non-Lead Securitization Note Holders are intended third-party beneficiaries in respect of the rights afforded
them under the Lead Securitization Servicing Agreement and the Non-Lead Master Servicers will be entitled to enforce the rights
of the Non-Lead Securitization Note Holders under this Agreement and the Lead Securitization Servicing Agreement;

(xi)           
provide that each Non-Lead Master Servicer and each Non-Lead Special Servicer shall be a third-party beneficiary of the
Lead Securitization Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement
or indemnification of such Non-Lead Master Servicer or Non-Lead Special Servicer, as the case may be, and the provisions regarding
coordination of Advances;

(xii)           
provide that if the Mortgage Loan becomes a Defaulted Mortgage Loan and the Special Servicer determines to sell the Lead
Securitization Note in accordance with the Lead Securitization Servicing Agreement, it shall have the right and the obligation
to sell all of the Notes as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement.
In connection with any such sale, the Special Servicer shall provide notice to each Non-Controlling Note Holder of the planned
sale and of such Non-Controlling Note Holder’s opportunity to bid on the Mortgage Loan;

(xiii)           
provide that if any action relating to the servicing and administration of the Mortgage Loan requires delivery of a Rating
Agency Confirmation as a condition precedent to such action, then, except as set forth in the Lead Securitization Servicing Agreement,
such action shall also require delivery of a Rating Agency Confirmation from any Rating Agency that was engaged by a participant
in the applicable Non-Lead Securitization to assign a rating to the related commercial mortgage pass-through certificates issued
in connection with such Non-Lead Securitization;

(xiv)           
shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Securitization Note Holders
(other than any Non-Lead Securitization Note Holder that is a direct party to the Lead Securitization Servicing Agreement) without
their consent;

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

(xvi)           
provide that Servicer Termination Events (or analogous term) with respect to the Master Servicer and the Special Servicer
shall include, but not be limited to, (i) the

    	 	Schedule I-3	 

     

    

 failure to timely remit payments to the Non-Lead Securitization Note Holders, which
failure continues unremedied for one business day following the date on which such payment was to be made; and (ii) the failure
to provide to the Non-Lead Securitization Note Holders (if and to the extent required under the applicable Non-Lead Securitization)
reports required under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, in a timely fashion.
Upon the occurrence of such a Servicer Termination Event affecting a Non-Lead Securitization Note Holder, the Trustee shall, upon
the direction of the related Non-Lead Securitization Note Holder, require the appointment of a subservicer with respect to the
related Non-Lead Securitization Note;

(xvii)           
provide that compensating interest payments as defined therein with respect to each Note will be allocated by the Master
Servicer between each Note, pro rata, in accordance with their respective principal amounts. The Master Servicer shall remit
any compensating interest payment in respect of a Non-Lead Securitization Note to the related Non-Lead Securitization Note Holder;

(xviii)           
provide that any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor
of this Agreement;

(xix)           
provide that, 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, but in any event excluding any documents known
to the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain information that is proprietary to the related
originator or Mortgage Loan Seller or any draft documents or privileged or internal communications;

(xx)           
have provisions materially consistent with those set forth in the Note A-1 Securitization Servicing Agreement with respect
to:

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

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

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

    	 	Schedule I-4	 

     

    

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

(E) 
 subject to various adjustments and caps provided for in the Lead Securitization Servicing Agreement (which shall be substantially
similar to those set forth in the Non-Lead Securitization Servicing Agreement), primary
servicing, special servicing, workout and liquidation fees (and, in any event, the fees at which such compensation accrue
or are determined shall not exceed 0.0025%, 0.25%, 1.00% and 1.00%,
respectively),

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

    	 	Schedule I-5

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